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SOLUTIONS MANUAL Frank Wood's Business Accounting 1&2 ELEVENTH EDITION Frank Wood BSc(Econ), FCA and Alan Sangster BA, MSc, CertTESOL, CA. bussiness accounting 11th edition. DB5A91A19AD9F91F25D Bussiness Accounting 11th Edition. Business Accounting 1 11th Edition pflegeelternnetz.info Accounting 1 11th Edition Any book 4 free: Frank Wood Business Accounting 1. Pdf - Fri, 22 Mar. GMT Frankwood Business Accounting 1 12th.
However, after some considerable thought, we decided against doing so. Allowance for doubtful debts: Purchases Cr Purchases Dr Variable costs Direct materials 49, 49, Direct labour 44, 44, Variable overheads 30, 30, Total variable costs , Add: The only positive ratio result is the lower inventory turnover period. Car taken over 1, Accounts receivable 2, Plain Ltd: At the end of this section are 20 essay questions in which we have already highlighted the instruction and underlined the key words.
This manual can therefore be used to check such work. Whilst every endeavour has been made to show workings quite fully, it must be appreciated that there are often different ways of getting to the same answer. This manual would be unduly lengthy and complicated if every version of arriving at the answer were to be shown.
The methods chosen are therefore those judged to be the best from a teaching point of view. Frank Wood and Alan Sangster By writing on letterheaded paper of the institution where you teach, giving details of the course for which you use Business Accounting 1 or Business Accounting 2 with your classes, you can obtain complimentary copies of this manual. This manual is not available for students, nor is it in any way available for sale to the general public.
There will, however, be quite a lot of people reading this who are new to teaching, and who have little experience in understand- ing how the examiner views things. If we have anything to offer, it is simply that we have, between us, been concerned with accounting education for many years and have been examiners for several external examining bodies. The Notes for Students at the start of both Business Accounting 1 and Business Accounting 2 deal with examination techniques.
Make certain the students read these. Go through these with them. If we all tell students that what these say is true, then they are more likely to believe us.
How students lose marks 1 Lack of knowledge obviously but they throw away marks unnecessarily for all of the following reasons: You can only get them to rectify everything under this heading by insisting on them correcting a , b , c and d from early on in the course.
Do not wait until a few weeks before the examination to insist upon properly laid out and neatly constructed work.
If it asks for two questions only from Section A, then it means just that. A remarkably high percentage do not follow the instructions per the rubric. If, for example, an examiner wants a list, students will lose marks by giving explanations instead. Students must tackle the question in the prescribed way and not do it differently. The percentage of students passing examinations would rise dramatically if only we could correct this failing.
A good plan is to get them to highlight the instruction that shows how the examiner wants the question to be answered, e.
List the ways by which. Describe the ways by which. Write a report to the managing director about the ways by which. Discuss how the ways by which. Explain how the ways by which. Then, get them to underline the key words in the rest of the question. They need as much practice as possible in doing this, especially for essay-type questions. At the end of this section are 20 essay questions in which we have already highlighted the instruction and underlined the key words.
See if your students can do the same. Discuss this with your students who have to tackle essay questions. Time planning is essential.
Years ago, we did quite a lot of research into the results of students who had followed this advice, compared with those who ignored it. Following the advice pro- duced better results. For instance, when an examiner set a question on, say, materiality. Most of the answers simply gave exactly the same examples, word for word sometimes, that we have given in Business Accounting 1.
Examiners are looking for originality and imagination. Students will get excellent marks if they give their own examples. A good idea is that, for each of the concepts and conventions, they think up their own examples before the examination. There are going to be more and more questions on these things in the years ahead. Get them to use examples in essay questions based on what they have observed in the businesses around them.
In their life outside their studies, they should observe how accounting is carried out. They all go at one time or another to refectories, restaurants, shops, department stores, clothes shops, travel on buses and trains, etc. They should observe how the money is calculated and collected, what sort of bills or tickets are given out, how fraud or errors could occur, and so on. Believe us, they will get better marks. Essay questions — how not to misunderstand them 1 List the various pieces of information which should be shown on a sales invoice.
You are to write a report to the managing director stating whether or not you agree with the bookkeeper. What is the better thing to do? This very often is due to two main reasons: If students can attempt, say, at least two such papers and then have their attempts marked and criticised, they will normally learn a lot from the experience.
