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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

Jon Frank Ltd has just finished its first year of trading to 31 December 2012. Corporation tax throughout was $40 \%$ and income tax $20 \%$. You are given the following information:(i) Net trading
A Jon Frank Ltd has just finished its second year of trading to 31 December 2013. Balances from Question 8.1 need to be brought forward into this question. Tax rates are the same as for 2012.The
Corporation tax for the tax years 2010,2011 , and 2012 was $40 \%$ and income tax for each year was $20 \%$.(A) Tilt Ltd's draft income statement for the year ending 31 December 2011 shows a net
A Joytan Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 2013 of $£ 500,000$. Prepare the income statement for the year.(a) The standard
The following information relates to Kemp plc for the year to 31 March 2012:1 Dividends Proposed final ordinary dividend for the year to 31 March 2011 paid on 31 August 2011 28$\begin{array}{ll}\text
A The following figures appeared in W Ltd's statement of financial position at 31 March 2013:Current liability - corporation tax $£ 600,000$Deferred taxation During the year ended 31 March 2014, W
An extract from the draft financial statements of Either Ltd at 30 November 2014 shows the following figures before allowing for any dividend which might be proposed:Ordinary shares of $£ 1$ each
Deflation Ltd, which had experienced trading difficulties, decided to reorganise its finances.On 31 December 2012 a final trial balance extracted from the books showed the following position:Approval
On 31 March 2012, the following was the statement of financial position of Drouthy Yard Ltd:The following scheme of capital reduction was sanctioned by the Court and agreed by the shareholders:(a)
A The ledger balances of Tick Tick Ltd at 31 March 2014 were as follows:A capital reduction scheme has been sanctioned under which the 250,000 preference shares are to be reduced to 80 peach, fully
In preparing its accounts for the year to 31 May 2013, Whiting plc had been faced with a number of accounting problems, the details of which were as follows:(i) The company had closed down its entire
The directors are preparing the published accounts of Dorman plc for the year to 31 October 2014. The following information is provided for certain of the items which are to be included in the final
A In preparing the published financial statements of a company, briefly state the significant accounting/disclosure requirements you would have in mind in ensuring that the financial statementscomply
The accountant of Hook, Line and Sinker, a partnership of seven people, has asked your advice in dealing with the following items in the partnership accounts for the year to 31 May 2013.(a) (i)
The chief accountant of Uncertain Ltd is not sure of the appropriate accounting treatment for a number of events occurring during the year 2012/13.(i) A significant number of employees have been made
From the following selected balances of Antiquary plc as at 31 March 2014 draw up (i) a detailed income statement for internal use, and (ii) an income statement for publication.$£ 000$ s Retained
From the following selected balances of Borough plc as at 31 December 2014, prepare (i) a detailed income statement for the year ended 31 December 2014 for internal use and (ii) an income statement
The following information has been extracted from the books of account of Rufford plc for the year to 31 March 2012 Dr ..... $\mathrm{Cr}$Administration expenses ..... 97 Deferred taxation ..... 24
A From the following balances in the books of Breaker plc you are to draw up (i) a detailed income statement for the year ending 31 March 2013 for internal use, and (ii) an income statement for
A The following balances have been extracted from the books of Mitchell plc on 31 July 2012. From them draw up (i) a detailed income statement for internal use, for the year ending 31 July 2012, also
A Bunker plc is a trading company; it does not carry out any manufacturing operations. The following information has been extracted from the books of account for the year to 31 March 2013:
J McFarlane Ltd has a branch in Perth at which a full set of books is kept. At the end of the year the following summary is compiled of the transactions between the branch and headquarters as
2. F Banaghan Ltd, whose head office is in Bristol, operates a branch in Exeter. All goods are purchased by head office and invoiced to and sold by the branch at cost plus 50%.Other than a sales
RST Limited is a family-controlled company which operates a chain of retail outlets specialising in motor spares and accessories.Branch inventory is purchased by a centralised purchasing function in
Paper Products has a head office in London and a branch in Bristol. The following information has been extracted from the head office books of account as at 31 March 2012:Information relating to the
