File Name: t accounts practice questions and answers .zip
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Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises. I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings. For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page.
Log In Sign Up. Download Free PDF. George Ekegey Ekeha. Download PDF. A short summary of this paper. Many of our graduate students in accounting get into the real world of work and realised that whatever they learnt in the classrooms have got not much impact on the practice of accounting in the corporate environment. It is very pathetic to see graduates in accounting with very good honours but cannot even conduct a simple bank reconciliation investigation when they got to the office.
It is therefore becoming a normal practices to engage a fresh university graduate in an organisation with all the financial stress on the organisation, as a result of the recruitment process, and then spend some amount again to train them for the work environment.
It is therefore s common place to see organisations asking for several years of work experience before taking them in the job. I have heard various youth advocacy groups in the country complaining about these demands from the recruiting organisation stating that it frustrates the ambition of the youth.
But unfortunately, nobody seems to care about designing a strategy that would help our nations to come out of these situations and we all just cherish complaining. It is my intention to bring this practical not totally though, but I am sure it would help others to start thinking about the solutions questions for prospective accounting graduates to test themselves on the realities of accounting jobs.
The business or corporate environments, I agreed, differ from one industry to another and also from one particular organisation to the other.
However, there are various issues which are very common with any accounting practice, such as taxation and VAT. There is also a generally accepted practices in the Ghanaian business environment and Africa as a whole which are practicable within every organisation. Most of the questions in this book are designed to help students understand some practical activities carried out by the account officers in the corporate environments.
I hope that it would be of immense help to all those who are currently practicing accounting and still having petty problems on the job by using it as a reference material for their jobs.
Please, contact the author for any clarification on the questions and the answers thereof. The following were the transactions of the business for the three months ended 31 March Requirements a Write up the ledger accounts for three months.
He has some business premises but simply rents them out to a friend, Nyamenaye. He received further bills but never got round to paying them. Assume that charges accrue evenly over the year. Requirement Write up the ledger accounts for each of the above items, showing all relevant balances and transactions.
When preparing the accounts for the year the following discrepancies were found. The only entries which had been made were to credit the cash book and debit the motor vehicles account in respect of the deposit.
There were no proceeds and no entries had been made in relation to the disposal. The only entry made in respect of the disposal was to debit cash and credit the motor vehicles account with the proceeds.
Requirement Write up the motor vehicles account, provision for depreciation account, depreciation expenses account and disposals account for the year ended 31 December Question 4: Geeproperties Rentals Geeproperties owns a block of flats, and earns a living by rental income and general dealing. On 1 January his ledger included the following balances. At 1 January his ledger included the following balances. During January Mahama was run over by an invalid car in Kasoa and was found to have died penniless.
Agueliya decided to provide for this amount as a specific provision. Upon investigating the following errors were discovered. Question 7: Big Bright Business Ventures Big Bright, a sole trader does not maintain a set of ledgers to record his accounting transactions. He has not prepared any accounts since he commenced trading and you have agreed to prepare his first set of accounts for him in respect of the eighteen months ended 31 December You have discovered the following.
Depreciation charges for the year on the second-hand van can be ignored. A contra settlement arrangement has been agreed by both Big Bright and Harry Governor. He wishes you as his accountant to resolve the matter.
Reggis banks all receipts, and all his payments are made by cheque. The bank statement at 31 December is as follows. Requirement Make any necessary adjustment to the cash account and prepare a bank reconciliation statement at 31 December The depreciation for the year to 30 September has been correctly charged to the profit and loss account for that year, but no adjustments have been made elsewhere.
A working showing how the suspense account is cleared should be included. Note: Chicken John does not maintain control accounts. Question Suzzy and Daryl Ventures The bookkeeper has prepared a preliminary trial balance of Suzzy and Daryl for the year ended 31 December as follows.
A subsequent investigation shows the following mistakes have been made. This amount is shown as a separate item in the trial balance, and no entry has been made in the assets or provision for depreciation accounts.
Any surplus or deficit on sale should be shown in a separate account. No entries have been made for these items. No entries have been made in respect of these items. All entries other than those given above are to be assumed to have been made correctly. Requirements a Show the correcting entries in journal form i.
