Answer to Accounting Test Question NT No.1: ABC Sports Club (a) Subscriptions Account 2005 $ 2005 $ Jun 1 Balance b/d 1,230 Jun 1 Balance b/d 100 Income & Expenditure a/c 69,826 Receipts a/c 70,066 2006 2006 May 31 Balance c/d 450 May 31 Balance c/d 1,340 71,506 71,506 (b) Rates Account 2005 $ 2006 … Read more
Answer to Accounting Test Question SWO No.1: Answer to Question A: (A ii) Computation of Adjusted Value of Wintner’s stock at 31 March 2006 $ $ Balance of stock 64,670 Add: goods purchased 2,830 Goods returns (100/125 x $180) 144 2,974 67,644 Less: Credit sales (100/125 x $2,120) 1,696 … Read more
Accounting Test Question DEP No 1: Question: Johnson & Co, a building and construction firm, commenced trading on 1 January Year 6. During the three years to 31 December Year 8, the company bought and sold motor vehicles for use in the business as follows: Date Registration No Cost ($) Date Of Disposal Disposal Proceeds … Read more
Accounting Test Question NT No 1: Question: ABC Sport Club produced the following information relating to the Club’s financial year ended 31 May 2006 Receipts and Payments Account for the year ended 31 May 2006 $ $ Balance at bank at 1 Jun 2005 1,076 Groundsmen’s wages 18,500 Sales of refresments 7,160 Purchase of refreshments … Read more
Accounting Test Question SWO No 1: Question A: Wintner Stores, whose financial year ends on 31 March, took stock on 26 March 2006. The stock on that date was valued at cost $64,670. Wintner added 25% to cost to obtain the selling price in the year ended 31 March 2006 Between 26 March and 31 … Read more
Answer to Accounting Test Question CO No.1: (a) Purchases Ledger Control Account 2004 $ 2004 $ Oct 1 Balance b/d 324 Oct 1 Balance b/d 24,695 2005 2005 Sept 30 Bank 64,320 Sept 30 Credit purchases 70,394 Discount received 1,717 Balance … Read more
Accounting Test Question CO No 1 On Control Account Question: The following information related to Mr. William for the year ended 30 September 2005:- $ Interest charged to debtors 326 Carriage charged to debtors 3,290 Cash purchases 12,735 Returns inwards 1,938 Bad debts written off 853 Cheque payments to suppliers 64,320 Discount received 1,717 … Read more
Answer to Accounting Test Question AOF No.1: Insurance Account 2005 $ 2005 $ Jun 30 Balance b/d 486 Jun 30 Advertising 39 Profit & Loss 411 Balance c/d 36 486 486 Motor Vehicle Account 2005 $ 2005 $ Jun 30 Balance b/d 21,379 Jun 30 Disposal of motor vehicle 5,310 Balance c/f 16,069 21,379 21,379 … Read more
Accounting Test Question AOF No 1 On Adjustments To Final A/c Question: Mr. Steven is a retailer whose accounting year ends on 30 June 2005. He has extracted a Trial Balance, before producing his final accounts and the following are some of the balance included in that Trial Balance: Dr ($) Cr ($) Purchase Ledger … Read more
Answer to Accounting Test Question COE No.1: (a) Mr. A’s Journal Entries Item No Date Particulars Dr ($) Cr ($) 1 Dec 31 Discount Received A/c 365 Discount Allowed A/c 365 Suspense A/c 730 Being correction of Discount Allowed $365 wrongly credited to Discount Received Account 2 Dec 31 Mr TEY Account 210 Mr XY … Read more