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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

Identify the type of error made in each of the following transactions.(a) Motor expenses of £45 was mistakenly entered into the motor vehicles account.(b) Purchase of equipment on credit for £340
For the following transactions, produce journal entries to correct the errors that have been made. No narratives are required.(a) Sales of goods for £200 have been credited to the motor vehicles
For the following transactions, produce journal entries to correct the errors that have been made. No narratives are required.(a) Wages were overstated by £18 as were discounts received,
For the following transactions, produce journal entries to correct the errors that have been made. No narratives are required.(a) Business wages of £280 was entered in the machinery account by
For the following transactions, produce journal entries to correct the errors that have been made. No narratives are required.(a) Purchases of goods on credit for £38 from S Barnes were entered by
For the following transactions, produce journal entries to correct the errors that have been made. No narratives are required.(a) Repairs paid in cash for £97 was entered in both accounts as
For the following errors state whether or not the correction of the error would require an entry to be made in a suspense account.(a) Sales account overcast by £30.(b) Drawings entered in the credit
The following totals of Peter Yarrow’s trial balance on 30 April 2009 did not agree and were as follows:An accountant friend checked though the accounts and found the following mistakes:(a)
A trial balance was extracted on 31 March 2011 and the totals did not agree with there being a £422 shortage on the credit column. As a result, a suspense account was opened. In April 2011, the
A trial balance was extracted on 31 December 2008 and the totals did not agree, there being a£90 shortage on the debit column. As a result, a suspense account was opened. In January 2009, the
A trial balance was extracted on 31 December 2008 and the totals did not agree, there being a£54 shortage on the credit column. As a result, a suspense account was opened. In January 2009, the
A trial balance was extracted on 31 March 2012 and the totals did not agree. As a result, a suspense account was opened. During April 2012, the following errors were discovered.(a) Discounts received
Net profit for the year was calculated as £1,340. However, shortly afterwards the following errors were found. Calculate the net profit once all the errors have been corrected.(a) Sales of £560
Net profit for the year was calculated as £2,510. However, shortly afterwards the following errors were found. Calculate the net profit once all the errors have been corrected.(a) Returns inwards of
A net loss for the year was calculated as £130. However, shortly afterwards the following errors were found. Calculate the net profit (or loss) once all the errors have been corrected.(a) Wages were
The net profit for M Jeffs for the year ended 31 March 2007 had been calculated as £390.However, the following errors were discovered in April 2007:(i) The returns inwards day book had been
D Madgett is a sole trader. He has just completed his accounts for the year ended 31 May 2010.His net profit for the year was calculated as £1,760. However, during the following month these errors
B Bolder is a sole trader. She has just completed her accounts for the year ended 31 December 2017. Her net profit for the year was calculated as £3,897. However, during the following month these
Rabada Ltd needs to prepare its statement of cash flows for the year ended 31 January 2024.You are furnished with the following information:Additional information:(i) The figure for operating profit
The following details concern Oshada plc in connection with its financial year ended 31 March 2024:Note the following additional information:(i) Inventory at the year end was counted and valued at a
You are given the following information for Rinchi Ltd in relation to its financial year ended 31 May 2024:Further information:(i) The company’s inventory was counted on 31 May 2024 and was valued
