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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

Deflation Ltd, which had experienced trading difficulties, decided to reorganise its finances.On 31 December 2005 a final trial balance extracted from the books showed the following position:Approval
On 31 March 2002, the following was the balance sheet of Quality Yarns Ltd:The following scheme of capital reduction was sanctioned by the Court and agreed by the shareholders:(a) Preference shares
The balance sheet of Tatters Ltd on 31 December 2008 was as follows:The dividend on the preference shares is £12,000 in arrears. A scheme of reconstruction was accepted by all parties and was
The ledger balances of Tick Tick Ltd at 31 March 2011 were as follows:A capital reduction scheme has been sanctioned under which the 250,000 preference shares are to be reduced to 80p each, fully
In preparing its accounts for the year to 31 May 2007, 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 2005. The following information is provided for certain of the items which are to be included in the final
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 statements comply
Oldfield Enterprises Limited was formed on 1 January 2005 to manufacture and sell a new type of lawn mower. The bookkeeping staff of the company have produced monthly figures for the first 10 months
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 2007.(a) (/)
The chief accountant of Uncertain Ltd is not sure of the appropriate accounting treatment for a number of events occurring during the year 2005/6.(i) A significant number of employees have been made
With reference to IAS 10 Events after the reporting period and IAS 37 Provisions, contingent liabilities and contingent assets:(a) define the following terms:({) post-balance sheet events(ji)
A printing company purchased a machine on hire purchase over a period of three years, paying£1,308 on 1 January 2006, and further annual payments of £4,000 due on 31 December 2006, 2007 and
On 1 January 2005 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 payments of
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 this
D Lane purchased two cars for his business under hire purchase agreements:Both agreements provided for payment to be made in 24 monthly instalments commencing on the last day of the month following
On 31 March 2004, D Biggs, who prepares his financial statements to 31 March, bought a lorry on hire purchase from Truck Fleet Ltd. The cash price of the lorry was £61,620. Under the terms of the
J Wild started business on 1 April 2002 selling one model of digital cameras on hire purchase.During the year to 31 March 2003 he purchased 2,000 cameras at a uniform price of £90 and sold 1,900
RJ commenced business on 1 January 2008. He sells refrigerators, all of one standard type, on hire purchase terms. The total amount, including interest, payable for each refrigerator, is
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
On 1 January 2006, 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 quarterly
On 1 January 2007, Carver bought a machine costing £20,000 on hire purchase. He paid a deposit of £6,000 on 1 January 2007 and he also agreed to pay two annual instalments of £5,828 on 31 December
Dundas Limited purchased a machine under a hire purchase agreement on 1 January 2008.The agreement provided for an immediate payment of £2,000, followed by five equal instalments of £3,056, each
The financial statements of Arms Ltd are made up to 31 March in each year. Work on a certain contract started on 1 July 2006 and completed on 31 January 2008. The total contract price was £360,000,
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
Cantilever Ltd was awarded a contract to build an office block in London and work commenced at the site on 1 May 2005.During the period to 28 February 2006, the expenditure on the contract was as
You are required to prepare the contract account for the year ended 31 December 2010, and show the calculation of the sum to be credited to profit and loss for that year.On 1 April 2010 MN Ltd
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
Feliz Ltd has an authorised capital of £1 million comprising of ordinary shares of £1 each. The shares were issued at par, payments being made as follows:Applications were received for 1.28 million
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 2007, the authorised capital was increased by a
During the year to 30 September 2007, Kammer plc made a new offer of shares. The details of the offer were as follows:1 100,000 ordinary shares of £1 each were issued payable in instalments as
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:Applications were received for 180,000 shares and it was
Exercises (a) to (e) are based on the following balance sheet.Note also that each of exercises (a) to (e) is independent of any other. The exercises are not cumulative.Required:(a) RSV Ltd redeems
Exercises (a) to (e) are based on the following balance sheet.Note also that exercises (a) to (e) are independent of each other. They are not cumulative.Required:(a) BAR Ltd purchases £10,000 of its
A company’s balance sheet appears as follows:Required:(a) If £6,000 of the ordinary shares were purchased at par, there being no new issue of shares for the purpose, show the journal entries to
Loan notes of £30,000 are issued on 1 January 2003. Redemption is to take place, on equal terms, four years later. The company decides to put aside an equal amount to be invested at 5%which will
