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Solution Manual for Frank Wood's Business Accounting , 13th Edition

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    Solutions Manual Frank Wood’s Business Accounting 1 Thirteenth edition Alan Sangster BA, MSc, PhD, CertTESOL, CA 1

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    Contents Preface 4 Students and examination success 5 Answers 8 3

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    Preface This solutions manual contains answers to all the questions not already answered in Frank Wood’s Business Accounting 1 and Frank Wood’s Business Accounting 2 . It can be seen that there are a consider- able number of questions in both textbooks. About half of these have the answers at the back of the relevant textbook, while the remainder of the answers are contained in this manual. The result of this is to give a high degree of flexibility in the use of the textbooks. To illustrate the con- tents of each chapter, the questions can be used which have answers in the textbook. Any students who are absent can be told what they have missed and can look up the answers themselves. Students who arrive late on the course can also be told what work to do and they can check their own progress against the answers as given. However, quite obviously work must be set, either in class or for homework, for which answers are not available to students. This manual can therefore be used to check such work. Whilst every endeavour has been made to show workings quite fully, it must be appreciated that there are often different ways of getting to the same answer. This manual would be unduly lengthy and complicated if every version of arriving at the answer were to be shown. The methods chosen are therefore those judged to be the best from a teaching point of view. Alan Sangster 4 Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    5 Students and examination success Experienced teachers and lecturers know just as much as I do about this topic. There will, however, be quite a lot of people reading this who are new to teaching, and who have little experience in understand- ing how the examiner views things. If I have anything to offer, it is simply that I have been involved in accounting education for over 30 years and have been an examiner for several examining bodies. The Notes for Students at the start of both Frank Wood’s Business Accounting 1 and Frank Wood’s Business Accounting 2 deal with examination techniques. Make sure your students read these. Go through these with them. If we all tell students that what these say is true, then they are more likely to believe us. How students lose marks 1 Lack of knowledge (obviously) but they throw away marks unnecessarily for all of the following reasons: ( a ) Untidy work, including columns of figures not lined up. ( b ) Bad handwriting. Do not make it difficult for the examiner to read and mark. ( c ) Lack of headings, dates, sub-totals, etc. in accounting statements. ( d ) Not submitting proper workings. You can only get them to rectify everything under this heading by insisting on them correcting ( a ), ( b ), ( c ) and ( d ) from early on in the course. Do not wait until a few weeks before the examination to insist upon properly laid out and neatly constructed work. 2 Students very often do not follow the rubric on the examination paper. If it asks for two questions only from Section A, then it means just that. A remarkably high percentage do not follow the instruc- tions per the rubric. 3 Students fail to answer the questions as set. If, for example, an examiner wants a list , students will lose marks by giving explanations instead. Students must tackle the question in the prescribed way and not do it differently. The percentage of students passing examinations would rise dramatically if only we could correct this failing. A good plan is to get them to highlight the instruction that shows how the examiner wants the question to be answered, e.g. List the ways by which . . . Describe the ways by which . . . Write a report to the managing director about the ways by which . . . Discuss how the ways by which . . . Explain how the ways by which . . . Then, get them to underline the key words in the rest of the question. They need as much practice as possible in doing this, especially for essay-type questions. Practice is even more essential for students for whom English is not their first language. At the end of this section are 20 essay questions in which we have already highlighted the instruction and underlined the key words. See if your students can do the same. 4 Poor technique with essay questions. Business Accounting 2 , Notes for students, the section headed ‘Answering essay questions’ covers this point. Discuss this with your students who have to tackle essay questions. 5 Not tackling the required number of questions. I have always found it very difficult to convince stu- dents to get hold of the idea that they will get more marks for five uncompleted questions than they will for four completed questions, when the examiner has asked for five to be attempted. Time planning is essential. 6 By not tackling the easiest questions first. Years ago, a lot of research was undertaken into the results of students who had followed this advice, compared with those who ignored it. Following the advice produced better results. 7 By simply regurgitating the contents of a textbook in essay answers. For instance, when an examiner set a question on, say, materiality. Most of the answers simply gave exactly the same examples, word for word sometimes, that we have given in Business Accounting 1 . Examiners are looking for originality and imagination. Students will get excellent marks if they give their own examples. A good idea is that, for each of the concepts and conventions, they think up their own examples before the examination. There are going to be more and more questions on these things in the years ahead.

