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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

Why is being able to do arithmetic and algebra an essential skill for an accountant?
Explain how to calculate depreciation using the reducing balance method.
Explain what information you would want in order to interpret some financial ratios you had calculated.
Explain why it is important to keep notes of all the workings you use in a financial calculation.
Explain how to calculate the adjustments required to update an allowance for doubtful debts at the end of a reporting period.
Express the following relationships as formulas:(a) Revenue, gross profit, and net profit.(b) Opening inventory, closing inventory, purchases, and cost of sales.(c) The balance brought forward on an
You are required to answer the following five questions:(a) Vinny’s business only sells one product, and his opening inventory at 1 June is 23 units valued at £12 each. The following movements
Please answer the following five questions:(a) Tomasz’s business buys and sells various products, including Product J. The business has 100 units of J in stock at 1 February valued (using the FIFO
After stocktaking for the year ended 31 May 2019 had taken place, the closing inventory of Cobden Ltd was aggregated to a figure of £87,612.During the course of the audit which followed, the
Ameer purchased a business that buys and sells electrical household goods. When taking over the business, Ameer realised that the existing inventory was obsolete. He therefore decided to have a
In a new business during its first year of trading (the year ended 31 December 2024), the following debts are found to be bad, and are written off on the dates shown:On 31 December 2024, the schedule
On 1 January 2024, a business’s allowance for doubtful debts, brought forward from the previous year, was £1,250.During the year to 31 December 2024, bad debts written off amounted to £9,140.On
A business started trading on 1 January 2022. During the two years ended 31 December 2022 and 2023, the following debts were written off to the bad debts expense account on the dates stated:On 31
A business, which started trading on 1 January 2022, adjusted its allowance for doubtful debts at the end of each year on a percentage basis, but each year the percentage rate is adjusted in
A business which prepares its financial statements annually to 31 December suffered bad debts which were written off:The business had a balance of £740 on the allowance for doubtful debts account on
(a) As at 31 October 2024, a balance of £12,900 on the allowance for doubtful debts account of Daisy’s business had been brought forward from the previous year end. It was then decided that
Ebony’s business establishes an allowance for doubtful debts at the end of each financial year based on both a review of individual debts and a careful analysis of her recent debt collection
Lohit is in business buying and selling goods on credit. The following information relates to his bad and doubtful debts for the year ended 31 August 2024.1 Balance of Allowance for Doubtful Debts
Molly West commenced business on 1 January 2021 and prepares her financial statements to 31 December every year. For the year ended 31 December 2021, bad debts written off amounted to£15,510. It was
The balance sheet of Tyrone’s business as at 31 December 2021 included an allowance for doubtful debts of £4,010 and an allowance for prompt payment discounts of £288. Tyrone is now in the
The following balances appeared in the trial balance of Dave Bainbridge’s business as at 30 June 2024:After this trial balance had been constructed, Bainbridge decided to write off further debts
State which of the following you would classify as capital expenditure:(a) Cost of building extension to warehouse.(b) Purchase of extra filing cabinets for accounts office.(c) Cost of repairs to
The data which follows was extracted from the books of account of H. Kassab, an engineer,on 31 March 2024, his financial year end.You are required to allocate each or part of the items above to
During its year ended 31 December 2020, Landon’s business acquired a new machine from China. The business incurred the following costs in relation to this machine in 2020:In Landon’s balance
X Co constructed a new factory for itself. The costs incurred on the construction project were as follows:Additional information:(i) Construction work actually began on 1 February 2024, and a loan of
Sema plc, a company in the heavy engineering industry, carried out an expansion programme during its most recent financial year, in order to meet a permanent increase in contracts.The company
On 18 August 2024, J. Barton purchased a new machine from DelFalco Ltd. Barton paid the following amounts in relation to this acquisition:Barton was able to negotiate a trade discount of 15% on the
Kalinda’s business purchased a laptop for £950. It has an estimated useful life of three years and a scrap value of £200.She is not certain whether she should use the straight-line or the
A machine was originally purchased for £30,000. It is planned to be used for four years, and then sold for an estimated figure of £7,000. Show the calculations of the figures for depreciation (to
A vehicle originally cost £64,000. It is expected to be used for three years, and then sold for £17,500. Calculate the depreciation for each year using (a) the reducing balance method, using a
A photocopier was bought for £32,000. It is predicted to be used for four years, and then traded in for £10,000. Show the calculations of the figures for depreciation for each year using(a) the
A piece of equipment originally cost £80,000. It is expected to be used for five years and then sold for £800. Show your calculations of the amount of depreciation each year using (a) the reducing
A bus is bought for £60,000. It will be used for four years, and then sold back to the supplier for £15,000. Show the depreciation calculations for each year using (a) the reducing balance method
A business bought a motor vehicle for £16,800 on 1 January 2023, paying in full immediately by bank transfer. Financial statements are prepared annually to 31 December and depreciation of vehicles
Varsini Transport delivers goods nationwide. The following information relates to the delivery vehicles owned by Varsini Transport.Varsini Transport has the following depreciation policy:• Delivery
