Questions from Business Accounting

Q: Prepare the double entries (not the T accounts) for the

Prepare the double entries (not the T accounts) for the following transactions using the format: July 1 Started in business with £5,000 in the bank and £1,000 cash. 2 Bought...

Q: Draw up a bank reconciliation statement, after writing the cash book

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the balance on the bank statement, from the following as on 31 March 2024: Cash at bank as per bank column...

Q: Journal entries to correct the following are required, but the narratives

Journal entries to correct the following are required, but the narratives can be omitted. (a) Rent Received £430 has been credited to the Commissions Received account. (b) Bank charges £34 have been d...

Q: Thomas Smith, a retail trader, has very limited accounting knowledge

Thomas Smith, a retail trader, has very limited accounting knowledge. In the absence of his accounting technician, he extracted the following trial balance as at 31 March 2018 from his businessâ...

Q: Show the journal entries needed to correct the following errors:

Show the journal entries needed to correct the following errors: (a) Purchases £1,410 on credit from A. Ray had been entered in B. Roy’s account. (b) A cheque of £94 paid for printing had been entered...

Q: Lee Crosby has just completed his first year of trading selling cookery

Lee Crosby has just completed his first year of trading selling cookery equipment. He attempted to prepare a balance sheet from his trial balance before seeking expert help as he was having difficulty...

Q: Chi Knitwear Ltd is an old-fashioned business with a handwritten

Chi Knitwear Ltd is an old-fashioned business with a handwritten set of books. A trial balance is extracted at the end of each month, and an income statement and a balance sheet are computed. This mon...

Q: Waban prepared draft financial statements for the year ended 31 March 2024

Waban prepared draft financial statements for the year ended 31 March 2024, which showed a draft profit for the year of £43,750. His draft financial statements were prepared by a Trainee Accountant. T...

Q: Journalise the matters arising from the following items in the books of

Journalise the matters arising from the following items in the books of B. Danby, including the narrative in each case. Note that for this purpose cash and bank items may be journalized. In the case o...

Q: You have extracted a trial balance and drawn up accounts for the

You have extracted a trial balance and drawn up accounts for the year ended 31 December 2017. There was a shortage of £78 on the credit side of the trial balance, a suspense account being opened for t...