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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

The historical cost of sales figure for Pear Ltd for the year ended 31 December 2003 is calculated as follows:Required:Assuming that purchases occur evenly throughout the year, calculate the cost of
The balance sheet of Seafield Ltd at 31 December shows the following balances:Required:Using the above information, calculate the monetary working capital adjustment at 31 December 2004 for Seafield
If the relevant price indices for trade accounts receivable and trade accounts payable are as follows, calculate the monetary working capital adjustment for Seafield Ltd, using the details given in
The balance sheet for Cremore Ltd at 31 December is given below (£000):Required:Using the above information, calculate the gearing adjustment percentage: 2003 Plant and equipment Cost Depreciation
The following information has been extracted from the accounting records of Sycamore Ltd for the year ended 30 June 2003.Required:Prepare a current cost income statement for Sycamore Ltd for the year
During a period of inflation, many accountants believe that financial reports prepared under the historical cost convention are subject to the following major limitations:1 inventories are
You are presented with the following information relating to Messiter plc:Required:(a) Using the historical cost financial statements and stating the formulae you use, calculate the following
What aspects of an organization's activities could be measured in a social audit?
On 1 April 2001, Machinery Limited bought 80% of the ordinary share capital of Components Limited. On 1 April 2003, Machinery Limited was itself taken over by Sales Limited who purchased 75% of the
Bryon Ltd has held 1,500,000 shares in Carlyle Ltd for many years. At the date of acquisition, the reserves of Carlyle Ltd amounted to £800,000. On 31 March 2006 Carlyle Ltd bought 400,000 shares in
The following information relates to the Brodick group of companies for the year to 30 April 2007:Additional information:(a) The issued share capital of the group was as follows:Brodick plc:
You are presented with the following summarised information for Norbreck plc and its subsidiary, Bispham Ltd:Additional information:(a) Norbreck plc acquired 80% of the shares in Bispham Ltd on 1
The following figures for the year to 30 April 2006 have been extracted from the books and records of three companies which form a group:Other information:(a) Corporation tax of the following amounts
The following are the trial balances of ATH Ltd, GLE Ltd, and FRN Ltd as at 31 December 2008.ATH Ltd acquired the shares in FRN Ltd on 31 December 2006, when the balance of retained profits of FRN
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 2005 when the retained earnings account of Small Ltd
At the end of 2005, 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 of 2004.
Relevant balance sheets as at 31 March 2004 are set out below:You have recently been appointed chief accountant of Jasmin (Holdings) plc and are about to prepare the group balance sheet at 31 March
Huge plc acquired a holding of 600,000 of the 800,000 ordinary £1 shares of Large plc on 1 October 2005 when the revenue reserves of Large stood at £320,000.On 1 October 2006, the directors of
What is the purpose in using each of the following ratios:(a) current ratio(b) net profit after tax : revenue(c) asset turnover(d) interest cover(e) dividend cover?
If you wished to assess the efficiency of a company, which of these ratios would you use:(a) inventory turnover(6) interest cover(c) return on capital employed(d) acid test ratio(e) dividend yield?
A company has capital of 1 million ordinary shares of £1 each. It pays a dividend of 6% of its profits after tax of £480,000 on sales of £4 million. The market price of the shares is £2.40. What
In respect of each of the following events, select all the effects resulting from that event that are shown in the list of effects:(i) abad debt written off;(ii) an increase in the bank
Study the following financial statements for two very similar privately owned department stores which each comprise of one store in the city centre of a major UK city and then answer the questions
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 L Ltd appointed a new sales manager towards the end of 2002. This manager devised a plan to increase revenue and profit by means of a reduction in selling price and extended credit
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:Additional information:1
Three companies have the capital structures shown below.The return on capital employed was 20% for each firm in 2006, and in 2007 was 10%. Corporation tax in both years was assumed to be 55%, and
Martha is the accountant of a trading business. During the past year she produced interim accounts for the six months ended 30 November 2005, and draft final accounts for the year ended 31 May 2006,
John Jones is considering purchasing shares in one of two companies and has extracted the following information from the balance sheet of each company.Required:(a) Define the term ‘gearing’
The following are extracted from the balance sheets as at 31 March 2004 and 31 March 2005 of Glebe Ltd:Required:(a) Calculate for each of the two years two ratios that indicate the liquidity position
You are presented with the following information for three quite separate and independent companies:Additional information:1 The operating profit before interest and tax for the year to 31 March 2008