The equity section of the balance sheet of Skipe Ltd as at 31 July 2024 is as follows:During the year ended 31 July 2024, the following events had taken place:(i) A 1-for-6 rights issue of ordinary
You are required to answer the following five questions:(a) The share capital of Fogarino Ltd consists of 250,000 fully-paid ordinary (or ‘equity’) shares of 10 pence each, all of which were
The equity section of the balance sheet of Halmera Ltd as at 31 March 2023 was as follows:During the year ended 31 March 2024, the following events took place:(i) A 1-for-3 rights issue of ordinary
As at 31 December 2023, Pointor plc had £400,000 6% loan notes in issue, interest being paid in two annual instalments on 31 March and 30 September each year. On 31 August 2024, the company then
On 1 June 2023, Debuque plc had £7.2m 4.5% loan notes in issue, interest being paid annually in two instalments on 31 August and 28 February. On 1 October 2023, the company then issued a further
You are required to answer the following four questions:(a) The balance of retained earnings in the balance sheets of Mankara Ltd as at 31 December 2023 and 31 December 2024 was £278,000 and
On 31 January 2023, the equity section of the balance sheet of Depper plc was as follows:During the year ended 31 January 2024, the company:• made a 1 for 6 bonus issue of shares, making use of the
The equity section of the balance sheet of Gasparo Ltd as at 31 December 2023 showed the following:The following events subsequently occurred:• In May 2024, the company paid the final dividend of
The equity section of the balance sheet of Plenti Ltd as at 31 December 2023 was as follows:Additional information:(i) The ordinary shares have a par (or ‘nominal’) value of 25 pence each.(ii)
The following details concern Nartje Ltd in relation to its financial year ended 31 May 2024:Additional information:(i) The company’s inventory was counted on 31 May 2024 and was valued at a cost
The following information regarding Mashra Ltd relates to its year ended 30 June 2024:Additional information:(i) The inventory was counted at 30 June 2024 and was valued at a cost of £44,767.(ii)
The following information concerns Bishroo Ltd in relation to its year ended 30 June 2024:In addition to the above trial balance you are given the following information:(i) The inventory was counted
The following information concerns Zarman plc in relation to its year ended 30 April 2024:The following additional information is relevant:(i) The inventory was counted at 30 April 2024 and was
The trial balance for Rambaldi Ltd at 31 December 2024 is as follows:The figures in the above trial balance include all transactions processed to date. The following issues also need to be considered
You are presented with the trial balance of Finnax Ltd at 30 November 2025 below:You are also provided with the following additional information:(i) Inventory at 30 November 2025 was counted and
The trial balance for Unsworton plc as at 31 December 2025 is as follows:Additional information:(i) Two accounting errors have just been discovered that have not yet been corrected:• A purchase
The following balances have been taken from the nominal ledger of Pandar plc as at 31 December 2024:The following points also need to be considered before preparation of the financial statements:(i)
The following trial balance has been extracted from the nominal ledger of Archara Ltd as at 31 December 2024:The following matters also need to be considered before preparing the financial
Minellan Ltd has extracted the following trial balance from its nominal ledger as at 31 March 2024:Additional information:(i) Inventory at 31 March 2024 was counted and valued at a cost of £181,000.
Manuvra plc is a wholesaler of homeware products. The company’s trial balance as at 31 December 2024 is exhibited below:The following matters also need to be considered before preparing the
The following trial balance has been extracted from the nominal ledger of Epicteta Ltd on 31 July 2024:In addition to the above trial balance, you are given the following information:(i) Closing
Xzibita Ltd is a wholesaler of women’s clothing. The trial balance below has been extracted from the nominal ledger of the company as at 31 December 2024:No adjustments have yet been made in