Packer and Stringer were in partnership as retail traders sharing profits and losses: Packer “ts, Stringer '/4. The partners were credited annually with interest at the rate of 6% per annum on
LR, a trader, commenced business on 1 January 2012, with a head office and one branch.All goods were purchased by the head office and goods sent to the branch were invoiced at a fixed selling price
Nion is a retail goods outlet operating from a head office in London and a branch in Brighton. The following trial balances have been extracted from the books of account as at 31 October 2014.Head
Star Stores has its head office and main store in Crewe, and a branch store in Leek. All goods are purchased by the head office. Goods are invoiced to the branch at cost price plus a profit loading
EG Company Limited, a manufacturing business, exports some of its products through an overseas branch whose currency is ‘florins’, which carries out the final assembly operations before selling
OTL Ltd commenced business on 1 January 2013. The head office is in London and there is a branch in Highland. The currency of Highland is the crown.The following are the trial balances of the head
Home Ltd is incorporated in the UK and rents mobile homes to holidaymakers in this country and in Carea. The company has a head office in London and a branch in Carea where the local currency is
A bakery purchased equipment on hire purchase over a period of three years, paying $£ 2,616$ on 1 January 2012, and further annual payments of $£ 12,000$ due on 31 December 2012, 2013 and 2014.The
On 1 January 2011 P Wriggle bought a computer (cash price $£ 1,046$ ) from Dowe Ltd on the following hire purchase terms. Wriggle was to make an immediate payment of $£ 300$ and three annual
Bulwell Aggregates Ltd wish to expand their transport fleet and have purchased three heavy lorries with a list price of $£ 18,000$ each. Robert Bulwell has negotiated hire purchase finance to fund
A D Lane purchased two cars for his business under hire purchase agreements:\begin{tabular}{lcc}Registration number & DL 1 & DL 2 \\Date of purchase & 31 July 2012 & 30 November 2012 \\Cash price &
J Tocher started business on 1 April 2012 selling one model of digital cameras on hire purchase. During the year to 31 March 2013 he purchased 2,000 cameras at a uniform price of $£ 110$ and sold
RJ commenced business on 1 January 2014. He sells refrigerators, all of one standard type, on hire purchase terms. The total amount, including interest, payable for each refrigerator, is $£ 300$.
A Object Limited is a retail outlet selling word processing equipment both for cash and on hire purchase terms. The following information has been extracted from the books of account as at 31 August
A On 1 January 2012, F Limited commenced business selling goods on hire purchase. Under the terms of the agreements, an initial deposit of $20 \%$ is payable on delivery, followed by four equal
A On 1 January 2012, Carver bought a machine costing $£ 20,000$ on hire purchase. He paid a deposit of $£ 6,000$ on 1 January 2012 and he also agreed to pay two annual instalments of $£ 5,828$ on
Dundas Limited purchased a machine under a hire purchase agreement on 1 January 2011. The agreement provided for an immediate payment of $£ 2,000$, followed by five equal instalments of $£ 3,056$,
The financial statements of Stevenson Ltd are made up to 31 March in each year. Work on Contract 29 started on 1 July 2012 and completed on 31 January 2014. The total contract price was $£ 720,000$,
Stannard and Sykes Ltd are contractors for the construction of a pier for the Seafront Development Corporation. The value of the contract is $£ 300,000$, and payment is by engineer's certificate
A Cantilever Ltd was awarded a contract to build an office block in London and work commenced at the site on 1 May 2013.During the period to 28 February 2014, the expenditure on the contract was as
A You are required to prepare the contract account for the year ended 31 December 2013, and show the calculation of the sum to be credited to profit and loss for that year.On 1 April 2013 MN Ltd
A General information on the Lytax group of companies:Lytax Ltd is a company in the building construction industry.It has three regional offices, North Borders, Midlands and South Downs, which are
Frank Ltd has a nominal share capital of $£ 400,000$ comprising 400,000 ordinary shares of $£ 1$ each. The whole of the capital was issued at par on the following terms:\begin{tabular}{lc}& Per
Cut Deck Ltd has an authorised capital of $£ 500,000$ comprising ordinary shares of $£ 1$ each. The shares were issued at par, payments being made as follows:Applications were received for 640,000
The authorised and issued share capital of Cosy Fires Ltd was $£ 75,000$ divided into 75,000 ordinary shares of $£ 1$ each, fully paid. On 2 January 2013, the authorised capital was increased by a