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    6 8 Examiners like to see answers where students realise that all accounting is not found in textbooks, but exists for the use of businesses. Get them to use examples in essay questions based on what they have observed in the businesses around them. For example, a question on ratios and interpretation will often be answered by students just using figures. They should also say why the figures have changed; what possible causes there might have been. In their life outside their studies, they should observe how accounting is carried out. They all go at one time or another to refectories, restaurants, shops, department stores, clothes shops, travel on buses and trains, etc. They should observe how the money is calculated and collected, what sort of bills or tickets are given out, how fraud or errors could occur and so on. They can give this flavour of the real world in their answers. Believe me, they will get better marks. Essay questions – how not to misunderstand them 1 List the various pieces of information which should be shown on a sales invoice. 2 Describe what is meant by an imprest system. 3 Accounting based on historical costs can be misleading. Discuss . 4 The bookkeeper has said that if an error does not affect trial balance agreement then it cannot affect anything else very much. You are to write a report to the managing director stating whether or not you agree with the bookkeeper. 5 Give five examples of different compensating errors and explain why they cancel each other out. 6 Explain the differences between the straight line and reducing balance methods of depreciation. 7 Briefly describe the benefits to be gained from maintaining control accounts. 8 List six instances of errors which could cause the trial balance totals to disagree. 9 Name three methods of inventory valuation, and briefly describe any one of them. 10 ‘Without the use of accounting ratios, much of the accounting work already performed would be wasted’. Discuss the amount of truth in this statement. 11 How can retail stores use accounting ratios to help them to plan future inventory levels? 12 Assess the benefits of double entry as compared with single entry methods of bookkeeping. 13 Define depreciation and describe how the annual charge is worked out using the straight line method. 14 For a firm buying goods on credit, how can it calculate the figure of purchases even though a Purchases Journal has not been kept? 15 List the differences between the income and expenditure account of a club and the income statement of a trading concern. 16 ‘It is unsatisfactory for the treasurer of a club to prepare and present to the members only the receipts and payments account as a summary of the records of the club’s activities for the year.’ Why is this true? What is the better thing to do? 17 You are to give your advice to the managing director of a company on the best manner of construct- ing departmental income statements. 18 How do the financial statements of a partnership vary from those of a sole trader, and why ? 19 Consider the view that if profit was not calculated at all until the business was closed down, then such a calculation would be a simple and straightforward affair. 