The trial balance below represents a summary of the balances on the nominal ledger of Banega Ltd (a wholesaler of hats and headwear) as at 31 December 2024:The following issues also need to be dealt
You determine the following information in respect of Debbrell Ltd for the year ended 30 September 2024:On the basis of the above information, what cash will have been generated from operations
The following details are provided to you regarding Southwall Ltd:(i) The company reported an operating profit of £432,000 for the year ended 31 December 2024.(ii) The depreciation expense for 2024
You establish the following details in connection with the property, plant & equipment of Kagisa Ltd for the year ended 31 December 2025: Carrying amount at 1 January 2025 Proceeds from the sale
The balance sheets of Cadamarteri Ltd as at 31 December 2024 and 2025 showed corporation tax payable of £12,200 and £13,600, respectively. The income statements for 2024 and 2025 disclosed figures
You establish the following details in connection with the property, plant & equipment of Snoding Ltd for the year ended 30 June 2024:Freehold land that originally cost £50,000 was revalued for
At 30 November 2023, Wandigo Ltd had the following capital structure:In January 2024, the company made a 1-for-4 rights issue at a price of 85p per share. The rights were fully taken-up. Then, in May
During its year ended 31 May 2024, Algard plc undertook the following transactions:(i) Issued 50,000 50p ordinary shares at a price of 80p per share.(ii) Redeemed £200,000 5% loan notes at par.(iii)
You are given the balance sheets of Sibir Ltd as at 31 March 2024 and 31 March 2023:You are also given the income statement of the company for the year ended 31 March 2024:The following additional
Wilton Felder Ltd is finalising its financial statements for the year ended 31 October 2024.You are presented with the following information:Additional information:(i) There were no amounts
The balance sheets of Banton Ltd as at 31 August 2024 and 31 August 2023 are shown below:You are also given the income statement of Banton Ltd for the year ended 31 August 2024:Further information is
As at 31 May 2024 and 31 May 2023, Dendry Ltd had the following balance sheets:The company’s income statement for the year ended 31 May 2024 was as follows:Note also the following additional
Abby Lee is a trader who sells all of her goods at 35% above cost. Her books give the following information at 31 December 2024:Prepare the trading account section of the Income Statement for Abby
Darius Lowe gives you the following information as at 31 March 2024:His mark-up is 40% on ‘cost of goods sold’. His average inventory during the year was £14,000. Draw up an income statement for
The following figures relate to the retail business of Daisy King for the month of July. Goods sold fall into two categories, X and Y.You are to calculate for each category of goods:(a) Cost of goods
Tim Watt’s business has a rate of inventory turnover of 8 times per year. Average inventory is£29,000. Mark-up is 30%. Expenses are 65% of gross profit.You are to calculate:(a) Cost of goods
The following trading account is extracted from the income statement for the year ending 31 December 2018 and is given to you by the owner of the business, Mr. Malik:Mr. Malik says that he normally
The following information is available for the years 2017, 2018 and 2019:The inventory valuations used above at the end of 2017 and at the end of 2018 were inaccurate. The inventory at 31 December
Calculate the inventory turnover ratio if average inventory is £85,000 and cost of sales is£595,000.
Calculate return on capital employed for a sole proprietor whose net profit was £49,000 and whose capital employed was £245,000.
Calculate gross profit as a percentage of sales if gross profit was £159,800 and sales were£470,000.
Calculate net profit as a percentage of sales if net profit was £31,520 and sales were £394,000.
A business’s latest balance sheet contains the following assets and liabilities.Calculate both the current ratio and the acid test (or 'quick’) ratio.
If trade receivables are £78,000 and sales are £493,000, how many days does the average debtor take to pay?
If trade payables are £49,000 and purchases are £396,000, how many days does the business take on average to pay its creditors?