The chairman of a family business has been examining the following summary of the accounts of the company since it began three years ago.The company’s products are popular in the locality and in
The following information is provided for Bessemer Ltd which operates in an industry subject to marked variations in consumer demand.A corporation tax rate of 30% on reported profit before tax may be
The following are the summarised accounts for B Limited, a company with an accounting year ending on 30 September.You are required to:(a) calculate, for each year, two ratios for each of the
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 credit
Prepare a consolidated balance sheet from the following details as at 31 March 2006.During the year, Parent sold goods which had cost £1,100 to Subsidiary for £1,800. None of these goods had been
Draw up a consolidated balance sheet as at 31 December 2007 from the following:At the balance sheet date, Sonny owes Pop and Mom £1,600.During the year Pop and Mom sold goods which had cost £3,000
Prepare a consolidated balance sheet from the following details as at 31 March 2003.At the balance sheet date, Sibling B owed Sibling A £1,000 and Parents for Siblings owed Sibling B £1,500.During
You are presented with the following information from the Seneley group of companies for the year to 30 September 2006:Additional information:(a) The authorised, issued and fully paid share capital
Youare to draw up a consolidated balance sheet as at 31 December 2005 from the following: Pa and Mum Balance Sheet as at 31 December 2005 Investment in subsidiaries: 3 Son 1 90,000 shares bought
The following summarised information relates to the Pagg group of companies.Additional information:1 Pagg acquired its shareholding in Ragg Ltd for £3,000 on 1 April 2005. Ragg’s retained profits
You are presented with the following summarised information relating to Block plc for the year to 30 September 2008:Additional information:1 Block purchased 80% of the share capital of Chip on 1
On 31 October 2004, its balance sheet date, Sons and Daughters Ltd had issued share capital of 600,000 ordinary £1 shares and reserves of £340,000. Four years later, the share capital is unchanged
Pop and Mom Ltd bought 120,000 of the 200,000 issued ordinary £1 shares of Sonny Ltd for£300,000 on 31 July 2004. Sonny Ltd financial statements are drawn up annually to 31 December.The balance
On 1 January 2008, 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 £16,000. During the
The following balance sheets were drawn up as at 31 March 2005. The person drafting the balance sheet of Parent Ltd was not too sure of an item and has shown it as a suspense amount.Required:Draw up
The balance sheets of Pops Ltd and Sons Ltd are as follows:Required:Prepare the consolidated balance sheet as at 31 December 2008. Pops Ltd Balance Sheet as at 31 December 2008 Non-current assets
The following are the summarised balance sheets of P Ltd and $ Ltd at 31 December 2006.There were no additions or disposals of non-current assets by the group during the year.(b P Limited acquired
X plc acquired 80% of the ordinary share capital of Y plc on 1 January 2006 for £300,000.The lists of balances of the two companies at 31 December 2006 were as follows:(a) A remittance of £2,000
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 May 2007. There have
From the following balance sheets and further information you are to draw up a consolidated balance sheet as at 31 December 2003.During the year Parent Ltd had sold to Subsidiary Ltd for £70,000 a
From the following balance sheets and supplementary information you are to draw up a consolidated balance sheet as at 31 March 2004.During the year Pop and Mom Ltd sold a non-current asset to Son
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 balance sheet of Siblings Ltd.Draw up a
When Parent Undertakings Ltd took control of Sons and Co Ltd it valued the non-current assets at 31.12.2007 at £75,000 instead of £60,000 as shown.Draw up the consolidated balance sheet as at 31
Prepare a consolidated balance sheet from the following balance sheets of Pa Ltd and Sonny Ltd which were drawn up immediately after Pa Ltd had acquired the share capital of Sonny Ltd. Any negative
Draw up a consolidated balance sheet from the balance sheets of Parental Ltd and Sibling Ltd that were drafted immediately after the shares in Sibling Ltd were acquired by Parental Ltd.The amounts
Parent Ltd acquires 60% of the shares in Siblings Together Ltd. Balance sheets are then drafted immediately. You are to draw up the consolidated balance sheet. Parent Balance Sheet Investment in
Parents United Ltd acquires 95% of the shares of Son and Friends Ltd. The following balance sheets are then drafted. You are to draw up the consolidated balance sheet. Any negative goodwill is to be
Papa and Mamae Ltd buys 667/3% of the shares in Son and Daughter Ltd. You are to draw up the consolidated balance sheet from the following balance sheets constructed immediately control had been
After Pop and Mum Ltd acquired 75% of the shares of Sons and Cousins Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance sheet. Pop and Mum Balance Sheet
Immediately after Pai and Family Ltd had acquired control of Son One Ltd and Son Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet.Any negative
Immediately after Parent Acquisition’s Ltd had acquired control of Sibling One Ltd and Sibling Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet.