Vinny purchased some new equipment on 28 February 2016 for £240,000. Vinny’s policy is to depreciate equipment at 30% per year using the reducing balance method. He calculates a full year’s
C. Hassan, a sole proprietor, purchased a delivery van on 1 March 2024 for £11,360 and some new equipment on 1 September 2024 for £7,000.He expects that the van will have a useful life of four
You are required to answer the following four questions:(a) Royston’s business purchased a new machine (with a purchase price of £18,000) on 1 January 2024.The cost of delivery was £500 and
Fast Response is a business delivering goods to customers. The following information is available:(1) Extract from the Balance Sheet at 31 December 2024.(2) History of delivery vehicle purchases and
A company starts in business on 1 January 2024. You are to write up the vans at cost account and the accumulated depreciation account for the year ended 31 December 2024 from the information given
A company starts in business on 1 January 2017, the financial year end being 31 December.You are to show:(a) The machinery at cost account.(b) The accumulated depreciation on machinery account.(c)
A company maintains its non-current assets at cost. A separate accumulated depreciation account is used for each type of asset. Machinery is to be depreciated at the rate of 15% per annum, and
A company depreciates its plant at the rate of 25% per annum, straight-line method, for each month of ownership. From the following details, draw up the plant at cost account and the accumulated
Distance Limited owned three lorries at 1 April 2019:Depreciation is charged annually at 20 per cent of cost on all vehicles in use at the end of the year.During the year ended 31 March 2020, the
Baba is the owner of a delivery business. The following balances were in her books on 1 March 2023:Baba’s depreciation policy is:• Delivery vehicles at the rate of 20% per annum reducing balance
Please answer the following three questions:(a) Jack’s business has a financial year end of 31 May. He bought an item of plant for £225,000 on 1 June 2022 and estimated its useful life to be six
Contractors Ltd was formed on 1 January 2019 and the following purchases and sales of machinery were made during the first 3 years of operations.Each machine was estimated to last 10 years and to
On 31 March 2019, Dixie’s business traded-in a machine (a Z-15 model) which it had originally purchased on 1 April 2016 for £19,000. Dixie had depreciated the Z-15 at 10 per cent per annum using
XY Ltd provides for depreciation of its machinery at 20% per annum on cost; it charges for a full year in the year of purchase but none in the year of sale/disposal.Financial statements are prepared
(a) The following trial balance was extracted from the books of Peter Mackie on 30 April 2024. From this, and the note below it, prepare his income statement for the year ending 30 April 2024, and a
Carole’s business buys a delivery van on 1 January 2022 for £27,000. She estimates that the van will be used for four years, after which she believes it will have a trade-in value of £5,000. She
Richard runs a small publishing business. He buys a new XP27 printing machine on 1 January 2021 for £100,000 which he expects to use for five years. He predicts that the machine will then have a
The financial year of S. Smith ended on 31 December 2016. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
A W. Hope's year ended on 30 June 2020. Write up the ledger accounts, showing the transfers to the financial statements and the balances carried down to the next year for the following:(a)
On 1 January 2018 the following balances, among others, stood in the books of A. Cook, a sole proprietor:(a) Business rates, \(£ 600\) (Dr);(b) Packing materials, \(£ 1,400\) (Dr).During the year
A On 1 January 2019 the following balances, among others, stood in the books of B. Baxter:(a) Lighting and heating, (Dr) \(£ 192\).(b) Insurance, (Dr) \(£ 1,410\).During the year ended 31 December
(a) Angela's business pays for its lighting and heating usage in arrears. The business's books showed an accrual in connection with lighting \& heating expenses of \(£ 840\) as at 1 January 2020 and
D. Staunton is a sole proprietor and you are given the following information relating to her business:\section*{Additional information:}1 The inventory was counted at 30 September 2024 and was valued
A Danielle is a sole proprietor and you are given the following information relating to her business:\section*{Additional information:}(i) The inventory was counted at 30 April 2024 and was valued at
From the trial balance below of John Brown, store owner, prepare an income statement for the year ending 31 December 2023, and a balance sheet as at that date, also taking into consideration the six
A The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 2019 is available:(a) Rent is accrued by \(£ 210\).(b)
Which of the items in the following list are liabilities and which of them are assets?(a) Motor vehicle(b) Amounts owed to us by customers(c) Land(d) Bank overdraft(e) Inventory of goods held for
Classify the following items into liabilities and assets:(a) Computers(b) Buildings(c) Trade payables(d) Inventory(e) Trade receivables(f) Cash in bank(g) Bank overdraft(h) Loan from bank(i) Vans
Winston is setting up a new business. Before selling anything, he bought a van for £9,995; a transportable market stall for £2,050; a computer for £495; and an inventory of goods for £11,720. He
Danielle is starting a business. Before starting to sell anything, she bought fixtures for £4,100, a van for £5,950 and an inventory of goods for £3,620. Although she has paid in full for the
Draw up Tom Galley’s balance sheet from the following information as at 31 December 2024: Capital Trade receivables Motor vehicle Trade payables Equipment Inventory Cash at bank 37,650 9,290
Draw up Amy Banfield’s balance sheet as at 30 June 2024 from the following items: Capital Equipment Trade payables Inventory Trade receivables Cash at bank 22,960 11,660 6,390 7,920 9,400 370
T. Ross has the following items in his balance sheet on 30 April 2024: Capital £26,060; Trade payables £5,510; Fixtures £12,390; Motor vehicle £7,500; Inventory £4,210; Trade receivables
J. Hill has the following assets and liabilities on 30 November 2019: Trade payables £2,800;Equipment £6,200; Motor vehicle £7,300; Inventory £8,100; Trade receivables £4,050; Cash at

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