By Ian Harrison
Complicated Accounting for A2 has been written in particular to aid scholars, who've already been brought to Accounting, to appreciate absolutely the intricacies of this complicated topic. it truly is damaged down into attainable devices, every one explaining a subject in actual fact utilizing obtainable language and together with interspersed inquiries to motivate scholars to use what they've got learnt. Illustrations and diagrams are used all through to aid factors. each one unit is rounded up with a chain of routines and exam-style questions making sure that scholars get lots of perform within the components during which they need to be trained to go the A2 examination.
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Additional info for Advanced Accounting for A2 (2nd Edition)
Give an example of an entry in a partner’s capital account. Give two examples of debit entries in a partner’s current account. Give two examples of credit entries in a partner’s current account. TEST QUESTIONS QUESTION 15 Rooney and Timms are in partnership. Their profit for the year ended 31 May 20*9 was £27,967. The partnership agreement provides that Rooney be credited with a partnership salary of £3,000 per annum; that interest on capital be credited to the partners at the rate of 10% per annum on fixed capital accounts; and that residual profits and losses be shared equally.
Statement Balance at 31 July 20*9 3,317 346 3,663 Notice that the balances have been brought down. This is important since often there are marks in an examination for these balances. QUESTION 7 Eric provides the following information for the year ended 31 January 20*9: at 31 January 20*9 £ at 1 February 20*8 £ Amount owed for motor expenses 461 78 Amount paid in advance for rates 145 120 Cash paid during the year ended 31 January 20*9 for motor expenses £8,166 Cash paid during the year ended 31 January 20*9 for rates £1,534 Required Calculate the amounts to be entered in the income statement for the year ended 31 January 20*9.
We shall now work through an example that incorporates the techniques outlined above. Work carefully through this example. We will be using the five stages outlined at the start of this section. Can you remember the five stages? WORKED EXAMPLE Roger Guillaume owns a florist’s shop. He does not maintain proper books of account. He provides the following information for the year ended 30 April 20*9: Summarised bank account £ 1,793 Payments to creditors 74,887 Rates Rent Other expenses Drawings Purchase of vehicle Balance at 30 April 20*9 76,680 Balance at 1 May 20*8 Takings banked £ 22,497 2,430 2,800 20,075 8,409 17,000 3,469 76,680 All takings were paid into the bank account with the exception of the following: Wages Drawings £14,280 £12,000 Additional information at 30 April 20*9 £ at 1 May 20*8 £ Stock 164 212 Debtors 130 48 Creditors 328 467 Cash in hand 237 142 Assets and liabilities Rates paid in advance 1,340 1,080 Rent owed 120 102 Fixtures at valuation 648 720 Vehicles at valuation 16,500 4,200 Required Prepare an income statement for the year ended 30 April 20*9 and a balance sheet at that date.