Questions from Business Accounting

Q: At 1 September the financial position of Sara Young’s business was:

At 1 September the financial position of Sara Young’s business was: Cash in hand ……………… 80£ Balance at bank ………….. 900 Trade receivables: AB ……………………. 200 CD ……………………. 500 EF ……………………. 300 Inventory …...

Q: Rule up a petty cash book with analysis columns for office expenses

Rule up a petty cash book with analysis columns for office expenses, motor expenses, cleaning expenses and casual labour. The cash float is £450 and the amount spent is reimbursed on 30 N...

Q: Enter up the Sales Day Book and the returns inwards day book

Enter up the Sales Day Book and the returns inwards day book from the following details. Then post to the customers’ accounts and show the transfers to the General Ledger. 2024 June 1 Credit sales to:...

Q: You are to enter the following items in the relevant day books

You are to enter the following items in the relevant day books, post to the personal accounts, and show the transfers to the General Ledger. 2024 July 1 Credit purchases from: K. Hill £380; M. Norman...

Q: Enter up the Sales Day Book from the following details. Post

Enter up the Sales Day Book from the following details. Post the items to the relevant accounts in the Sales Ledger and then show the transfer to the sales account in the General Ledger.

Q: Classify the following items into liabilities and assets: (a

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)...

Q: J. Fisher, White House, Bolton, is selling the

J. Fisher, White House, Bolton, is selling the following items at the prices as shown: plastic tubing at £1 per metre, polythene sheeting at £2 per length, vinyl padding at £5 per box, foam rubber at...

Q: J. Glen has the following purchases for the month of June

J. Glen has the following purchases for the month of June: June 2 From J. Ring: 3 sets golf clubs at £900 each, 6 footballs at £36 each. Less 25 per cent trade discount. 11 From F. Clark: 6 cricket ba...

Q: A. Henriques has the following purchases and sales for May 2024

A. Henriques has the following purchases and sales for May 2024: May 1 Sold to M. Marshall: brass goods £24, bronze items £36. Less 25 per cent trade discount. 7 Sold to R. Richards: tin goods £70, le...

Q: Show the journal entries necessary to record the following items:

Show the journal entries necessary to record the following items: Apr 1 Bought office furniture on credit from Durham Brothers Ltd £1,400. 4 We take goods costing £270 out of the business inventory wi...