20 You are to write a letter to a friend explaining in simple terms why profit does not necessarily mean that you have cash in the bank. Practice on past full examination papers If students have not tackled past papers, under as near examination conditions as possible, they will often get quite a shock when they first sit an accounting examination. This very often is due to two main reasons: ( a ) There is such a lot to do in such a short time. ( b ) Even though there is so much to do, in professional examinations in particular, many of the questions are quite difficult with some complicated calculations or adjustments. If students can attempt, say, at least two such papers and then have their attempts marked and criticised, they will normally learn a lot from the experience. Examination questions and marking schemes It can be said that: ( a ) By and large, marking is ‘positive’, i.e. marks are awarded for what a student gets right, rather than being deducted for what a student gets wrong. Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    7 ( b ) Marks are deducted for untidy work, lack of headings, dates, sub-totals, etc. ( c ) An incorrect part of an answer, with no workings attached to it, will get nil marks. ( d ) Extra, unnecessary answers, resulting from students failing to follow the rubric, will not be marked. ( e ) Not following the examiner’s instructions will lose marks. For example, marks will be lost if, when asked for a ‘report’, a student gives a ‘list’; or if asked to ‘discuss’, a student gives only one side of the argument; or if asked to ‘define’, a student gives an ‘explanation’. Some examiners will award zero marks, even though the answers given by the student show good knowledge of the topic. Others (including myself) would be kinder than that, but students cannot rely on this being the case. ( f ) An error that repeats itself through an answer should lose only one set of marks. For instance, an error in the trading account will also affect balances in the profit and loss account, appropriation account and balance sheet. In cases of this type, only one set of marks should be lost. ( g ) Guessing by students is not normally penalised. The one exception that may arise concerns multiple choice questions where wrong answers may be penalised as an incentive to prevent students guessing. In this case, the examining body would make this information known well in advance of the exami- nation date. ( h ) The easiest marks to get, especially in an essay question, are the first few marks. ( i ) Good handwriting and well displayed answers will often (although theoretically they should not) get higher marks than they deserve. This is simply because examiners are human beings with human fail- ings, and work that can be easily marked makes them feel generous. Alan Sangster Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    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 Equipment 6,800 Current assets Inventory 7,200 Accounts receivable 6,300 Cash at bank 4,200 17,700 Less Current liabilities Accounts payable 8,200 9,500 16,300 Capital 16,300

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    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 Equipment 6,310 Car 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 ) 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

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    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 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 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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    11 Answer to Question 3.4A BA 1 Cash Bank (1) Capital 7,400 (2) Bank 7,000 (2) Cash 7,000 (5) Van 4,920 (19) Sales 54 (7) Purchases 362 (24) F Holmes (29) J Watson 368 (Loan) 1,500 (31) Firelighters Ltd820 Purchases (4) J Watson 410 (7) Cash 362 Sales Returns Outwards (10) L Less 218 (12) J Watson 42 (19) Cash 54 J Watson Fixtures (12) Returns 42 (4) Purchases 410 (22) Firelighters (29) Bank 368 Ltd 820 L Less Van (10) Sales 218 (5) Bank 4,920 F Holmes (Loan) (24) Bank 1,500 Firelighters Ltd (31) Bank 820 (22) Fixtures 820 Capital (1) Cash 7,400 Answer to Question 