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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

Lee Crosby has just completed his first year of trading selling cookery equipment. He attempted to prepare a balance sheet from his trial balance before seeking expert help as he was having
The trial balance as at 30 April 2019 of Timber Products Limited was balanced by the inclusion of the following debit balance:Subsequent investigations revealed the following errors:(i) Discounts
Waban prepared draft financial statements for the year ended 31 March 2024, which showed a draft profit for the year of £43,750. His draft financial statements were prepared by a Trainee
Imagine you have been in business for a few months but you have not kept any proper records of your transactions. You have decided to end that business and start a new one by transferring everything
Make the entries in the \(\mathrm{T}\) accounts for the items in question 2.1. Cash account Cash in the bank account Computer account Office furniture account Delivery van account Amount due from J.
What are the two elements of every transaction?
If a customer pays you the amount she owes in cash, what is the item exchanged?
If you use cash to pay a supplier of goods the amount you owe him for goods you purchased two months ago, what is the item exchanged?
If you obtain a loan of \(£ 5,000\) from a bank, what is the item exchanged?
What is the form of settlement in each of questions \(2.4,2.5\) and 2.6?
What are the principles of double entry bookkeeping?
What is the debit entry and the credit entry in each of questions 2.4, 2.5 and 2.6?
Write up the asset, liability and capital accounts to record the following transactions in the records of B. Spector's business:July 1 Started business by putting \(£ 15,000\) of his own money into
You are required to open the asset and liability and capital accounts and record the following transactions for June in the records of P. Bernard:June 1 Started business with \(£ 17,500\) in cash.2
Write up the asset, capital and liability accounts in the books of D. Gough to record the following transactions:June 1 Started business with \(£ 16,000\) in the bank.2 Bought van paying by cheque
Write up the accounts to record the following transactions:May 1 Started business with \(£ 1,500\) cash and \(£ 18,000\) in the bank.2 Received a loan of \(£ 4,000\) from T. Fox by cheque.3 Bought
Complete the following table for a business that buys and sells cleaning products: (a) Goods bought on time from B. Cowan. (b) Goods returned to us by L. Keith. (c) Filing cabinets returned to C.
You are to write up the following in the books:July 1 Started in business with \(£ 3,800\) cash.3 Bought goods for cash \(£ 480\).7 Bought goods on time \(£ 1,200\) from J. Gill.10 Sold goods for
Enter the following transactions in the appropriate accounts:Aug 1 Started in business with \(£ 7,400\) cash.2 Paid \(£ 7,000\) of the opening cash into the bank.4 Bought goods on time \(£ 410\)
Enter the following transactions in the accounts of L. Linda:July 1 Started in business with \(£ 20,000\) in the bank.2 D. Rupert lent us \(£ 5,000\) in cash.3 Bought goods on time from B. Brown
Enter the following transactions in T-accounts:May 1 Started in business with \(£ 18,000\) in the bank.2 Bought goods on time from B. Hind \(£ 1,455\)3 Bought goods on time from G. Smart \(£
Enter the following transactions, completing the double entry in the books for the month of August:August 1 Started in business with \(£ 31,000\) in the bank and \(£ 4,000\) in cash.2 Purchased
Write up the following transactions in the books of J. Dunn:May 1 Started in business with cash \(£ 30,000\).2 Bought goods on time from T. Lamb \(£ 700\).3 Paid rent by cash \(£ 1,740\).4 Paid
Prepare the double entries (not the \(T\) accounts) for the following transactions using the format:July 1 Started in business with \(£ 5,000\) in the bank and \(£ 1,000\) cash.2 Bought stationery
Write up the following transactions in the T-accounts of F. Fernandes:Feb 1 Started in business with \(£ 11,000\) in the bank and \(£ 1,600\) cash.2 Bought goods on time: J. Biggs \(£ 830\); D.
