Questions from Financial Accounting

Q: Miss Fitt owns a retail shop. The statement of profit or

Miss Fitt owns a retail shop. The statement of profit or loss and statement of financial position are prepared annually by you from records consisting of a bank statement and a file of unpaid supplier...

Q: Light and Dark are in partnership sharing profits and losses in the

Light and Dark are in partnership sharing profits and losses in the ratio 7 : 3, respectively. The following information has been taken from the partnership records for the financial year ended 31 May...

Q: The partnership of Anna, Mary and Seamus has just completed its

The partnership of Anna, Mary and Seamus has just completed its first year in business. In their partnership agreement each partner is entitled to interest on capital of 12% each...

Q: Peter and Paul, whose year-end is 30 June,

Peter and Paul, whose year-end is 30 June, are in business as food wholesalers. Their partnership deed states that: a. profits and losses are to be shared equally; b. salaries are: Peter £...

Q: A, B, C and D were partners in a garage

A, B, C and D were partners in a garage business comprising (1) Petrol sales, (2) Repairs and servicing and (3) Second-hand car dealing. A was responsible for petrol sales, B for repairs and servi...

Q: a. When accounting for the relationship of partners inter se,

a. When accounting for the relationship of partners inter se, the partnership agreement provides the rules which, in the first instance, are to be applied. What information would you expect to find in...

Q: Brick, Stone and Breeze carry on a manufacturing business in partnership

Brick, Stone and Breeze carry on a manufacturing business in partnership, sharing profits and losses: Brick one-half, Stone one-third and Breeze one-sixth. It is agreed that the minimum annual share o...

Q: An acquaintance of yours, H. Gee, has recently set

An acquaintance of yours, H. Gee, has recently set up in business for the first time as a general dealer. The majority of his sales will be on credit to trade buyers but he will sell some goods to the...

Q: A. Cherry owned a farmhouse and land, the latter being

A. Cherry owned a farmhouse and land, the latter being used by him and his sons, Tom and Leo, in carrying on a fruit and poultry business in partnership. The partnership agreement st...

Q: Field, Green and Lane are in partnership making up financial statements

Field, Green and Lane are in partnership making up financial statements annually to 31 March. Owing to staff difficulties proper records were not maintained for the year ended 3...