Examination questions and marking schemes We had originally intended to put here some typical examination questions and their marking schemes. However, after some considerable thought, we decided against doing so.
There is no one precise mode of marking and any suggestions that we might make could perhaps create more arguments and consequent misunderstandings. However, the books sell world-wide and practices can vary.
It can, however, be said that: Some examiners will award zero marks, even though the answers given by the student show good knowledge of the topic.
Others including ourselves would be kinder than that. In cases of this type, only one set of marks should be lost. The one exception that may arise concerns multiple choice questions where wrong answers may be penalised as an incentive to prevent students guessing. In this case, the examining body would make this information known well in advance of the examina- tion date.
This is simply because examiners are human beings with human fail- ings, and work that can be easily marked makes them feel generous. Accounts payable, Capital, Machinery, Motor vehicles.
Answer to Question 1. The day of the month is shown in brackets. Answer to Question 5. Leech, Tidy and Rock are creditors.
Accounts payable 11, Non-current liabilities: Bell and Co Cr 1, Drawings Dr Purchases Cr Purchases Dr Drawings Cr 68 Computer equipment Dr Fixtures Cr 42 Bad debts Dr R Wilson Date: A Duff Mar 1 Purchases R Wilson Mar 1 Sales Purchases ledger: Credits in personal accounts should be obvious.
Revenue b d e g. Answer to Question Debenture interest similarly not applicable. Always provide for probable losses. Percentages using ageing schedule. Flat sum. See textbook Exhibit Allowance for doubtful debts: Values per balance sheet also overstated.
An increase in value, without sale, does not represent realisation. AAT Cost 8, Less Estimated residual value 2, Estimated total depreciation 6, Estimated life 5 years Depreciation charge per year 1, Accumulated depreciation at 1. For 9 months Debtors and prepayments. Revenue prepaid. Avoid very technical language as it is for a non-accountant. Keep it fairly brief. That is that the asset must have cost the business something that can easily be measured in monetary terms.
It cannot therefore be included as a business asset. Accordingly the increase in the value is also irrelevant. Assets are called current assets when they represent cash or are primarily for conversion into cash or have a short life.
An example of a short-lived asset is that of the stock of oil held to power the boilers in a factory, as this will be used up in the near future. Other examples of current assets are cash itself, stocks of goods, debtors and bank balances. Other vehicles, such as a breakdown truck, have been bought for use, not resale, and are consequently non- current assets.
Some of the costs were paid for in a previous year, some items are still owed for. This means that costs do not mean items paid for in the year.
Similarly, a lot of sales will still be owed for — see accounts receivable — so that this does not equal cash received in the year. Depreciation represents the part of the cost used up in the year. As equipment may last for several years, only part will be charged against one year.
The remaining value of the equipment is shown in your balance sheet.
Received Issued Average cost per No. Bank Reconciliation Statement as on 30 June Balance in hand per cash book 1, Add unpresented cheque 22 1, Less Bank lodgement not yet entered on bank statement Balance in hand as per bank statement 1, Answer to Question Bank commission Bank Reconciliation Statement as on 31 December Bank overdraft per cash book 1, Add Bank lodgements not yet entered on bank statement 2, Less Unpresented cheque 37 Bank overdraft per bank statement 2, Answer to Question Descriptions per text.
A Ray Cr 1, b Cash Dr Bank Cr 94 c D Rolls Dr D Rollo Cr d Purchases Dr Cash Cr Needs double the amount to cancel out the error and replace it with the correct amount. Fittings Cr g Cash Dr Bank Cr Needs double the amount. Furnishings Cr 1, Answer to Question Rent received Cr b Bank charges Dr Business rates Cr 34 c Motor expenses Dr Bank Cr 37 d Fax machine Dr Purchases Cr e Returns inwards Dr Returns outwards Cr f Capital Dr 2, Van Cr h Drawings Dr Sales 1, Trade accounts receivable 1, Being reversal of trade sample sent to John Grey wrongly treated as a sale.
Trade samples 1, Purchases 1, Being correction of treatment of trade sample. Repairs and renewals Purchases Being correction of treatment of paint used to paint stockroom wrongly charged to purchases.