Some years ago M plc had issued £375,000 of 10% loan notes 2006/2010 at par. The terms of the issue allow the company the right to repurchase these loan notes for cancellation at or below par, with
The following information relates to White Rabbit Trading plc:On 1 February 2007 the company closed the list of applications for 400,000 ordinary shares at a premium of 50p. The shares were to be
During the year to 30 September 2009, Popham plc issued 100,000 £1 ordinary shares. The terms of the offer were as follows:Applications were received for 200,000 shares. The directors decided to
The following information relates to Grigg plc:1 On 1 April 2008 the company had £100,000 10% loan notes in issue. The interest on these loan notes is paid on 30 September and 31 March.2 The loan
Chess Ltd was incorporated on 1 September 2004 and took over the business of Red and Green on 1 June 2004. It was agreed that all profits made from 1 June should belong to the company and that the
On 30 June 2004 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 June
CK Ltd was incorporated on 15 December 2009 with an authorised capital of 200,000 ordinary shares of £0.20 each to acquire as at 31 December 2009 the business of CK, a sole trader, and RP Ltd, a
The balance sheet of Hubble Ltd as at 31 May 2010 is shown below.Hubble Ltd agreed to purchase at this date the freehold premises, plant and machinery and inventory of A Bubble at agreed valuations
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
Rowlock Ltd was incorporated on 1 October 2008 to acquire Rowlock’s mail order business, with effect from 1 June 2008.The purchase consideration was agreed at £35,000 to be satisfied by the issue
Camden Lock Ltd has just finished its first year of trading to 31 December 2006. Corporation tax throughout was 40% and income tax 20%. You are given the following information:(i) Net trading profit,
Camden Lock Ltd has just finished its second year of trading to 31 December 2007. Balances need to be brought forward into this question. Tax rates are the same as for 2006. ;The following
Corporation tax for the tax years 2007, 2008, and 2009 was 40% and income tax for each year was 20%.(A) Skim Ltd’s draft income statement for the year ending 31 December 2008 shows a net trading
Joytan Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 2004 of £500,000. Prepare the income statement for the year.(a) The standard rate
Sunset Ltd has an operating profit for the year ended 31 December 2002, before dealing with the following items, of £150,000. Complete the income statement.(a) The standard rate of income tax is
The following information relates to Kemp plc for the year to 31 March 2009:Required:Write up the following accounts for the year to 31 March 2009, being careful to insert the appropriate date for
The following figures appeared in W Ltd’s balance sheet at 31 March 2002:During the year ended 31 March 2003, W Ltd made a payment of £520,000 to Revenue and Customs in settlement of the
An extract from the draft financial statements of Either Ltd at 30 November 2005 shows the following figures before allowing for any dividend which might be proposed:Additional information:(i) The
Little Ltd has a branch in Bath 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 recorded in
Squid Ltd, whose head office is in Aberdeen, operates a branch in Dundee. All goods are purchased by head office and invoiced to and sold by the branch at cost plus 50%.Other than a sales ledger kept
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 2006:Additional information:1.
Packer and Stringer were in partnership as retail traders sharing profits and losses: Packer 3/a, Stringer 1/4. The partners were credited annually with interest at the rate of 6% per annum on their
LR, a trader, commenced business on 1 January 2009, 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 stock 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
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
OTLLtd commenced business on 1 January 2010. 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
Prepare manufacturing, trading and profit and loss accounts from the following balances of T Jackson for the year ended 31 December 20X7.Rent is to be apportioned: Factory 7/3; Office '/3. Stocks at
Chesterton Plc are manufacturers. At the end of their accounting year, 30 April 20X9, the following information was available:Notes:e The company’s machinery cost £82,000 and the provision for
D Saunders is a manufacturer. His trial balance at 31 December 20X6 is as follows:Prepare the manufacturing, trading and profit and loss accounts for the year ended 31 December 20X6 and a balance
Jean Marsh owns a small business making and selling children’s toys. The following trial balance was extracted from her books on 31 December 20X9.You are given the following additional
R Stubbs is a trader who sells all of his goods at 25% above cost. His books give the following information at 31 December 20X9: Stock 1 January 20X9 Stock 31 December 20X9 Sales for year You are
C White gives you the following information as at 30 June 20X7:White’s mark-up is 50% on ‘cost of goods sold’. His average stock during the year was £12,000.Draw up a trading and profit and
J Green’s business has a rate of turnover of 7 times. Average stock is £12,600. Mark-up is 50%.Expenses are 667/3% of gross profit.You are to calculate:(a) Cost of goods sold.(b) Gross profit.(c)