Enter the following items in the appropriate debtors' accounts (i.e. your customers' accounts) only; do not write up other accounts. Then balance-off each of these personal accounts at the end of the
Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only. Do not write up the other accounts. Then balance-off each of these personal accounts at the end of the
Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other accounts. Balance-off each personal account at the end of the month. After
Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which represent
A Redraft each of the accounts given in your answer to Review question 5.6A in three-column style.Data From Review Question 5.6A:Enter the following transactions in personal accounts only. Bring down
Darron starts his business on 1 May. He plans to buy plain T-shirts, print them with his own designs, and sell them to small retailers. The following transactions take place in his first month of
Nicola Burt started her own business on 1 August. The following is a list of her transactions in that month:\section*{Required:}(a) Enter the transactions in T-accounts and balance-off your accounts
Record the following details relating to a carpet wholesaler for the month of November and extract a trial balance as at 30 November.Nov 1 Started in business with \(£ 15,000\) in the bank.3 Bought
Record the following transactions for a new small business for the month of June, balance-off all the accounts, and then extract a trial balance as at 30 June.June 1 Started in business with \(£
Write up the accounts to record the following transactions in the books of M. Donnelly's business. Balance-off the accounts and prepare a trial balance at 30 April.April 1 Starts his business by
Rebecca starts a new business on 1 October, operating as a wholesaler of cleaning products. Record the following transactions in T-accounts for her, balance off her accounts, and produce a trial
Which of the following is not an asset?(A) Buildings(B) Cash balance(C) Trade receivables(D) Loan from K. Harris
Which of the following is a liability?(A) Machinery(B) Trade payables for goods(C) Motor vehicles(D) Cash at bank
Which of the following statements is correct?(A) We paid a creditor by cheque(B) A debtor paid us \(£ 90\) in cash(C) J. Hall lends us \(£ 500\) by cheque(D) Bought goods on time Effect upon Assets
Which of the following are correct?(A) (i) and (ii)(B) (ii) and (iii)(C) (i) and (iii)(D) (i), (ii) and (iii) (i) (ii) iii) Accounts Assets Capital Liabilities To record an increase a decrease an
Given the following, what is the amount of Capital? Assets: Premises \(£ 20,000\); Inventory \(£ 8,500\); Cash \(£ 100\). Liabilities: Trade payables \(£ 3,000\); Loan from A. Adams \(£
What is the balance on the following account on 31 May 2020?(A) A credit balance of \(£ 395\)(B) A debit balance of \(£ 380\)(C) A debit balance of \(£ 395\)(D) There is a nil balance on the
What would have been the balance on the account of C. De Freitas in MC17 on 19 May \(2020 ?\)(A) A debit balance of \(£ 265\)(B) A credit balance of \(£ 95\)(C) A credit balance of \(£ 445\)(D) A
From the following trial balance of I. Lamb, extracted after one year’s trading, prepare an income statement for the year ending 31 October 2023. A balance sheet is not required.Inventory at 31
From the following trial balance of G. Foot after his first year’s trading, you are required to draw up an income statement for the year ending 30 June 2024. A balance sheet is not
From the following trial balance of F. Dover drawn-up on conclusion of his first year in business, draw up an income statement for the year ending 31 May 2020. A balance sheet is not
Extract an income statement for the year ending 30 June 2024 for G. Graham. The trial balance as at 30 June 2024 after his first year of trading was as follows:Inventory at 30 June 2024 was £29,304.
Royston starts his own business on 1 September, operating as a wholesaler of novelty goods.His transactions during September were as follows:Sep 1 Transfers £750 of his savings into a business bank
Return to Review question 7.1 and prepare a balance sheet as at 31 October 2023.
Return to Review question 7.2 and prepare a balance sheet as at 30 June 2024.
Return to Review question 7.3A and prepare a balance sheet as at 31 May 2020.
Return to Review question 7.4A and prepare a balance sheet as at 30 June 2024.
