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business
frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

A Lenses Ltd makes six different products: P, Q, R, S, T and U. An analysis of costs ascertains the following:Per unit Direct labour and direct materials\begin{tabular}{llcccc}$P$ & $Q$ & $R$ & $S$ &
A Khang Ltd manufactures digital photo albums. The following information is available for the year ending 31 December 2014.\begin{tabular}{lr}Opening inventory & zero \\Production & 60,000 units
Adrian Frampton was considering the purchase of one of two businesses. However, Frampton had only been provided with limited information about the businesses, as follows:Summarised Financial
Three companies have the capital structures shown below.\begin{tabular}{lrrr}Company & \multicolumn{1}{c}{} & $B$ & $c$ \\& $£ 000$ & $£ 000$ & $£ 000$ \\Ordinary shares & 600 & 400 & 50 \\$12 \%$
John Jones is considering purchasing shares in one of two companies and has extracted the following information from the statement of financial position of each company.\begin{tabular}{|c|c|c|}\hline
A The following are extracted from the statements of financial position as at 31 March 2013 and 31 March 2014 of Glebe Ltd:Required:(a) Calculate for each of the two years two ratios that indicate
Colin Black is considering investing a substantial sum in the ordinary shares of Jacks Ltd. Having some accounting knowledge he has extracted the following information from the accounts for the last
A The following information has been extracted from the accounts of Witton Way Ltd:Income Statement for the year ending 30 April Additional information:During the year to 30 April 2012, the company
You are presented with the following information for three quite separate and independent companies:Summarised Statements of Financial Position at 31 March 2013\begin{tabular}{|c|c|c|c|}\hline & Chan
A The chairman of a family business has been examining the following summary of the accounts of the company since it began three years ago.Statement of Financial Position (at $\mathbf{3 0}$ June)
The following information is provided for Bessemer Ltd which operates in an industry subject to marked variations in consumer demand.(i) Shareholders' equity at 30 September 2014: $£
A An investor is considering the purchase of shares in either $A A$ plc or BB plc whose latest accounts are summarised below. Both companies carry on similar manufacturing activities with similar
A The following are the financial statements of D Limited, a wholesaling company, for the year ended 31 December:\begin{tabular}{|c|c|c|c|c|}\hline Income Statements & 2013 & 2013 & 2014 &
G plc is a holding company with subsidiaries that have diversified interests. G plc's board of directors is interested in the group acquiring a subsidiary in the machine tool manufacturing sector.
A J plc supplies and fits car tyres, exhaust pipes and other components. The company has branches throughout the country. Roughly $60 \%$ of sales are for cash (retail sales). The remainder are
Complete the following table by entering the appropriate valuation base in each unshaded box.\begin{tabular}{|l|l|l|}\cline { 2 - 3 } \multicolumn{1}{c|}{} & Entry value & Exit value \\\hline Past &
Pa Ltd buys $100 \%$ of the shares of Son Ltd on 31 December 2011. The statements of financial position of the two companies on 31 December 2012 are as shown. You are to draw up a consolidated
Pa and Ma Ltd bought $60 \%$ of the shares of Son and Daughter Ltd on 31 March 2013. The statements of financial position of the two companies on 31 March 2014 are as follows. You are to draw up a
A Papai Ltd bought $51 \%$ of the shares in Sons and Co Ltd on 31 October 2013. From the following statements of financial position you are to draw up the consolidated statement of financial position
Parent Company Ltd buys shares in Subsidiary 1 and Subsidiary 2 on 31 December 2013. You are to draft the consolidated statement of financial position as at 31 December 2014 from the following:
A P Ltd bought 40,000 shares in S1 Ltd and 27,000 shares in S2 Ltd on 31 December 2011. The following statements of financial position were drafted as at 31 December 2012. You are to draw up a
A The following information relates to Heather Limited and its subsidiary, Thistle Limited.1 Heather Limited Retained profits as at 31 March $2014 £ 700,000$.80,000 ordinary shares were purchased in
Prepare a consolidated statement of financial position from the following details as at 31 March 2012. Parent Statement of Financial Position as at 31 March 2012 Non-current assets Investment in
Draw up a consolidated statement of financial position as at 31 December 2013 from the following:At the date of the statement of financial position, Sonny owes Pop and Mom $£ 1,600$.During the year