Immediately after Pa, Ma and Co Ltd had achieved control of Sub 1 Ltd and Sub 2 Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance sheet.Any negative goodwill
Pa Ltd buys 100% of the shares of Son Ltd on 31 December 2002. The balance sheets of the two companies on 31 December 2003 are as shown. You are to draw up a consolidated balance sheet as at 31
Pa and Ma Ltd bought 60% of the shares of Son and Daughter Ltd on 31 March 2004. The balance sheets of the two companies on 31 March 2005 are as follows. You are to draw up a consolidated balance
Papai Ltd bought 51% of the shares in Sons and Co Ltd on 31 October 2007. From the following balance sheets you are to draw up the consolidated balance sheet as at 31 October 2008. Papai Balance
Parent Company Ltd buys shares in Subsidiary 1 and Subsidiary 2 on 31 December 2007. You are to draft the consolidated balance sheet as at 31 December 2008 from the following: Parent Company Balance
P Ltd bought 40,000 shares in $1 Ltd and 27,000 shares in $2 Ltd on 31 December 2002.The following balance sheets were drafted as at 31 December 2003. You are to draw up a consolidated balance sheet
The following information relates to Heather Limited and its subsidiary, Thistle Limited.1 Heather Limited Retained profits as at 31 March 2008 £700,000.80,000 ordinary shares were purchased in
The following balances remained in the books of Polk Ltd on 31 March 2004, after the income statement had been drawn up. You are to draft the balance sheet as at 31 March 2004 in accordance with the
After the income statement and statement of changes in equity have been prepared for the year ending 30 April 2007, the following balances remain in the books of Tickers plc. Prepare a balance sheet
The following trial balance has been extracted from the books of Baganza plc as at 30 September 2007:Additional information:1 The inventory at 30 September 2007 was valued at 3,600,000.2 Depreciation
The trial balance of Jeremina plc as at 31 March 2002 is as follows:(i) Inventory of finished goods on 31 March 2002 163,000.(ii) Motor expenses and depreciation on motors to be apportioned:
You are presented with the following information relating to Plott plc for the year to 31 March 2011:Additional information:1 The above information has been obtained after the compilation of the
The following information has been extracted from the books of Quire plc as at 30 September 2011.The following additional information is to be taken into account:1 Inventory at 30 September 2011 was
The following trial balance has been extracted from the books of Patt plc as at 31 March 2010:Additional information:1 Following the preparation of the above trial balance, the following additional
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 ending
The following information has been extracted from the books of account of Billinge plc as at 30 June 2006:Additional information:1 The company was incorporated in 2000.2 The inventory at 30 June 2006
Cosnett Ltd is a company principally involved in the manufacture of aluminium accessories for camping enthusiasts. Its trial balance at 30 September 2005 was:You are provided with the following
The following trial balance has been extracted from the books of Arran plc as at 31 March 2007:Additional information:1 Inventory at 31 March 2007 was valued at £150,000.2 Depreciation for the year
The following trial balance has been extracted from the books of account of Greet plc as at 31 March 2008Additional information:1 Inventory at 31 March 2008 was valued at £150,000.2 The following
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 2002.You discover
The Companies Acts and accounting standards require a great deal of information to be disclosed in a company’s annual report and accounts.Required:List the disclosure requirements for the following
Prepare a statement of cash flows for Lee Ltd for the year ended 31 December 2004 as required under IAS 7 using the direct method. The income statement, balance sheet and cash account for Lee Ltd for
The balance sheets 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 2003 as required under IAS
State the purposes of a statement of cash flows.
The following information has been extracted from the books of Nimmo Limited for the year to 31 December 2009:Additional information:1 The directors are extremely concerned about the large bank
The following summarised balance sheets relate to Track Limited:Additional information:1 During the year to 30 June 2011, some non-current assets originally costing £25,000 had been sold for
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 2007.Forecast income statements (abridged) for the three quarters ending 30
The following information has been extracted from the draft financial information of V Ltd:(a) You are required to prepare a statement of cash flows for V Ltd for the year ended 31 December 2003 in
What determines whether or not one company is a subsidiary of another company?
What benefits accrue to the investor in a parent entity by the use of consolidated financial statements?
From the following selected balances of Filo plc as at 31 March 2005 draw up (i) a detailed income statement for internal use, and (i/) an income statement for publication.(a) Inventory at 31 March
From the following selected balances of State plc as at 31 December 2008, prepare (i) a detailed income statement for the year ended 31 December 2008 for internal use and (ii) an income statement for
The following information has been extracted from the books of account of Rufford plc for the year to 31 March 2006:3 There was an overprovision for corporation tax of £3,000 relating to the year to
From the following balances in the books of Breaker plc you are to draw up (/) a detailed income statement for the year ending 31 March 2004 for internal use, and (//) an income statement for
The following balances have been extracted from the books of Mitchell plc on 31 July 2002. From them draw up (i) a detailed income statement for internal use, for the year ending.31 July 2002, also
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 2010:Additional
The Merton Manufacturing Co Ltd has been in business for many years making fitted furniture and chairs. During 2004 and 2005 substantial losses have been sustained on the manufacture of chairs and

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