T. Smith started in business on 1 August 2023, with £60,000 capital in cash. During the first year he kept very few records of his transactions.The assets and liabilities of the business at 31 July
The following information relates to A. Trader’s business:During the year, Trader had sold some of his personal investments for £4,000 which he paid into the business bank account, and he had
Return to your answer to Review question 7.5 and prepare a balance sheet as at 30 September.Data From Review Question 7.5:Royston starts his own business on 1 September, operating as a wholesaler of
From the following information, draw up the trading account section of the income statement of H. Quiros for the year ending 31 January 2024, which was her first year in business: Carriage inwards
The following information is available for the year ending 31 December 2024. Draw up the trading account section of the income statement of R. Marin, who started trading in that year: Inventory: 31
From the following trial balance of G. Still, draw up an income statement for the year ending 30 September 2024, and a balance sheet as at that date.Inventory at 30 September 2024 was £44,780.
The following trial balance was extracted from the books of F. Sorley on 30 April 2020. From it, and the note about inventory, prepare his income statement for the year ending 30 April 2020, and a
The following is the trial balance of T. Agua as at 31 March 2023. Draw up a set of financial statements for the year ended 31 March 2023.Inventory at 31 March 2023 was £58,440. Inventory at 1 April
F. Giannopoulos drew up the following trial balance as at 30 September 2020. You are to draft the income statement for the year ending 30 September 2020 and a balance sheet as at that date.Inventory
Andrew Joel is a market trader who started business on 1 August. The following is a list of his transactions in that month:Aug 1 Started business with £1,000 of his own cash.2 Paid £900 of this
Ms Bukoski’s business position at 1 July was as follows:Required:(a) Open ledger accounts (including capital) at 1 July.(b) Record all transactions.(c) Prepare a trial balance.(d) Prepare an income
From the following trial balance of Mr Tangle, extracted after one year of operations, prepare an income statement for the year ending 30 April 2024, together with a balance sheet as at that
Tom runs a business and his accountant, Claire, has recently prepared the business’s annual financial statements. Tom doesn’t know much about accounting, and Claire is explaining some of the
Carlos starts a business buying and selling a new type of foldaway commuter bike. In his first year of trading, he buys 100 bikes for £90 and sells 80 of them for £170 each. How should the 20 bikes
The following questions all relate to the qualitative characteristics of useful financial information as defined by the IASB’s Conceptual Framework for Financial Reporting:(i) To which
‘The historical cost convention looks backwards but the going concern convention looks forwards.’Required:(a) Explain clearly what is meant by:(i ) the historical cost convention;(ii ) the going
Write up a two-column cash book for a bedroom furniture shop from the following details, and balance it off as at the end of the month:July 1 Started in business with capital in cash £10,000.2 Paid
Write up a two-column cash book for a second-hand bookshop from the following:Nov 1 Balance brought forward from last month: Cash £295; Bank £4,240.2 Cash sales £310.3 Took £200 out of the cash
A three-column cash book for a wine wholesaler is to be written up from the following details, balanced-off, and the relevant discount accounts in the general ledger shown.Mar 1 Balances brought
Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger.June 1 Balances
The following is a summary of the petty cash transactions of a new business, Jockfield Ltd, for May 2024:You are required to:(a) Rule up a suitable petty cash book with analysis columns for
Martin Battle runs a business and maintains a petty cash book using the imprest system. The cash float is £150. For June 2020 his petty cash transactions were as below:Required:(a) Write up the
Rule up a petty cash book with analysis columns for office expenses, motor expenses, cleaning expenses and casual labour. The cash float is £450 and the amount spent is reimbursed on 30 November.
Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure of £140, with the balance being restored to that amount on the first day of each month. At 30 April the
F. Benjamin of 10 Lower Street, Plymouth, is selling the following items at the recommended retail prices as shown: white tape £10 per roll, green felt at £4 per metre, blue cotton at £6 per
J. Fisher, White House, Bolton, is selling the following items at the prices as shown: plastic tubing at £1 per metre, polythene sheeting at £2 per length, vinyl padding at £5 per box, foam rubber
A. Jack has the following purchases for the month of May:May 1 From A. Bell: 4 smart speakers at £30 each, 3 tablets at £180 each.Less 25 per cent trade discount.3 From C. Gray: 2 washing machines
J. Glen has the following purchases for the month of June:June 2 From J. Ring: 3 sets golf clubs at £900 each, 6 footballs at £36 each. Less 25 per cent trade discount.11 From F. Clark: 6 cricket
C. Phillips, a sole trader specialising in material for Asian clothing, has the following purchases and sales for March 2023:Mar 1 Bought from Smith Stores: silk £40, cotton £80. All less 25 per
A. Henriques has the following purchases and sales for May 2024:May 1 Sold to M. Marshall: brass goods £24, bronze items £36. Less 25 per cent trade discount.7 Sold to R. Richards: tin goods £70,
You are to enter up the Purchases Day Book and the Returns Outwards Day Book from the following details, then to post the items to the relevant accounts in the Purchases Ledger and to show the
Enter up the Sales Day Book and the returns inwards day book from the following details.Then post to the customers’ accounts and show the transfers to the General Ledger.2024 June 1 Credit sales
You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and purchases
You are to enter the following items in the relevant day books, post to the personal accounts, and show the transfers to the General Ledger.2024 July 1 Credit purchases from: K. Hill £380; M. Norman
You are to show the journal entries necessary to record the following items which occurred in May:(a) May 1 Bought a motor bike on credit from Lakeside Garage for £5,500.(b) May 3 A debt of £347
Show the journal entries necessary to record the following items:Apr 1 Bought office furniture on credit from Durham Brothers Ltd £1,400.4 We take goods costing £270 out of the business inventory
You are to open the books of F. Polk, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May 2024. A trial balance is to be
On 1 March 2024, A. Cook, 7 Down Road, Middlefield, sold the following goods on credit to B. Pitt, Ballano Golf Club, Ringlee, Yorkshire:Order No. B/162 5 sets golf clubs at £1,250 per set.500 golf
On 1 March 2020, B. Cox, Middle Road, Paisley, a VAT-registered business, sold the following goods on credit to T. Ross, 24 Peter Street, Loughborough, Order No. 9841:All goods are subject to VAT at
The following sales have been made by C. Rice during the month of March 2024. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 20%.You are required
The following sales and purchases were made by C. West during the month of May 2024.Enter up the Sales and Purchases Day Books, Sales and Purchases Ledgers and the General Ledger for the month of May
You are informed that J. Beckham is a VAT-registered retailer. Her total sales for the week just ended amounted to £14,540 excluding VAT. All the business’s sales are subject to VAT at 20%.Beckham
Ghadiali & Co is a VAT-registered business. In the three months ended 31 July the business sold goods with a net value of £143,200, all of which were subject to VAT at standard rate (20%). In the
Robles & Co is a VAT-registered business. During the quarter just ended, it bought goods and services to the value of £51,690 excluding VAT, and its sales were £81,906 including VAT. All of the
Up until December 2020, K. Heitinga sold T-shirts for £12 including VAT at 20%.Suppose that the government announces a reduction in the rate of VAT to 15%, effective from 1 January 2021 onwards.If
G. Brown’s sales including VAT were £130,000 in November 2020, then £150,000 in December 2020, and £110,000 during January 2021.Suppose that the rate of VAT was 20% until 31 December 2020 and
Louise Baldwin commenced business as a wholesaler on 1 March 2019.Her sales on credit during March 2019 were:March 9 Neville’s Electrical 4 computer monitors list price £180 each, less 20% trade
Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 2020. The amounts stated are all net of Value Added Tax. All sales made by Mudgee Ltd

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