The following figures relate to the retail business of J Clarke for the month of May 20X9.Goods which are on sale fall into two categories, A and B.Calculate for each category:(a) Cost of goods sold
The following trading account for the year ended 31 December 20X8 is given to you by H Rayner:Rayner says that normally he adds 25% to the cost of goods to fix the sales price. However, this year saw
Trading Account for the year ended 31 December 20X9R Sheldon presents you with the trading account set out above.¥thor's note He always calculates his selling price by adding 33'/3% of cost on to
B Arkwright started in business on 1 January 20X5 with £10,000 in a bank account.Unfortunately he did not keep proper books of account.He is forced to submit a calculation of profit for the year
J Kirkwood is a dealer who has not kept proper books of account. At 31 August 20X6 his state of affairs was as follows:During the year to 31 August 20X7 his drawings amounted to £7,560. Winnings
Following is a summary of Kelly's bank account for the year ended 31 December 20X7:All of the business takings have been paid into the bank with the exception of £9,630. Out of this, Kelly has paid
J Evans has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 20X8 is as follows:Records of
On 1 May 20X8 Jenny Barnes, who is a retailer, had the following balances in her books:Premises £70,000; Equipment £8,200; Vehicles £5,100; Stock £9,500; Trade debtors £150. Jenny does not keep
The following are summaries of the cash book and bank accounts of J Duncan who does not keep his books using the double entry system.You are required to:(a) Calculate the value ofJ Duncan’‘s
Using the information in Review Question 35.10, prepare J Duncan’s Balance Sheet as at 31 December 20X8.Reference from in 35.10The following are summaries of the cash book and bank accounts of J
The following are summaries of the cash book and bank accounts of P Maclaran who does not keep her books using the double entry system. Bank Summary Balance on 1 January 20X8 Receipts 6,000 Debtors
Using the information in Question 35.12, prepare P Maclaran’s Balance Sheet as at 31 December 20X8.Reference from in 35.12The following are summaries of the cash book and bank accounts of P
A summary of the Uppertown Football Club is shown below. From it, and the additional information, you are to construct an income and expenditure account for the year ended 31 December 20X4, and a
The following trial balance of Haven Golf Club was extracted from the books as on 31 December 20X8:Notes:(i) Bar purchases and sales were on a cash basis. Bar stocks at 31 December 20X8 were valued
The treasurer of the City Sports Club has produced the following receipts and payments account for the year ended 31 December 20X7:Notes:(i) Coffee bar stocks were valued: 31 December 20X6 £59, 31
Show how each of the following errors would affect trial balance agreement:(() Equipment repairs £720 was debited to the equipment account.(ii) £1,700 discounts allowed credited to discounts
The following is a trial balance which has been incorrectly drawn up:In addition to the mistakes evident above, the following errors were also discovered:1 A payment of £75 made to a creditor had
A Gail Dawson is the owner of a retail business. She has employed an inexperienced bookkeeperto maintain her accounting records.(a) On 31 March 20X9, the end of the business's accounting year, the
Prepare a sales ledger control account from the following information for July 20X9, carrying down the balance at 31 July: 20X9 July 1 Sales ledger balances f 9,700 July 31 Sales journal 99,280 Bad
The following extracts have been taken from the subsidiary books of the business owned by D Jenkinson for the month of April 20X0.It should be noted that the balances in the accounts of D
Show the journal entries necessary to correct the following errors:(a) A sale of goods £678 to J Harris had been entered in J Hart’s account.(b) The purchase of a machine on credit from L Pyle for
Show the journal entries needed to correct the following errors:(a) Purchases £699 on credit from K Ward had been entered in H Wood's account.(6) A cheque of £189 paid for advertisements had been
Give the journal entries needed to record the corrections of the following. Narratives are not required.(a) Extra capital of £10,000 paid into the bank had been credited to Sales account.(b) Goods
Journal entries to correct the following are required, but the narratives can be omitted.(a) Commissions Received £880 have been credited to Rent Received account.(b) Bank charges £77 have been
Your bookkeeper extracted a trial balance on 31 December 20X8 which failed to agreeby £330, a shortage on the credit side of the trial balance. A suspense account was opened for thedifference.In
You have extracted a trial balance and drawn up accounts for the year ended 31 December20X6. There was a shortage of £292 on the credit side of the trial balance, a suspense accountbeing opened for
The following are extracts from the cash book and the bank statement of J Roche.You are required to:(a) Write the cash book up to date, and state the new balance as on 31 December 20X9, and(6) Draw
The bank columns in the cash book for June 20X7 and the bank statement for that month for C Grant are as follows:You are required to:(a) Write the cash book up to date to take the above into account,
The bank statement for G Greene for the month of March 20X6 is:You are to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as on 31 March 20X6. 20X6 Mar 1 Balance 8

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