A During the year to 30 September 2013, Kammer plc made a new offer of shares. The details of the offer were as follows:1100,000 ordinary shares of $£ 1$ each were issued payable in instalments as
M Limited has an authorised share capital of $£ 1,500,000$ divided into $1,500,000$ ordinary shares of $£ 1$ each. The issued share capital at 31 March 2013 was $£ 500,000$ which was fully paid,
A Applications were invited by the directors of Grobigg Ltd for 150,000 of its $£ 1$ ordinary shares at $£ 1.15$ per share payable as follows:\begin{tabular}{lr}On application on 1 April 2014 & Per
Exercises (a) to (e) are based on the following statement of financial position.\section*{$J$ Sim Ltd \\ Statement of Financial Position}\begin{tabular}{lr}\hline & $£$ \\Net assets (except bank) &
A Exercises (a) to (e) are based on the following statement of financial position.\begin{tabular}{lr}\multicolumn{2}{c}{\begin{tabular}{c}A Rooney Ltd \\Statement of Financial Position\end{tabular}}
A company's statement of financial position appears as follows:\begin{tabular}{lc}Net assets (except bank) & $£$ \\Bank & 15,000 \\& $\underline{26,000}$ \\Preference share capital &
Some years ago M plc had issued $£ 375,000$ of $10 \%$ loan notes $2012 / 2016$ at par. The terms of the issue allow the company the right to repurchase these loan notes for cancellation at or below
A The following information relates to White Rabbit Trading plc:Summarised Statement of Financial Position as at 31 January 2013\begin{tabular}{|c|c|}\hline & $£ 000$ \\\hline Non-current assets &
During the year to 30 September 2012, Popham plc issued $100,000 £ 1$ ordinary shares. The terms of the offer were as follows:\begin{tabular}{lll}2012 & & $£$ \\31 March & on application &
A Alas plc has an authorised share capital of 150,000 ordinary shares of $£ 10$ each. Upon incorporation, 50,000 shares were issued and fully paid. The company has decided to issue another 50,000
The following information relates to Grigg plc:1 On 1 April 2014 the company had $£ 100,00010 \%$ loan notes in issue. The interest on these loan notes is paid on 30 September and 31 March.2 The
GWR Ltd started in business on 1 January 20X6. Its issued share capital was 100,000 ordinary shares of £1 each and 50,000 10 per cent preference shares of £1 each. The following information is
LMS Ltd has an authorised capital of £200,000, consisting of 160,000 ordinary shares of £1 each and 40,000 8 per cent preference shares of £1 each. Of these, 120,000 ordinary shares and all the
A balance sheet is to be drawn up from the following as at 30 June 20X6: Issued share capital: ordinary shares 1 each Authorised share capital: ordinary shares of 1 each 100,000 200,000 10 per cent
From the information given below you are required to prepare for Streamline PLC:(a) a profit and loss appropriation account for the year ended 31 December 20X9;(b) a balance sheet as at 31 December
The trial balance extracted from the books of Chang Ltd at 31 December 20X8 was as follows:You are given the following additional information:(i) The authorised and issued share capital is divided
The following is the trial balance of B.B.C. Ltd as on 31 December 20X7:Given the following information, you are to draw up a trading and profit and loss account for the year ended 31 December 20X7,
You are to draw up a trading and profit and loss account for the year ended 31 December 20X8, and a balance sheet as at that date from the following trial balance and details of T Howe Ltd:(i) Stock
Here is the trial balance of RF Ltd as at 30 June 20X8:Given the following information as at 30 June 20X8, draw up a set of financial statements for the year to that date:i) Stock 30 June 20X8
The accountant of Fiddles PLC has begun preparing financial statements but the work is not yet complete. At this stage the items included in the trial balance are as follows:(i) The debtors control
‘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;(if) the going
C Allen(a) The business of Allen is taken over by S$ Walters in its entirety. The assets are deemed to be worth the balance sheet values as shown. The price paid by Walters is £40,000. Show the
Hughes, Allen and ElliottThe above partners have always shared profits and losses in the ratio: Hughes 5, Allen 3, Elliott 2.From 1 January the assets were to be revalued as the profit sharing ratios
Avon and Brown have been in partnership for many years sharing profits and losses in the ratio 3 : 2 respectively. The following was their balance sheet as at 31 December 20X6.On 1 January 20X7, they
Stephens, Owen and Jones are partners. They share profits and losses in the ratios of 2/s, 2/s and '/s respectively.For the year ended 31 December 20X6, their capital accounts remained fixed at the