Prepare a consolidated statement of financial position from the following details as at 31 March 2012. Parents for Siblings Statement of Financial Position as at 31 March 2012 Non-current assets
A You are presented with the following information from the Seneley group of companies for the year to 30 September 2012:(c) Seneley purchased 140,000 shares in Wright Ltd on 1 October 2011 for $£
A You are to draw up a consolidated statement of financial position as at 31 December 2014 from the following: Pa and Mum Statement of Financial Position as at 31 December 2014 E Current assets
The following summarised information relates to the Pagg group of companies.\section*{Additional information:}1 Pagg acquired its shareholding in Ragg Ltd for $£ 3,000$ on 1 April 2008. Ragg's
A You are presented with the following summarised information relating to Block plc for the year to 30 September 2014:\section*{Additional information:}1 Block purchased $80 \%$ of the share capital
On 31 March 2012, Subs Ltd had issued share capital of 50,000 ordinary $£ 1$ shares and reserves of $£ 30,000$. Two years later, the reserves had risen to $£ 45,000$ but the share capital was
A On 31 October 2010, its date of the statement of financial position, Sons and Daughters Ltd had issued share capital of 600,000 ordinary $£ 1$ shares and reserves of $£ 340,000$. Four years
Ma and Pa Ltd bought 60,000 of the 120,000 issued ordinary $£ 1$ shares of Kid Ltd for $£ 200,000$ on 31 July 2013. The Kid Ltd financial statements are drawn up annually to 31 December The
A On 1 January 2014, Sons and Co Ltd had an issued share capital of 200,000 ordinary $£ 1$ shares. The balance of retained profits was $£ 20,000$ and there was also a general reserve of $£
A The following statements of financial position of Pop Ltd and Son Ltd were drawn up as at 31 December 2013. Draw up the consolidated statement of financial position as at that date. Pop Ltd
Draw up a consolidated statement of financial position as at 31 October 2012 from the following information. Pa and Ma Ltd Statement of Financial Position as at 31 October 2012 Non-current assets
A The statements of financial position of Pops Ltd and Sons Ltd are as follows:Required:Prepare the consolidated statement of financial position as at 31 December 2014. Pops Ltd Statement of
The following are the summarised statements of financial position of $P$ Ltd and $S$ Ltd at 31 December 2012There were no additions or disposals of non-current assets by the group during the year.(b)
X plc acquired $80 \%$ of the ordinary share capital of $Y$ plc on 1 January 2012 for $£ 300,000$. The lists of balances of the two companies at 31 December 2012 were as
A P plc acquired $80 \%$ of the ordinary share capital of $S$ plc for $£ 150,000$ and $50 \%$ of the issued $10 \%$ cumulative preference shares for $£ 10,000$, both purchases being effected on 1
From the following statements of financial position and further information you are to draw up a consolidated statement of financial position as at 31 December 2012.During the year Parent Ltd had
A From the following statements of financial position and supplementary information you are to draw up a consolidated statement of financial position as at 31 March 2013. Pop and Mom Ltd Consolidated
When Parental Times Ltd bought the shares of Siblings Ltd it valued the non-current assets at $£ 120,000$ instead of the figure of $£ 90,000$ as shown in the statement of financial position of
When Parent Undertakings Ltd took control of Sons and Co Ltd it valued the non-current assets at 31.12.2013 at $£ 75,000$ instead of $£ 60,000$ as shown.Draw up the consolidated statement of
23.2 A From the following statements of financial position prepare a consolidated statement of financial position for the group of Parenting Ltd, Sub A and Sub B. Parenting Ltd Statement of
On 1 April 2010, Machinery Limited bought $80 \%$ of the ordinary share capital of Components Limited. On 1 April 2012, Machinery Limited was itself taken over by Sales Limited who purchased $75 \%$
The following information relates to the Brodick group of companies for the year to 30 April 2013:Revenue Cost of sales Gross profit Administrative expenses\begin{tabular}{|c|c|c|}\hline
You are presented with the following summarised information for Norbreck pic and its subsidiary, Bispham Ltd: Income Statements for the year ending 30 September 2013 Norbreck plc Bispham Ltd 000 000
A The following figures for the year to 30 April 2012 have been extracted from the books and records of three companies which form a group:Revenue reserves at 1 May 2011 Inventory at 1 May 2011 Sales
A The following are the trial balances of ATH Ltd, GLE Ltd, and FRN Ltd as at 31 December 2014.\begin{tabular}{|c|c|c|c|}\hline \multirow[b]{3}{*}{ oll } & ATH Ltd & GLE Ltd & FRN Ltd \\\hline &
.2014 & & 1,500 & \\\hline & 331,550 & 167,900 & 124,250 \\\hline\end{tabular}ATH Ltd acquired the shares in FRN Ltd on 31 December 2012, when the balance of retained profits of FRN Ltd was $£ 700$,
