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S olutions Manual F rank Wood’s B usiness Accounting T hirteenth E dition (Volume 1) A lan Sangster
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© Pearson Education Limited 2016 8 Sangster, Frank Wood’s Business Accounting 1, 13 th Edition, Solutions Manual 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)76,200 (b)25,800 ( c)15,200 (d)52,050 (e)52,000 ( f)79,500 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: Loan to J Wilson, Equipment, Computers.
Answer to Question 1.8A BA 1 Fixtures 1,200 +Van 6,000 +Inventory 2,800 +Bank 200 +Cash 175 =Total Assets 10,375.Loan 2,500 +Accounts payable 1,600 +Capital (difference) 6,275.Answer to Question 1.10A BA 1 M Kelly Statement of Financial Position as at 30 June 2016 Non-current assets Equipment6,800 Current assets Inventory7,200 Accounts receivable 6,300 Cash at bank 4,200
17,700
Less Current liabilities Accounts payable 8,200 9,500
16,300
Capital16,300 2 / 4
© Pearson Education Limited 2016 9 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 Statement of Financial Position as at 7 December 2016 Non-current assets Equipment6,310 Car7,300
13,610
Current assets Inventory8,480 Accounts receivable 3,320 Bank9,510 Cash485
21,795
35,405
Current liabilities Accounts payable1,760
33,645
Capital33,645 Answer to Question 2.11A BA 1 Debited Credited Debited Credited (a) Trailor Cash (b) J Tough Bank (c) Loan from W Small Cash (d) Cash Trailor (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 Sangster, Frank Wood’s Business Accounting 1, 13 th Edition, Solutions Manual 3 / 4
© Pearson Education Limited 2016 10 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 480Vans (2) Bank 6 ,400 Office Fixtures(8) Carton Cars 7,100 (5) Old Ltd 900 (15) Cash 120Old 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 Davies Ltd (f) J Hicks Returns Out (g) Bank M Peters (h) Purchases Bank (i) F Toms Bank (j) S Mulligan Sales Sangster, Frank Wood’s Business Accounting 1, 13 th Edition, Solutions Manual
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