Questions from Financial Accounting


Q: Alpha, Beta and Gamma were in partnership for many years sharing

Alpha, Beta and Gamma were in partnership for many years sharing profits and losses in the ratio 5 : 3 : 2 and making up their financial statements to 31 December each year. Alpha died on 31 December...

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Q: Peter, Paul and Mary have been in partnership for several years

Peter, Paul and Mary have been in partnership for several years sharing profits and losses in the ratio 1 : 2 : 3. Their last statement of financial position is as follows: The partnership had becom...

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Q: Maraid, Wendy and Diane have been in partnership for a number

Maraid, Wendy and Diane have been in partnership for a number of years sharing profits respectively. They decide to form a limited company on 1 January 20X9, called McKee Ltd, to carry on the busines...

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Q: Use the amended information from Exercise 25.6 as a starting

Use the amended information from Exercise 25.6 as a starting point. Dissolution information 1. On 1 January 20X9 the partners decide to form a company and issue £140,000 worth of shares in the company...

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Q: Rank the following stakeholders in terms of who would have priority when

Rank the following stakeholders in terms of who would have priority when a company is settling claims of the stakeholders against it. Note, a rank of 1 means this stakeholder should be paid first. • D...

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Q: What is the difference between a fixed charge and a floating charge

What is the difference between a fixed charge and a floating charge?

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Q: Describe the main kinds of debenture loan stock.

Describe the main kinds of debenture loan stock.

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Q: a. The following items usually appear in the final financial statements

a. The following items usually appear in the final financial statements of a limited company: i. interim dividend; ii. general reserve; iii. share premium account. Required An explanation of the mean...

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Q: The following information is available for Aston Products Plc as at 30

The following information is available for Aston Products Plc as at 30 April 20X8. There were no other reserves in the statement of financial position at 30 April 20X8. You are given the following a...

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Q: State whether the following expenditures for a local school are revenue or

State whether the following expenditures for a local school are revenue or capital in nature. In addition, state the name of the classification (current asset, non-current asset, etc.) and the generic...

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