Large plc, a manufacturer and wholesaler, purchased 600,000 of the 800,000 issued ordinary shares of a smaller company, Small Ltd, on 1 January 2011 when the retained earnings account of Small Ltd
At the end of 2014, a parent company, P plc, with one subsidiary, had a holding representing $10 \%$ of the equity of $R$ Ltd, a clothing company. It had cost $£ 80,000$ when purchased at the start
A Relevant statements of financial position as at 31 March 2013 are set out below: Kasbah Fortran plc pic 000 000 91,800 7,600 Jasmin (Holdings) plc 000 289,400 Investments Shares in Kasbah (at cost)
A Huge plc acquired a holding of 600,000 of the 800,000 ordinary $£ 1$ shares of Large plc on 1 October 2011 when the revenue reserves of Large stood at $£ 320,000$.On 1 October 2012, the directors
A Using the following statement of financial position and income statement, calculate and comment on ten accounting ratios (ignore taxation):Statement of Financial Position as at 31 March 2012 ( $£
Study the following financial statements for two very similar privately owned department stores which each comprise one store in the city centre of a major UK city and then answer the questions which
A Study the following financial statements of two companies and then answer the questions which follow. Both companies are stores selling carpets and other floor coverings; each company has a single
The directors of $\mathrm{L}$ Ltd appointed a new sales manager towards the end of 2011. This manager devised a plan to increase revenue and profit by means of a reduction in selling price and
The following balances remained in the books of AK Ltd on 31 March 2013, after the income statement had been drawn up. You are to draft the statement of financial position as at 31 March 2013 in
After the income statement and statement of changes in equity have been prepared for the year ending 30 April 2013, the following balances remain in the books of Flop plc. Prepare a statement of
The following trial balance has been extracted from the books of Baganza plc as at 30 September 2013:\begin{tabular}{|c|c|c|}\hline & $£ 000$ & $£ 000$ \\\hline Administrative expenses & 400 &
\begin{tabular}{|c|c|c|}\hline & $\operatorname{Dr}$ & \\\hline Preference share capital: 50p shares & & \\\hline \begin{tabular}{l}Preference share capital: 50 p shares \\Ordinary share capital: $£
A You are presented with the following information relating to Plott plc for the year to 31 March 2014: ..... $£ 000$Bank overdraft ..... 500 Called-up share capital (issued and fully paid) .....
A The following information has been extracted from the books of Quire plc as at 30 Sep-tember 2014.£000 ..... $£ 000$Bank overdraft ..... 2,400 Called-up share capital (ordinary shares of $£ 1$
The following trial balance of $X$ Limited, a non-listed company, has been extracted from the books after the preparation of the income statement and statement of changes in equity for the year
The following information has been extracted from the books of account of Billinge plc as at 30 June 2012:\begin{tabular}{|c|c|c|}\hline & Dr & $\mathrm{Cr}$ \\\hline & $£ 000$ & $£ 000$ \\\hline
A Cosnett Ltd is a company principally involved in the manufacture of aluminium accessories for camping enthusiasts. Its trial balance at 30 September 2014 was:\begin{tabular}{lrr}Issued ordinary
A The following trial balance has been extracted from the books of Arran plc as at 31 March 2013:\begin{tabular}{lrr}Administrative expenses \\Called-up share capital (all ordinary shares of $£ 1$
A The following trial balance has been extracted from the books of account of Greet plc as at 31 March 2014:\begin{tabular}{lrr}& $\mathrm{Dr}$\end{tabular} \begin{tabular}{rr}$\mathrm{Cr}$
The accountant of Scampion plc, a retailing company listed on the London Stock Exchange, has produced the following draft financial statements for the company for the year to 31 May 2012.Income
A The Companies Acts and accounting standards require a great deal of information to be disclosed in a company's annual report and accounts.\section*{Required:}List the disclosure requirements for
Prepare a statement of cash flows for Harrington Ltd for the year ended 31 December 2013 as required under IAS 7 using the direct method. The income statement, statement of financial position and
A The statements of financial position and additional information relating to Pennylane Ltd are given below. Prepare a statement of cash flows for Pennylane Ltd for the year ending 31 December 2012
State the purposes of a statement of cash flows.(Association of Chartered Certified Accountants)
The following information has been extracted from the books of Hanson Limited for the year to 31 December 2012:Additional information:1 The directors are extremely concerned about the large bank