You are to study the following financial statements for two businesses that operate in the same industry and then answer the questions which follow.Required:(a) Calculate the following ratios for
The following figures have been extracted from the most recent financial statements of a business:On the basis of the information available, calculate:(i) The average time taken to collect money from
From the following information, calculate:(a) Earnings per share;(b) Price/earnings ratio;(c) Dividend yield; and(d) Dividend cover.(i) Net profit after interest and tax = £248,000.(ii) Number of
Study the following financial statements of two companies and then answer the questions which follow. Both companies are wholesalers of household products. The values shown are in
Ng has been in business for many years buying and selling goods on credit . He is having difficulty in meeting the payments to his trade payables and the bank refuses to allow him an overdraft.The
The summarised accounts of Hope (Eternal Springs) Ltd for the years 2022 and 2023 are given below.\section*{Required:}(a) Calculate the following ratios for 2022 and 2023:(i) Gross profit: Sales (ii)
Laura has recently inherited £50,000 and has been investigating the possibility of buying shares as an investment. She is, initially, looking to maximise her income.She has researched two companies
Alistair is concerned about the performance of his business. He has decided to assess the performance using ratio analysis.He is able to provide the following information extracted from his income
Yaso is in business buying and selling goods on credit. He is concerned that although his business is making a good profit, his balance at the bank is not increasing. The following information is
The trading inventory of Joan Street, retailer, has been reduced during the year ending 31 March 2020 by £6,000 from its commencing figure of £21,000.A number of financial ratios and related
You are the accountant for Yau Tong Marketing plc and have to report on the financial statements of the company to the Board of Directors meeting.Information concerning the performance of the company
Fu Wong has a sum of money, which he wishes to invest in shares. He has decided to invest in one of two companies, Chinoso plc or Paxorient plc. Fu Wong has carried out research on the internet and
During the year a business sold one of its old delivery vans, realising a profit on disposal of £1,100. The van had a carrying amount as at the date of disposal of £8,000. What figure for proceeds
Electronic spreadsheets (such as Microsoft Excel) are extensively used by accountants today and have been for decades. With reference to some of the various topics covered in this book, can you
A company reports an operating profit of £142,900 for the year after charging depreciation of £18,200. Over the course of the year the company’s inventory increased by £22,800, its trade
There have been several high-profile scandals in accounting in recent times, which have contributed to the raised profile of ethics and integrity in accounting. The details of many of these scandals
There is now growing disapproval from some sections of the public of the elaborate tax planning arrangements that tax advisers at some accounting firms have recommended to their clients.These
For simplicity and convenience, this chapter discusses accountants as working ‘in practice’, ‘in industry’ or ‘in the public sector’. However, some organisations might not fall neatly
If opening inventory is £3,000, closing inventory £5,000, sales £40,000 and margin 20 per cent, then inventory turnover is(A) 8 times(B) 71/2 times(C) 5 times(D) 6 times
In this chapter you’ve learnt about some specific roles and areas of accountancy, such as ‘financial controller’ or ‘tax adviser’. Can you suggest any other particular areas of accounting
A company has always previously recorded its freehold land at its historical cost of £129,000.It has recently had its land valued by a firm of professional valuers who advise that the land is now
Some students who want to train with an accountancy practice tend to focus exclusively on trying to get a job with one of the ‘Big Four’ (PwC, Deloitte, EY and KPMG) and ignore smaller accounting
At the start of the year, a company had 60,000 ordinary shares of 50p each in issue, fully paid, and there was a balance of £170,000 on the share premium account. During the year, the company made a
You may have no plans to become an accountant in the future. Why is it still important for you to study the basics of accounting, such as those covered in this book?
A company reported a corporation tax expense of £19,900 in its income statement for this year, and it actually paid £18,700 corporation tax to the tax authorities during the year.The previous
The rate of progress in technology is so rapid that it is very difficult to predict exactly how new technology will affect accounting in the future. Can you suggest any developments in technology
A company issues 200,000 ordinary shares with a par value of 50 pence each at an issue price of £1.40 per share, fully paid. Which of the following journal entries correctly records this issue?(A)
In a statement of cash flows, which of the following would be added to the business’s profit when using the indirect method to calculate the net cash from operating activities?(i) Decrease in
A company’s ordinary shares have a par value of 5 pence each. Its balance sheet reports issued ordinary share capital, fully paid, of £90,000. If the company pays an ordinary dividend of 8 pence
At the start of the year the balance sheet of a company included retained earnings of £143,000 and at the end of the year the figure was £151,000. The company reported a profit for the year, after
In what order are the three sections of a statement of cash flows normally presented?(A) Investing activities, financing activities, operating activities(B) Investing activities, operating
You are to buy an existing business which has assets valued at Buildings £50,000, Motor vehicles £15,000, Fixtures £5,000 and Inventory £40,000. You are to pay £140,000 for the business.This

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