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Solutions Manua Frank Wood’s Business Accounting 1, 14e By Sangster and Gordon

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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 ...

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, Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, 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) 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 assets
Equipment 9,720
Current assets
Inventory 6,430
Accounts receivable 9,280
Cash at bank 410
16,120
Less Current liabilities
Accounts payable (8,380)
17,460

Capital 17,460




8
© Pearson Education Limited 2019

, Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual


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




9
© Pearson Education Limited 2019

, Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual


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




10
© Pearson Education Limited 2019

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