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Frank Wood’s Business Accounting 14th Edition Volume 1 Alan Sangster Lewis Gordon Solutions Manual 2 2 2
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Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual 8 © Pearson Education Limited 2019 Answers Note: To save time and space,the months are omitted in the Ledger accounts which follow. The day of the month is shown in brackets.Answer to Question 1.2A BA 1 (a) 49,000 (b) 75,100 (c) 65,800 (d) 48,100 (e) 81,300 (f) 85,900 Answer to Question 1.4A BA 1 (a) Asset (f) Asset (b) Asset (g) Liability (c) Liability (h) Liability (d) Asset (i) Asset (e) Asset Answer to Question 1.6A BA 1
Assets List Wrong: Accounts payable,Capital.
Liabilities List Wrong: Equipment, Computers.
Answer to Question 1.8A BA 1 Fixtures 3,200 + Van 4,750 + Inventory 2,340 +Bank 520 + Cash 100 = Total Assets 10,910.Loan 5,000 + Accounts payable 1,910 +Capital (difference) 4,000.Answer to Question 1.10A BA 1 G Cook Balance sheet as at 30 June 2019 Non-current assetsEquipment9,720 Current assetsInventory6,430 Accounts receivable9,280 Cash at bank410
16,120
Less Current liabilities Accounts payable(8,380)
17,460
Capital17,460 M01_WOOD4695_IMW_C01_14e.qxp_M01_WOOD9195_12_IMW_C01.qxd 27/08/18 8:40 am Page 8 2 / 4
Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual 9 © Pearson Education Limited 2019 Answer to Question 1.12A BA 1 Assets Liabilities Capital (a) +Van +Accounts payable (b) −Cash −Loan from F Duff (c) +Inventory −Bank (d) +Cash +Capital (e) +Inventory −Accounts receivable (f ) +Inventory + Accounts payable (g) −Cash −Capital (h) −Bank −Accounts payable Answer to Question 1.14A BA 1 J Hill Balance Sheet as at 7 December 2019 Non-current assets Equipment 6,310 Motor Vehicle 7,300
13,610
Current assets Inventory 8,480 Accounts receivable 3,320 Bank 9,510 Cash 485
21,795
35,405
Current liabilities Accounts payable 1,760
33,645
Capital 33,645 Answer to Question 2.11A BA 1 Debited Credited Debited Credited (a) Trailer Cash (b) J Tough Bank (c) Loan from W Small Cash (d) Cash Trailer (e) Office equipment Dexter Ltd (f) Cash T Walls (g) Bank L Tait (h) Bank Capital (i) Cash Loan from F Burns (j) J Fife Cash M01_WOOD4695_IMW_C01_14e.qxp_M01_WOOD9195_12_IMW_C01.qxd 27/08/18 8:40 am Page 9 3 / 4
Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual 10 © Pearson Education Limited 2019 Answer to Question 2.14A BA 1 Bank Cash (1) Capital 16,000 (2) Van 6,400 (12) Bank 180 (15) Office fixtures 120 (25) Cash 400 (12) Cash 180 (21) Loan: Berry 500 (25) Bank 400 (19) Carton Cars 7,100 (30) Office fixtures 480 Vans (2) Bank 6,400 Office Fixtures (8) Carton Cars 7,100 (5) Old Ltd 900 (15) Cash 120 Old Ltd (30) Bank 480 (5) Office fixtures 900 Capital Carton Cars (1) Bank 16,000 (19) Bank 7,100 (8) Van 7,100 Loan from Berry (21) Cash 500 Answer to Question 2.15A BA 1 Bank Cash (1) Capital 18,000 (8) Cash 400 (1) Capital 1,500 (3) Computer 1,200 (2) Loan Fox 4,000 (15) Loan Fox 1,000 (8) Bank 400 (24) Loan Fox 500 (17) Drop 840 Computer
Loan: T Fox (3) Cash 1,200
(15) Bank 1,000 (2) Bank 4,000 (24) Cash 500 Drop Ltd (17) Bank 840 (5) Display stands 840 Display Stands (5) Drop 840 P Blake (31) Printer 400 Capital Printer (1) Cash 1,500 (31) P Blake 400 (1) Bank 18,000 Answer to Question 3.2A BA 1 Debited Credited Debited Credited (a) Purchases B Cowan (b) Returns in L Keith (c) C Riddle Filing cabs (d) Purchases Cash (e) Lorry M Davis Ltd (f) J Hicks Returns Out (g) Bank M Peters (h) Purchases Bank (i) F Toms Bank (j) S Mulligan Sales M01_WOOD4695_IMW_C01_14e.qxp_M01_WOOD9195_12_IMW_C01.qxd 27/08/18 8:40 am Page 10
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