Mr Smith 1, 1, Items ii and vi do not pass through suspense account. Machinery increased by 1, subject to depreciation in the balance sheet. Also electricity owing to be included as extra accrual in balance sheet. Order of solving problem: Cost of goods sold 3, Inventory 1 January 49, Add: A 51, B 83, C 31, Sales returns 47, Less: Cost of sales Opening inventory at 1 January 2, Add: Purchases 30, 33, Less: Withdrawn by the owner 1, Less: Discount received 21, Less: Additions 3, 13, Less: Depreciation 2, 10, Current assets Inventory 5, Accounts recevivable 9, Prepayments Cash 90 14, 25, Current liabilities Accounts payable 4, Bank overdraft 2, 7, Accrued charges: Drawings 7, 10, Answer to Question Accumulated fund Balance at 1 January 29, Add Surplus of income over expenditure , , Answer to Question Balance at 1 February 1, Add Surplus for the year 1, Add Gift from member 1, 4, Current liabilities Subscriptions received in advance e 1 Increase number of members.
Purchases , , Less: Inventory of raw materials at Work in progress at 1. Work in progress at Returns inward 7, , Less: Production cost of goods completed , , Less: Purchases 27, Carriage in 38, Less: Direct factory wages 72, b Prime cost , Indirect manufacturing costs: Factory wages 13, Rent and business rates 1, Power 2, Repairs 1, Sundry expenses Depreciation — machinery 3, 23, , Add: Inventory of raw materials at 1.
Jean Marsh: Raw materials 2, Finished goods 8, Accounts receivable 7, Prepayments Bank 3, Cash 22, 34, Current liabilities Accounts payable 6, Expenses owing 75 6, 28, Financed by: Interest on drawings Cole 1, Knox Lamb 2, Less: Drawings 27, 23, 17, Interest on drawings 1, 64, 41, 44, , Answer to Question Penrose Wilcox 7, Less Salary: Penrose 2, Interest on capital: Interest on drawings A B Less: Salary — B 26, 4, Less: Interest on capital 22, A 1, B 2, Less: Interest on capital 1, 1, 1, Add: Interest on drawings 12, 13, Less: Drawings 12, 15, Closing balance 1, Answer to Question Scot Joplin 9, Less Interest on capital: Bush Home Wilson 67, Less Salaries: Home 18, Wilson 14, 32, Interest on capital: Bush 60, Home 10, Wilson 30, , Current accounts: Bush Home Wilson Balances 1.
Main 9, Interest on capital: Plain Ltd: Shares 24, 16, Salary 9, Bank: Fixtures 1, Motors 4, Motors 1, Inventory 3, Gain: Car taken over 1, Accounts receivable 2, Plain Ltd: Herd 20 Interest on capital: Current liabilities — Accounts payable 19 Less: If the bank demanded payment of the overdraft, the company would face severe liquidity problems.
It should probably try to reduce the level of inventory held and reduce the bank overdraft. The proposed dividend will be shown as a note.
Credit balance on suspense account treated as sales. This implies that CD has far higher expenses than AB. Similarly the quick asset ratio is too low.
AB is by far the more successful business. It is turning over its inventory more frequently and has kept expenses under control. It is also in a good liquid position and able to meet its debts. CD on the other hand is in a worse position on each factor.
Loan note holders normally have no voice in the running of the company. Ordinary shares , Reserves: Higher expenses. The main points you should cover include: Can this be maintained? Only then can we sensibly compare the return from the business with the return from the investment. Cash 1, 1, Credit 1, 2, 3, 4, Less Cost of goods sold: Demerits depend on whether branch staff are given room for initiative within the above system, or else the HO stupidly lets the system strangle all initiative.
Branch Cost of goods sent 45, Less Cost of sales: Balance at 1. Dr Balances: Answer to Question 2. Machinery Cost of sales to date Total cost: Due on application Cash: Interest Loan notes Dec 31 Bank: Interest 1, Own Shares Ordinary share capital: A Bubble , Assets taken over as per purchase agreement Vendor: Balance Sheet as at 31 May Non-current assets Freehold premises at cost or valuation , Plant and machinery at cost , Less Depreciation 48, , Motor vehicles at cost 8, Less Depreciation 1, 6, , Current assets Inventory , Accounts receivable 96, Bank 11, Cash , Current liabilities , Trade accounts payable 63, Financed by: A See workings below.
B Time basis. C Pro rata to sales. The split of cost of sales is rather tricky. The answer will be demonstrated in an arithmetical, rather than algebraic, fashion: Sales are: Answer to Question 7. Wrapping Postage Packing 1, 5: CT paid to Revenue and Customs , 80, b Corporation tax liability: Profits can be high, but losses are also always a possibility.
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