A working, showing how the suspense account is cleared, should be included. Note Control accounts are not maintained. Richard returned the goods on 28 February Note that Amaglagla does not maintain a credit account with Boboo.
They feel that this figure is lower than expected and ask you as their accountant to investigate. You discover the following. Effects have not been given to the transfer in the books although the car was not included in the trading stock valuation at 31 March Although unsold on 31 March , the car in question was not included in the stock valuation at the date. The new venture is to be launched with an advertising campaign commencing in April Requirement Prepare a settlement of adjustment to profit for the year ended 31 March The following was a summary of his bank statements for the year ended 31 December The interest was duly paid half-yearly on 31 March and 30 September, and the loan was still outstanding at the end of the year.
The completion statement from the solicitor received the following. Requirement Prepare a trading and profit and loss account for the year ended 31 December and a balance sheet at the date. Question Volta Star Grocery Shops Volta Star runs a retail grocery shop, but many of his accounting records were lost when coffee was spilt over the back-up diskettes.
He has not paid for these. Requirements a Prepare a statement of affairs at 31 December His financial position at 30 June was as follows. No depreciation is to be provided on the van. Requirement Prepare a trading and profit and loss account for the year ended 30 June and a balance sheet at that date.
Question Kokompeh Spare Parts Venture Kokompeh was a sole trader in a retail business, all sales being made for cash. His balance sheet at 31 March was as follows. All payments for goods and business expenses, other than wages, were made by cheque. Duplicate bank statements were obtained from the bank and an analysis of the ten week period ended 9 June showed the following.
Question Kofi Ghetto Ltd Bank Reconciliation The enthusiastic young accountant of Kofi Ghetto Ltd has closed off the books for the year ended 31 December and prepared draft accounts before receiving the December bank statements which have been delayed by computerization. The points set out below have arisen as a result of the checking procedures.
The fact that it had been returned was not known to the person writing up the cash book. The agent still held the goods in a saleable condition at 31 December Requirements a Produce a bank reconciliation at 31 December The balance sheet statement should show a reconciliation of the adjustments made.
Question Norris Walter Ltd Control Accounts Norris Walter Ltd is a company which advertises wines and spirits through the mail and delivers direct to customers. The sales ledger has not yet been integrated with the computerized nominal ledger, and hence is not simultaneously updated. He subsequently asked for a copy of this credit note. Question Ronaldo Movete Ltd Control Accounts Ronaldo and Movete plc is a company specialized in the manufacturing and sale of security systems.
The accounts for the year ended 30 September are in the course of preparation. Investigation brings out the facts given below. Note Points a to e relate to the control accounts only. In October it was dishonoured and debited on the bank statement.
It was presented again and duly honoured. It therefore appeared on both sides of the cashbook in October
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MCQs 1 To The amount brought in by owner of the business should be credited to? Which of the following accounts would be increased with a debit? Mukharji, A. Financial Accounting Vol.
Anyone can learn for free on OpenLearn, but signing-up will give you access to your personal learning profile and record of achievements that you earn while you study. Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available. Convention, which has not changed for hundreds of years, prescribes that the left-hand side of a T-account is called the debit side, and the right-hand side is called the credit side.
Chapter 4 Accounting Answers. Only RUB A wide range of different users of financial reporting are able to answer. Accounting Chapter 4 Answers accounting cycle. You can use ctrl-F or the Find function in your browser to find the question you are looking for.
General Ledger Unsolved Problems. Creative Advertising, owned by Miss Abida Masood, provides advertising consulting services.
Сьюзан буквально онемела, когда эта страшная правда дошла до ее сознания. Северная Дакота - это Грег Хейл. Глаза ее не отрывались от экрана. Мозг лихорадочно искал какое-то другое объяснение, но не находил. Перед ее глазами было внезапно появившееся доказательство: Танкадо использовал меняющуюся последовательность для создания функции меняющегося открытого текста, а Хейл вступил с ним в сговор с целью свалить Агентство национальной безопасности.
Его безумная поездка вот-вот закончится. Он посмотрел на ее пальцы, но не увидел никакого кольца и перевел взгляд на сумку. Вот где кольцо! - подумал. - В сумке.
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