3.6A BA 1 Bank Purchases (1) Capital 18,000 (21) Printer 620 (2) B Hind 1,455 (18) Cash 250 (29) B Hind 1,373 (3) G Smart 472 (8) G Smart 370 Cash (5) Sales 210 (18) Bank 250 Sales (12) Sales 305 (5) Cash 210 (10) P Syme 483 B Hind (12) Cash 305 (6) Returns Out 82 (2) Purchases 1,455 (22) H Buchan 394 (29) Bank 1,373 G Smart Returns Inwards (28) Returns Out 47 (3) Purchases 472 (23) P Syme 160 (8) Purchases 370 (25) H Buchan 18 P Syme Returns Outwards (10) Sales 483 (23) Returns In 160 (6) B Hind 82 (28) G Smart 47 H Buchan (22) Sales 394 (25) Returns In 18 A Cobb Machinery (31) Machinery 419 (31) A Cobb 419 Capital Printer (1) Bank 18,000 (21) Bank 620 Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    12 Answer to Question 4.3A BA 1 July Dr Cr 1 Bank 5,000 Cash 1,000 Capital 6,000 2 Stationery 75 Bank 75 3 Purchases 2,100 T Smart 2,100 4 Cash 340 Sales 340 5 Insurance 290 Cash 290 7 Computer 700 J Hott 700 8 Expenses 32 Bank 32 10 C Biggins 630 Sales 630 11 T Smart 55 Returns Out 55 14 Wages 210 Cash 210 17 Rent 225 Bank 225 20 Bank 400 C Biggins 400 21 J Hott 700 Bank 700 23 Stationery 125 News Ltd 125 25 F Tank 645 Sales 645 31 News Ltd 125 Bank 125 Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    13 Answer to Question 4.4A BA 1 Bank Purchases (1) Capital 11,000 (5) Stationery 62 (2) J Biggs 830 (24) K Fletcher 250 (16) Business rates 970 (2) D Martin 610 (28) Business rates 45 (19) Rent 75 (2) P Lot 590 (28) J Biggs 830 (3) Cash 370 (28) D Martin 415 (28) B Black 6,100 Sales (6) D Twigg 370 Cash (6) B Hogan 290 (1) Capital 1,600 (3) Purchases 370 (6) K Fletcher 410 (4) Rent 75 (15) T Lee 205 (7) Wages 160 (15) F Sharp 280 (11) Rent 75 (15) G Rae 426 (18) Insurance 280 (21) Motor exps 24 Returns Outwards (23) Wages 170 (10) D Martin 195 Capital Returns Inwards (1) Bank 11,000 (13) B Hogan 35 (1) Cash 1,600 B Black Rent (28) Bank 6,100 (20) Van 6,100 (4) Cash 75 (11) Cash 75 J Biggs (19) Bank 75 (28) Bank 830 (2) Purchases 830 Wages D Martin (7) Cash 160 (10) Returns Out 195 (2) Purchases 610 (23) Cash 170 (28) Bank 415 Stationery P Lot (5) Bank 62 (2) Purchases 590 Business rates D Twigg (16) Bank 970 (28) Bank 45 (6) Sales 370 Insurance B Hogan (18) Cash 280 (6) Sales 290 (13) Returns In 35 Motor Expenses K Fletcher (21) Cash 24 (6) Sales 410 (24) Bank 250 Van T Lee (20) B Black 6,100 (15) Sales 205 F Sharp (15) Sales 280 G Rae (15) Sales 426 Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    14 Answer to Question 4.6A BA 1 ( A ) Goods bought on credit £27,000. ( B ) Borrowed £35,000 and immediately spent it on land and buildings £35,000. ( C ) Sold goods costing £20,000 for £30,000 on credit. ( D ) Debtors paid £13,000 which was deposited in the bank. ( E ) Debtors paid £2,000: This amount taken by proprietors. ( F ) Took £5,000 drawings by cheque and paid off £3,000 accrued expenses by cheque. ( G ) Equipment costing £30,000 sold for £21,000; paid by cheque. ( H ) Goods taken for own use £1,000. ( I ) Took £6,000 cash as drawings. Could have been £6,000 cash stolen – thus reducing cash and causing a loss. Answer to Question 5.6A BA 1 P Black (1) Sales 620 (19) Bank 620 (21) Sales 180 (31) Balance c/d 180 800 800 (1) Balance b/d 90 G Smith (1) Sales 84 (31) Balance c/d 1,266 (8) Sales 322 (21) Sales 860 1,266 1,266 (1) Balance b/d 1,266 L Sime (1) Sales 2,200 (10) Returns 62 (8) Sales 448 (19) Bank 1,500 (31) Balance c/d 1,086 2,648 2,648 (1) Balance b/d 1,086 J Teel (1) Sales 618 (10) Returns 164 (12) Cash 454 618 618 Black, Smith and Sime are debtors. Donovan, Lime and Still are creditors. Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual P Best (15) Returns 25 (2) Purchases 190 (28) Bank 165 190 190 I Donovan (31) Balance c/d 278 (2) Purchases 63 (9) Purchases 215 278 278 (1) Balance b/d 278 G Lime (28) Bank 180 (2) Purchases 210 (31) Balance c/d 30 210 210 (31) Balance b/d 30 T Still (15) Returns 21 (2) Purchases 360 (28) Bank 100 (9) Purchases 164 (31) Returns 40 (31) Balance c/d 363 524 524 (1) Balance b/d 363

