Questions from Financial Accounting

Q: A year ago, you prepared financial statements for A. Wilson

A year ago, you prepared financial statements for A. Wilson, a retailer. His closing position was then: Mr Wilson does not keep full records (despite your advice) and once again you have to use what...

Q: David Denton set up in business as a plumber a year ago

David Denton set up in business as a plumber a year ago, and he has asked you to act as his accountant. His instructions to you are in the form of the following letter. Dear Henry I was pleased when y...

Q: Bugs Bunny, a wholesale dealer in ready-made menswear,

Bugs Bunny, a wholesale dealer in ready-made menswear, achieves a gross profit ratio of 50 per cent. The statement of financial position of the business as at 30 June 20X8 was as follows: Since this...

Q: T. Murray has prepared the following bank ledger account for the

T. Murray has prepared the following bank ledger account for the year ended 31 March 20X9: T. Murray has also supplied you with the following information. a. Commissions received included Â&po...

Q: Capital at the end of 20X8 is £2,000.

Capital at the end of 20X8 is £2,000. Capital at the end of 20X9 is £3,000. There were no drawings; and no capital had been introduced. Required Calculate the profit for the year ended 20X9 from the...

Q: Capital at the end of 20X8 is £2,000.

Capital at the end of 20X8 is £2,000. Capital at the end of 20X9 is £3,000. Drawings were £700. Required Calculate the profit for the year ended 20X9 from the above information.

Q: Prepare the statement of financial position for C. Koat at 31

Prepare the statement of financial position for C. Koat at 31 December 20X9: Assets: Office building £25,000, Factory £60,000, Inventory £8,000, Cash £500, Monies owed from a customer £3,500. Liabili...

Q: Happy did not keep proper books of account. At 31 August

Happy did not keep proper books of account. At 31 August 20X8 his balances were: Details of transactions in year to 31 August 20X9: At 31 August 20X9 the assets and liabilities were: Depreciation...

Q: Jane Grimes, retail fruit and vegetable merchant, does not keep

Jane Grimes, retail fruit and vegetable merchant, does not keep a full set of accounting records. However, the following information has been produced from the business’s records: 1....

Q: Jock is a clothing retailer. At 31 December 20X9 he asks

Jock is a clothing retailer. At 31 December 20X9 he asks you to prepare his final financial statements from very incomplete records. You were able to extract the following information from the limited...