Questions from Financial Accounting

Q: The financial statements for the year ended 30 November 20X8 of Springboard

The financial statements for the year ended 30 November 20X8 of Springboard Ltd included an allowance for irrecoverable debts at that date of £900. During the year ended 30 November 20X9,...

Q: The trial balance of Snodgrass, a sole trader, at 1

The trial balance of Snodgrass, a sole trader, at 1 January 20X9 is as follows: The following information is given for the year: At 31 December 20X9 the following balances are given: Required Pr...

Q: Bush, a sole trader, commenced trading on 1 January 20X9

Bush, a sole trader, commenced trading on 1 January 20X9. a. Telephone expense details The quarterly rental payable in advance on 1 January, 1 April, 1 July and 1 October is £30. Telephon...

Q: Oriel Ltd, whose financial year runs from 1 June to the

Oriel Ltd, whose financial year runs from 1 June to the following 31 May, maintains a combined rent and rates account in its ledger. Rent is fixed on a calendar year basis and is payable quarterly in...

Q: Munch Catering Ltd, whose financial year runs from 1 December to

Munch Catering Ltd, whose financial year runs from 1 December to the following 30 November, maintains a ‘Building occupancy costs’ account in its general ledger. Th...

Q: a. Commission: received in advance at the start of the

a. Commission: received in advance at the start of the current year £50; received in the current year £5,600; receivable at the current year end £250. b. Rates: paid in the current year £950; prepaid...

Q: a. Stationery: During the year to 31 December 20X9 £

a. Stationery: During the year to 31 December 20X9 £1,300 was paid in respect of stationery. The amount owing at 31 December 20X8 was £140 and the amount owing at 31 December 20X9 was £200. b. Rent: K...

Q: The company’s year-end is 31 December 20X9. Prepare ledger

The company’s year-end is 31 December 20X9. Prepare ledger accounts for the following accounts showing the adjustments that are necessary for the year-end accruals and prepayments and the balances tha...

Q: Why are financial statements prepared by companies?

Why are financial statements prepared by companies?

Q: The balances on certain accounts of Foster Hardware Co. as at

The balances on certain accounts of Foster Hardware Co. as at 1 April 20X8 were: Required Post and balance the appropriate accounts for the year ended 31 March 20X9, deriving the transfer entries to...