职上网在线题库 > ACCA英国注册会计师试题 > F3 > Chapter3-6 > Jones Co h...

Jones Co has the following transactions：1 Payment of $400 to J Bloggs for a cash purchase2 Payment of $250 to J Doe in

respect of an invoice for goods purchased last monthWhat are the correct ledger entries to record these transactions?

A

Dr Cash $650 Cr Purchases $650

B

Dr Purchases $650 Cr Cash $650

C

Dr Purchases $400 Dr Trade Payables $250 Cr Cash $650

D

Dr Cash $650 Cr Trade Payables $250 Cr Purchases $400

扫码查看暗号，即可获得解锁答案！

在此输入暗号

点击获取答案

Chapter5Ledgeraccountsanddoubleentry

Dr Purchases $400

Dr Trade Payables $250

Cr Cash $650

A payment is a credit to the cash account. The payment to J Bloggs is a cash purchase and so the double entry is Dr

Purchases, Cr Cash. Remember that the purchase from J Doe has already been recorded as Dr Purchases, Cr Trade

Payables, so the payment of cash to clear the invoice should now be recorded as Dr Trade Payables, Cr Cash

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

最新试题

该科目易错题

该题目相似题

The profit earned by a business in 20X7 was $72,500. The proprietor injected new capital of $8,000 during the year and withdrew goods for his private use which had cost $2,200. If net assets at the beginning of 20X7 were $101,700, what were the closing net assets?A$35,000B$39,400C$36,400D$180,000
Which one of the following provides evidence that an item of expenditure on petty cash has been approved or authorised?APetty cash voucher BRecord of the transaction in the petty cash book CReceipt for the expenseDTransfer of cash from the bank account into petty cash
An accountant has inserted all the relevant figures into the trade payables account, but has not yet balanced off the account.TRADE PAYABLES ACCOUNT $ $Cash at bank 100,750 Balance b/d 250,225Purchases 325,010Assuming there are no other entries to be made, other than to balance off the account, what is the closing balance on the trade payables account?A$474,485 DRB$575,235 DRC $474,485 CRD$575,235 CR
The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2 gave a total inventory value of $527,300.The following transactions occurred between January 1 and January 4. $Purchases of goods 7,900Sales of goods (gross profit margin 40% on sales) 15,000Goods returned to a supplier 800What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?A$525,400B$527,600C$529,200D$535,200
S sells three products - Basic, Super and Luxury. The following information was available at the year end. Basic SuperLuxury $ per unit $ per un $per unitOriginal cost 6 9 18 Estimated selling price 9 12 15Selling and distribution costs 1 4 5 units units unitsUnits of inventory 200 250 150What is the value of inventory at the year end?A$4,200B$4,700C$5,700D $6,150
According to IAS 38 Intangible assets, which of the following are intangible non-current assets in the financial statements of Iota Co?1 A patent for a new glue purchased for $20,000 by Iota Co2 Development costs capitalised in accordance with IAS 383 A licence to broadcast a television series, purchased by Iota Co for $150,0004 A state of the art factory purchased by Iota Co for $1.5millionA1 and 3 onlyB1, 2 and 3 onlyC2 and 4 onlyD2, 3 and 4 only
The payables ledger control account below contains a number of errors: PAYABLES LEDGER CONTROL ACCOUNT $ $Opening balance (amounts owed to suppliers) 318,600 Purchases 1,268,600Cash paid to suppliers 1,364,300 Contras against debit 48,000Purchases returns 41,200 balances in 8,200Refunds received from suppliers 2,700 receivables ledger 402,000 $1,726,800 Discounts received $1,726,800 Closing balanceAll items relate to credit purchases.What should the closing balance be when all the errors are corrected?A$128,200B$509,000C$224,200D$144,600
The following balances have been extracted from the nominal ledger accounts of Tanya, for bank loan is unknown. There are no other accounts in the main ledger.Payables $ 27,000Capital 66,000Purchases 160,000Sales 300,000Other expenses 110,000Receivables 33,000Purchase returns 2,000Non-current assets 120,000Cash in bank 18,000Bank loan UnknownWhat is the credit balance on the bank loan account? A$46,000B$102,000C$78,000 D$34,000
P Co, the parent company of a group, owns shares in three other companies. P 0〇!3 holdings are：Q Shares giving control of 60% of the voting rights in Q Co R Shares giving control of 20% of the voting rights in R Co. remove all the directors of R Co P Co also has the right to appoint orS Shares giving control of 10%of the voting rights in S Co,shares plus 90% of the non-voting preferenceWhich of these companies are subsidiaries of P Co? AQ Co, R Co and S CoBQ Co and S Co onlyCR Co and S Co onlyDQ Co and R Co only
X Co acquired 80% of the equity share capital in Y Co on 31 July 20X6. Extracts from the two companies' statements of profit or loss for the year ended 30 September 20X6 were as follows： X Co Y Co $'000 $'000Revenue 3 400 2 400Cost of sales 1 500 1 800During the year ended 30 September 20X6, Y Co sold goods for $5 000 each month to X Co, at a mark up of 25%. At the end of the year X Co had 50% of these goods left in inventory.What is the group gross profit for the year ended 30 September 20X6?A$1,901,000B $2,001,000C $2,004,000D $1,904,000