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    15 Answer to Question 5.7A BA 1 F Black 2017 Dr Cr Balance May 1 Sales 310 310 Dr May 19 Bank 310 0 May 21 Sales 90 90 Dr G Smith 2017 Dr Cr Balance May 1 Sales 42 42 Dr May 8 Sales 161 203 Dr May 21 Sales 430 633 Dr L Sime 2017 Dr Cr Balance May 1 Sales 1,100 1,100 Dr May 8 Sales 224 1,324 Dr May 10 Returns 31 1,293 Dr May 19 Bank 750 543 Dr J Teel 2017 Dr Cr Balance May 1 Sales 309 309 Dr May 10 Returns 82 227 Dr May 12 Bank 227 0 P Best 2017 Dr Cr Balance May 2 Purchases 190 190 Cr May 15 Returns 15 175 Cr May 28 Bank 175 0 I Donovan 2017 Dr Cr Balance May 2 Purchases 63 63 Cr May 9 Purchases 215 278 Cr G Lime 2017 Dr Cr Balance May 2 Purchases 210 210 Cr May 28 Bank 180 30 Cr T Still 2017 Dr Cr Balance May 2 Purchases 190 190 Cr May 9 Purchases 164 354 Cr May 15 Returns 21 333 Cr May 28 Bank 100 233 Cr May 31 Returns 18 215 Cr Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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    16 Answer to Question 6.3A BA 1 Bank (1) Capital 15,000 (6) Rent 175 (28) T Potts 71 (7) Business rates 130 (28) J Field 42 (23) J Small 272 (30) Capital 900 (23) F Brown 1,200 (23) T Rae 500 (25) Van 6,200 (30) Balance c/d 7,536 16,013 16,013 (1) Balance b/d 7,536 Cash (5) Sales 610 (17) Wages 290 (26) Loan from (30) Balance c/d 1,070 B Bennet 750 1,360 1,360 (1) Balance b/d 1,070 Purchases (3) J Small 290 (30) Balance c/d 3,225 (3) F Brown 1,200 (3) R Charles 530 (3) T Rae 610 (19) R Charles 110 (19) T Rae 320 (19) F Jack 165 3,225 3,225 (1) Balance b/d 3,225 Sales (30) Balance c/d 2,383 (5) Cash 610 (11) T Potts 85 (11) J Field 48 (11) T Gray 1,640 2,383 2,383 (1) Balance b/d 2,383 Returns Outwards (30) Balance c/d 45 (18) J Small 18 (18) R Charles 27 45 45 (1) Balance b/d 45 Returns Inwards (20) J Field 6 (30) Balance c/d 20 (20) T Potts 14 20 20 (1) Balance b/d 20 Capital (30) Balance c/d 15,900 (1) Bank 15,000 (30) Bank 900 15,900 15,900 (1) Balance b/d 15,900 Van (21) Turnkey Motors 4,950 (30) Balance c/d 11,150 (25) Bank 6,200 11,150 11,150 (1) Balance b/d 11,150 Rent (6) Bank 175 (30) Balance c/d 175 (1) Balance b/d 175 Business rates (7) Bank 130 (30) Balance c/d 130 (1) Balance b/d 130 Wages (17) Cash 290 (30) Balance c/d 290 (1) Balance b/d 290 Loan from B Bennet (30) Balance c/d 750 (26) Cash 750 (1) Balance b/d 750 J Small (18) Returns Out 18 (3) Purchases 290 (23) Bank 272 290 290 F Brown (23) Bank 1,200 (3) Purchases 1,200 R Charles (18) Returns Out 27 (3) Purchases 530 (30) Balance c/d 613 (19) Purchases 110 640 640 (1) Balance b/d 613 T Rae (23) Bank 500 (3) Purchases 610 (30) Balance c/d 430 (19) Purchases 320 930 930 (1) Balance b/d 430 F Jack (30) Balance c/d 165 (19) Purchases 165 (1) Balance b/d 165 T Potts (11) Sales 85 (20) Returns In 14 (28) Bank 71 85 85 J Field (11) Sales 48 (20) Returns In 6 (28) Bank 42 48 48 T Gray (11) Sales 1,640 (30) Balance c/d 1,640 (1) Balance b/d 1,640 Turnkey Motors (30) Balance c/d 4,950 (21) Van 4,950 (1) Balance b/d 4,950 Trial Balance as at 30 November 2017 Bank 7,536 Cash 1,070 Purchases 3,225 Sales 2,383 Returns Outwards 45 Returns Inwards 20 Capital 15,900 Van 11,150 Rent 175 Business rates 130 Wages 290 Loan from B Bennet 750 R Charles 613 T Rae 430 F Jack 165 T Gray 1,640 Turnkey Motors 4,950 25,236 25,236 Sangster, Frank Wood’s Business Accounting 1 , 13 th Edition, Solutions Manual

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