Solutions Manual for Frank Wood's Business Accounting (Volume 1) 14th Edition By Alan Sangster, Frank Wood (All Chapters, 100% Original Verified, A+ Grade)

, x x x x x x x x x




Answers

Note: x To x save x time x and x space, x the x months x are x omitted x in x the x Ledger x accounts x which
x follow. x The x day xof x the x month x is x shown x in x brackets.


x Answer to Question 1.2A
x x x BA 1x x



(a) 49,000 (b) 75,100 (c) x x 65,800
(d) 48,100 (e) 81,300 (f) 85,900


x Answer to Question 1.4A
x x x BA 1x x



(a) Asset (f) Asset
(b) Asset (g) x x Liability

(c) Liability (h) x x Liability

(d) Asset (i) Asset
(e) Asset


x Answer to Question 1.6A
x x x BA 1x x



Assets x List x Wrong: x Accounts x payable, x Capital.
xLiabilities x List x Wrong: x Equipment,

x Computers.




x Answer to Question 1.8A
x x x BA 1x x



Fixtures x 3,200 x  x Van x 4,750 x  x Inventory x 2,340 x  x Bank x 520 x  x Cash x 100 x 
x Total x Assets x10,910. Loan x 5,000 x  x Accounts x payable x 1,910 x  x Capital

x (difference) x 4,000.




x Answer to Question 1.10A
x x x BA 1 x x



G x Cook
Balance x sheet x as x at x 30 x June x 2019
Non-current x assets
Equipment 9,720
Current x assets
Inventory 6,430
Accounts x receivable 9,280
x x 410

16,120
Less x Current x liabilities
Accounts x payable (8,380)
x 17,460



x 17,460

, x x x x x x x x x




x x x x x
x

Assets Liabilities Capital
(a) x Van Accounts x payable
(b) x Cash Loan x from x F x Duff
(c) x Inventory
Bank
(d) x Cash Capital
(e) x Inventory
Accounts x receivable
(f) x Inventory Accounts x payable
(g) x Cash Capital
(h) x Bank Accounts x payable


x Answer to Question 1.14A
x x x BA 1 x x



J x Hill
Balance x Sheet x as x at x 7 x December x 2019
Non-current x assets
Equipment 6,310
Motor x x Vehicle
x 7,300 13,610

Current x assets
8,480
Accounts receivable 3,320
9,510
Cash x x 485 21,795
x

x35,40

5
Current x liabilities
Accounts payable x 1,760

x 33,645

x 33,645


x x x x x x



Debited Credited Debited Credited
(a) x Trailer Cash
(c) Loan x from x W x Small Cash (d) x Cash Trailer
(e) x Office xequipment Dexter x Ltd (f) Cash T x Walls
(g) x Bank L x Tait (h) x Bank
(i) Cash Loan x from x F x Burns (j) x x J xFife Cash

, x x x x x x x x x




x Answer to Question 2.14A
x x x BA 1 x x



Bank Cash
(1) Capital 16,000 (2) Van 6,400 (12) Bank 180 (15) Office xfixtures
x 120
(25) x Cash 400 (12) Cash 180 (21) Loan: x Berry 500 (25) Bank 400
(19) Carton x Cars 7,100
(30) Office x fixtures 480 Vans
(2) Bank 6,400
Office x Fixtures (8) Carton x Cars 7,100
(5) Old x Ltd 900
(15) Cash 120 Old xLtd
(30) 480 (5) Office x fixtures 900

Capital Carton
Cars
(1) Bank 16,000 (19) Bank 7,100 (8) Van 7,100

Loan x from x Berry
(21) Cash 500


x Answer to Question 2.15A
x x x BA 1 x x



Bank Cash
(1) Capital 18,000 (8) Cash 400 (1) Capital 1,500 (3) Computer 1,200
(2) Loan x Fox 4,000 (15) Loan x Fox 1,000 (8) Bank 400 (24) Loan x Fox 500
(17) Drop 840

Computer
Loan: x T x Fox (3) Cash 1,200
(15) Bank 1,000 (2) Bank 4,000
(24) Cash 500

Drop x Ltd
(17) Bank 840 (5) Display x stands x x 840
Display
x Stands

(5) Drop 840 P x Blake
(31) Printer 400
Capital Printer
(1) Cash 1,500 (31) P x Blake 400
(1) Bank 18,000


x Answer to Question 3.2A
x x x BA 1 x x



Debited Credited Debited Credited
(a) x x Purchases B x Cowan (b) Returns x x in L x Keith
(c) x x C x Riddle Filing x cabs (d) Purchases Cash
(e) x x Lorry M x Davis x Ltd (f) J x Hicks Returns x Out
(g) x x Bank M x Peters (h) Purchases Bank
(i) F x Toms Bank (j) S x Mulligan Sales