Business Accounting: Solved Assignments and Essays - Desklib

Accounts

TABLE OF CONTENTS
Q.1.......................................................................................................................................................3
i. Fill in the missing figures................................................................................................................3
ii. Dual aspect effect of the following transactions.............................................................................3
Q.2.......................................................................................................................................................3
Q.3 Trial balance of Jane Green made as on 31st December 2020......................................................5
Q.4.......................................................................................................................................................5
Q.5 Indicating the type and amount of capital / revenue expenditure of following transactions.......7
Q.6.......................................................................................................................................................7
Q7. Comments on the ratios computed in light of the data of industry..............................................8
Q.8.....................................................................................................................................................10
Q9. Answer to the following questions.............................................................................................11
a) State briefly the main reasons why company may employ team of accountants..........................11
b) Reason and purpose of external auditors in limited liability company.........................................11
c) Importance of accounting:............................................................................................................12
d) Stating statutory obligations required for the preparation of management accounts...................12
e) Nature and purpose of accounts:...................................................................................................12
Q.10 Defining the following terms:..................................................................................................13
REFERENCES...................................................................................................................................15

Q.1
i. Fill in the missing figures.
Assets Liabilities Capital
€ € €
a 20000 0 20000
b 15000 5000 10000
c 16400 7550 8850
d 14100 3850 10250
e 25380 18430 6950
ii. Dual aspect effect of the following transactions.
Assets= liabilities + capital
Assets Liabilities Capital
€ € €
a 8000 0 8000
b 4000 4000 0
c 3000 3000 0
d 6000 6000 0
e 0 0 0
Total 21000 13000 8000
Q.2
Cash account
Date Particulars Amount (in £) Date Particulars Amount (in £)
01/01/21 to bank 25000 to balance b/d 31000
10/01/21 to sales 6000
31000 31000
Bank account
Date Particulars Amount (in £) Date Particulars Amount (in £)
to balance b/d 31000 01/01/21 by cash 25000
02/01/21 by rent 2000
04/01/21 by motor car 4000
31000 31000
Purchase account
Date Particulars
Amount (in
£)
Dat
e Particulars
Amount (in
£)
03/01/2
1 to linda a/c 5000
by balance
b/d 8000
05/01/2
1 to sydney 3000

8000 8000
Motor car account
Date Particulars
Amount (in
£)
Dat
e Particulars
Amount (in
£)
04/01/2
1 to bank 4000
by balance
b/d 4000
4000 4000
Linda account
Dat
e Particulars
Amount (in
£) Date Particulars
Amount (in
£)
to balance b/d 7000
30/01/2
1
by sales
return 2000
03/01/2
1 by purchese 5000
7000 7000
Sales return account
Date Particulars
Amount (in
£)
Dat
e Particulars
Amount (in
£)
30/01/2
1 to linda a/c 2000
by balance
b/d 2000
2000 2000
Ann account
Date Particulars
Amount (in
£) Date Particulars
Amount (in
£)
18/01/2
1 to sales 8000
01/02/2
1
by balance
b/d 8000
7000 7000
01/01/2
1 cash dr 25000
to bank 25000
02/01/2
1 rent dr 2000
to bank 2000
03/01/2
1 purchese 5000
to linda 5000
04/01/2
1 motor car dr 4000
to bank 4000
05/01/2
1 purchese 3000
to sydney 3000
10/01/2 cash dr 6000