Read the following and answer the questions below.Roach and Salmon own a grocery shop. Their first financial year ended on 31 December 20X9.The following balances were taken from the books on that
Draw up a profit and loss appropriation account for the year ended 31 December 20X7 and balance sheet extracts at that date, from the following:(i) Net profits £30,350.(ii) Interest to be charged on
Mendez and Marshall are in partnership sharing profits and losses equally. The following is their trial balance as at 30 June 20X9.Required:Prepare a trading and profit and loss appropriation account
Oscar and Felix are in partnership. They share profits in the ratio: Oscar 60 per cent; Felix 40 per cent. The following trial balance was extracted as at 31 March 20X9.Required:Draw up as et of
The following list of balances as at 30 September 20X9 has been extracted from the books of Brick and Stone, trading in partnership, sharing the balance of profits and losses in the proportions 3:2
Menzies, Whitlam and Gough share profits and losses in the ratios 5:3:2 respectively. Their trial balance as at 30 September 20X9 was as follows:Draw up a set of final accounts for the year ended 30
The partners have always shared their profits in the ratios of Dinho 4: Manueli 3: Joana 1.They are to alter their profit ratios to Dinho 3: Manueli 5: Joana 2. The last balance sheet before the
The partners are to change their profit ratios as shown:They decide to bring in a goodwill amount of £18,000 on the change. The last balance sheet before any element of goodwill has been introduced
Rupert and Linda are in partnership, sharing profits and losses equally. They decide to admit Emma. By agreement, goodwill valued at £6,000 is to be introduced into the business books. Emma is
Larry, Mary and Simon are in partnership. They shared profits in the ratio 2:5:3. It is decided to admit Roger. It is agreed that goodwill was worth £10,000, but that this is not to be brought into
Tom, Una and Viv are in partnership. They shared profits in the ratio 4:5:1. It is decided to admit Willie. It is agreed that goodwill was worth £30,000 and that it was to be brought into the
From the following you are to draw up the trading account for Charnley’s Department Store for the year ended 31 December 20X8. Stocks: 1.1.20X8 Electrical Department 6,080 31.12.20X8 7,920
J Spratt is the proprietor of a shop selling books, periodicals, newspapers and children’s games and toys. For the purposes of his accounts he wishes the business to be divided into two
From the following list of balances you are required to prepare a departmental trading and profit and loss account in columnar form for the year ended 31 March 20X39, in respect of the business
The balance sheets of M Daly, a sole trader, for two successive years are shown below. You are required to draw up a cash flow statement for the year ended 31 December 20X4. Fixed assets Land and
John Flynn Balance Sheets as at 31 DecemberDraw up a cash flow statement for John Flynn for the year ended 31 December 20X9. You are told that fixtures bought in 20X9 cost £400, whilst a van was
From the following details you are to draft a cash flow statement for C Willis for the year ended 31 December 20X8: C Willis Profit and Loss Account for the year ended 31 December 20X8 Gross profit
You are required to draw up a cash flow statement for S Markham for the year ended 30 June 20X8 from the following information: Gross profit S Markham Profit and Loss Account for the year ended 30
Ollier and Avon enter a joint venture, to share profits or losses equally, resulting from dealings in second-hand cars. Both parties take an active part in the business, each recording his own
Plant, Hoe & Reap entered into a joint venture for dealing in carrots. The transactions connected with this venture were:20X9 Jan 8 Plant rented land cost £156."10 Hoe supplied seeds cost £48."17
Draw up a profit and loss appropriation account for Winn, Pool and Howe for the year ended 31 December 20X7, and balance sheet extracts at that date, from the following:(i) Net profits £30,350.(ii)
State whether you consider the following statements to be true or false:(a) The current cost of plant and machinery is likely to be its net realisable value.(b) A company should distribute dividends
The plant and equipment, details of which are given in Question 30.4, is depreciated on a straight line basis at 10% per annum. The depreciation charge is based on year-end values. What is the
Calculate backlog depreciation at 31 December 2005 for the plant and equipment, the details of which are given in Question 30.5A.Data From Question 30.5A:-The plant and equipment, details of which
A company purchased equipment on 1 January 2004 for £40,000, at which date the relevant price index for equipment was 100. Depreciation is charged on a straight line basis at 25%per annum. The index

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