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The document contains a series of questions related to accounting concepts such as assets, liabilities, and capital. It includes questions about completing tables with accounting information, classifying different items as assets or liabilities, identifying incorrect classifications, calculating capital for a new business, drawing up a basic balance sheet, and tracking the effects of business transactions on assets, liabilities, and capital accounts.

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Edwina Hutchins
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61 views2 pages

Fa Assignment

The document contains a series of questions related to accounting concepts such as assets, liabilities, and capital. It includes questions about completing tables with accounting information, classifying different items as assets or liabilities, identifying incorrect classifications, calculating capital for a new business, drawing up a basic balance sheet, and tracking the effects of business transactions on assets, liabilities, and capital accounts.

Uploaded by

Edwina Hutchins
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

2A Complete the gaps in the following table:


Assets Liabilities Capital
£ £ £
(a) 55,000 16,900 ?
(b) ? 17,200 34,400
(c) 36,100 ? 28,500
(d) 119,500 15,400 ?
(e) 88,000 ? 62,000
(f ) ? 49,000
110,000

1.4A Classify the following items into liabilities and assets:


(a) Motor vehicles (f ) Owing to bank
(b) Premises (g) Cash in hand
(c) Creditors for goods (h) Loan from D Jones
(d) Stock of goods (i ) Machinery
(e) Debtors

1.6A Which of the following are shown under the wrong headings?
Assets Liabilities
Cash at bank Loan from J Graham
Fixtures Machinery
Creditors Motor vehicles
Building
Stock of goods
Debtors
Capital

1.8A F Flint is starting a business. Before actually starting to sell anything, he bought
fixtures for
£1,200, a van for £6,000 and a stock of goods for £2,800. Although he has paid in full
for the
fixtures and the van, he still owes £1,600 for some of the goods. B Rub lent him
£2,500. After the
above, Flint has £200 in the business bank account and £175 cash in hand. You are
required to calculate his capital.

1.10A Draw up A Brick’s balance sheet as at 30 June 20X6 from the following items:
£
Capital 10,200
Equipment 3,400
Creditors 4,100
Stock of goods 3,600
Debtors 4,500
Cash at bank 2,800
1.12A Complete the columns to show the effects of the following transactions;
Effect upon
Asserts
Liabilities Capital
(a) Bought a van on credit £8,700.
(b) Repaid by cash a loan owed to F Duff £10,000.
(c) Bought goods for £1,400 paying by cheque.
(d) The owner puts a further £4,000 cash into the business.
(e) A debtor returns to us £150 goods. We agree to make an
allowance for them.
(f) Bought goods on credit £760.
(g) The owner takes out £200 cash for his personal use
(h) We pay a creditor £1,150 by cheque

1.14A J. Hill has the following assets and liabilities as on 30 November 20X9:
Creditors £2,800;
Equipment £6,200; Car £7,300; Stock of goods £8,100; Debtors £4,050; Cash at bank
£9,100; Cash in
hand £195.

You are not given the capital amount at that date.

During the first week of December 20X9

(a) Hill bought extra equipment on credit for £110.


(b) Hill bought extra stock by cheque £380.
(c) Hill paid creditors by cheque £1,150.
(d) Debtors paid Hill £640 by cheque and £90 by cash.
(e) Hill put in an extra £1,500 into the business, £1,300 by cheque and £200 in cash.

You are to draw up a balance sheet as on 7 December 20X9 after the above
transactions have been
completed.

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