The following summarised statements of financial position relate to Track Limited:Additional information:1 During the year to 30 June 2014, some non-current assets originally costing $£ 25,000$ had
A The accountant of a private company has been able to get the use of a computer to produce the spreadsheets shown below but as yet the computer lacks a program to print out final accounts. The
You are presented with the following forecast information relating to Baker Limited for the nine months to 30 September 2013.Forecast income statements (abridged) for the three quarters ending 30
\begin{tabular}{|c|c|c|c|c|}\hline & \begin{tabular}{l}Land \& \\buildings \\£000\end{tabular} & \begin{tabular}{l}Machinery \\$£ 000$\end{tabular} & \begin{tabular}{l}Fixtures \\\& fittings \\$£
A Indicate whether each of the following items would be associated with cash inflow (I), cash outflow (O) or non-cash item $(\mathrm{N}$ ) and under which category each would be reported on a
A Masahiro's company had the following selected transactions during the past year:1. Sold (issued) 1,000 ordinary shares at $£ 10$ par for $£ 25$ per share.2. Received $£ 100,000$ from various
The following statements of financial position were drawn up immediately after Pop Ltd had acquired control of Son Ltd. You are to draw up a consolidated statement of financial position.\section*{Pop
Prepare a consolidated statement of financial position from the following statements of financial position of Pa Ltd and Sonny Ltd which were drawn up immediately after Pa Ltd had acquired the share
Draw up a consolidated statement of financial position from the following statements of financial position which were drawn up as soon as Papai Ltd had acquired control of Sonny Jim Ltd.Papai
A Papi Ltd acquired all the shares in Son and Sister Ltd and then the following statements of financial position were drawn up. You are to prepare a consolidated statement of financial position. Papi
A Draw up a consolidated statement of financial position from the statements of financial position of Parental Ltd and Sibling Ltd that were drafted immediately after the shares in Sibling Ltd were
Parent Ltd acquires $75 \%$ of the shares in Siblings Together Ltd. Statements of financial position are then drafted immediately. You are to draw up the consolidated statement of financial position.
Parents United Ltd acquires $95 \%$ of the shares of Son and Friends Ltd. The following statements of financial position are then drafted. You are to draw up the consolidated statement of financial
A Papa and Mamae Ltd buys 66% of the shares in Son and Daughter Ltd. You are to draw up the consolidated statement of financial position from the following statements of financial position
A After Pop and Mum Ltd acquired 75% of the shares of Sons and Cousins Ltd the following statements of financial position are drawn up. You are to draw up the consolidated statement of financial
Immediately after Pai and Family Ltd had acquired control of Son One Ltd and Son Two Ltd the following statements of financial position were drawn up. You are to draw up a consolidated statement of
Immediately after Parent Acquisition's Ltd had acquired control of Sibling One Ltd and sibling Two Ltd the following statements of financial position were drawn up. You are to draw up a consolidated
A Immediately after Pa, Ma and Co Ltd had achieved control of Sub 1 Ltd and Sub 2 Ltd the following statements of financial position are drawn up. You are to draw up the consolidated statement of
A The following statements of financial position of Parents Forever Ltd, Sonny 1 Ltd and Sonny 2 Ltd were drawn up as soon as Parents Forever Ltd had acquired the shares in both subsidiaries. You are
Poker Ltd was incorporated on 1 September 2013 and took over the business of Heart and Club on 1 June 2013. It was agreed that all profits made from 1 June should belong to the company and that the
On 30 June 2013 Smith and Sons Ltd acquired all the assets, except the investments, of Firefly Ltd. The following are the summaries of the income statements of Firefly Ltd for the years ending 30
CIK Ltd was incorporated on 15 December 2012 with an authorised capital of 200,000 ordinary shares of $£ 0.20$ each to acquire as at 31 December 2012 the business of CK, a sole proprietor, and RP
A The statement of financial position of Hubble Ltd as at 31 May 2013 is shown below.Hubble LtdHubble Ltd agreed to purchase at this date the freehold premises, plant and machinery and inventory of A
A From the following information you are required to prepare a statement apportioning the retained profit between the pre-incorporation and post-incorporation periods, showing the basis of
A Rowlock Ltd was incorporated on 1 October 2011 to acquire Rowlock's mail order business, with effect from 1 June 2011.The purchase consideration was agreed at $£ 35,000$ to be satisfied by the

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