HF .DSZ BOOKKEEPING EXERCISES L. R. DICK3EE, F.C.A ACCOUNTANCY BOOKS Published hy GEE & CO., 34 Moopgate Street, LONDON, E.G. ACCOUNTANT. THE rEstablislied i87aV A^weftklv news- LIBRARY OF THE UNIVERSITY OF CALIFORNIA. Cla^s set of twelve ; XIII. to XXL, 8s. 6d. net each. ACCOUNTANTS' LIBRARY, THE. Under the above heading a series of handbooks upon systems of Bookkeeping suitable for all classes of undertakings is being issued. The books are published at a uniform price of 3s. 6d. net, with the exception of a few " Double Numbers," for which the price is 5s. To Subscribers these are published at the special rate of 2s. 6d. per volume (3s. c)d. per " Double " volume). Subscriptions can still be received at this reduced rate by those desirous of obtaining the whole Series, but the back volumes must be paid for en bloc. Subscribers who may not wish to acquire the whole of the back volumes may, however, commence their Subscription with Vol. XXI. A list of Volumes already published, and Subscription Order Form, will be supplied post free on application. ACCOUNTANT'S ASSISTANT, THE. i6o pages. Price 6s. net. By Thomas Beckett. This Work is an Index to the Accountancy Lectures and Leading Articles printed in The Accountant, The Accountants' Journal, The Transactions of the Various Students' Societies, and other Periodicals, during the last 30 years of the Nineteenth Century, to which is added a List of the principal Treatises now in use on each of the 117 Subjects affecting Accountancy. The Work will be in Daily Requisition in Accountants' Offices. ACCOUNTANTS (CHARTERED) CHARGES. (Third Revised and Enlarged Edition.) Price los. 6d. net. By Eras. W. Pixley, F.C.A., Barrister-at-Law. One of the great wants of Members of the Profession is a Standard work of the Charges of Chartered Accountants, to which they can refer their clients, when asked either to quote a fee for future services or to support an account of Charges already rendered. This work contains the Scale of Charges which prevails amongst the leading practising London Chartered Accountants for Auditing, making Investigations, &c.— The Charges of Liquidators. — The Charges of Special Managers and Trustees in Bankruptcy, Receivers in^ Chancery, &c. — The Charges for Assisting Debtors and Directors of Companies in Liquidation in the preparation of the Statement of Affairs. — The Charges of Arbitrators, Witnesses, &c. ACCOUNTANTS' DIARY (Yearly), ruled, &c. Prices from IS. 6d. to los. — Editions Nos. 1,2,3 and 3 A are specially Ruled and Headed accord- ing to the Pattern approved by most practising Accountants. All Editions except the IS. 6 d. co ntain a Directo ry of Accountants and much useful information. CATALOGUE OF BOOKS FREE. ACCOUNTANCY BOOKS. ACCOUNTANT'S AND BOOKKEEPER'S YADE-MECUM. Price 7S. 6d. net. By G. E. Stuart Whatley, Accountant (Exam, Inst. C.A.). The Work consists of a Series of short and Concise Articles upon Capital and Revenue Expenditure, Revenue Accounts, Deficiency Accounts, Depreciation, Reserve and Sinking Funds, Adjustment o£ Partnership Accounts, Joint Stock Companies' Accounts, Tabular Bookkeeping, Hotel and Theatre Accounts, and other matters not 'generally dealt with in existing Works on Bookkeeping, together with useful Forms and Directions. ACCOUNTANTS' MANUAL, published biennially, with Index. Subscription 3s. 6d. per annum. Vols. I., II., III., IV., V., VI., VII., VIII., and IX., now ready, price 12s. 6d. each (except Vol. III., 105. 6d.) or 90s. the set. Also issued in parts every June and December, price 2s. 6d. each. The only complete and full set of Answers to the Questions set at the Institute of Chartered Accountants' Examinations, dating from December 1884. These Answers are designed to give the fullest and most reliable information on each question asked, and are compiled with a view to lasting reference. »^^<^TT^Tm jK wm'O nmvriMBlKtMrLM TIZW. ^p^oprl of of ESSRS. GEE & CO. beg to intimate that all Books printed and published by them are intended to be sold at the full Net Price, and that the Discount allowed to the Book-selling Trade does not permit of any deduction being made to the public. ADVANCED ACCOUNTING. About 400 pages. Price 21s. net. By Lawrence R. Dicksee, M.Com., F.C.A., Professor of Accounting at the University of Birmingham (Author of " Auditing," " Bookkeeping for Accountant Students," &c.) This work will be found of the greatest value to Candidates for the Final Examin- ation of the Institute, and to all serious Students of Accounts. In addition to an exhaustive treatment of the subject from an Accountant's point of view, an Appendix is included, which has been written by J. E. G. de Montmorency, B.A., LL.B. (Cantab), of the Middle Temple, Barrister-at-Law, dealing with the law relating to accounts, and the requirements of the Courts and of lawyers in connection therewith. ANTE-AUDIT. Price, is. each, net ; 55. 6d. ^-dozen copies ; los. I dozen copies. Being the Auditor's Instructions to his Client's Book- keeping Staff. Issued in connection with the series of Audit Note-Books. Nos. I, 2, and 3. It is intended that this book shall be given by the Auditor to the Bookkeeper in cases where it has not been customary for the Accounts to be audited (more especially, perhaps, in small businesses), and where, not infrequently, the Accounts are being kept in a way that does not permit of the Auditor's duties being performed vrithout a needless drain upon his time and patience. AUDIT NOTE-BOOK. Nos. I. & II., Price 6d. (net) each, 5s. per dozen. 40/- per hundred. Issued in two Series, viz. : — No. I — Suitable for a Monthly Audit. No. 2 — Suitable for a Quarterly or Half-yearly Audit. Name and address printed on Covers free on orders of 100 or more copies. SPECIAL TERMS FOR PUBLISHING AUTHORS* WORKS ACCOUNTANCY BOOKS Published by GEE & CO., 34 Moopgate Street, LONDON, E.G. ACCOUNTANT. THE fEstablislied i87aV A^weeklv news- LIBRARY ^^^ -'-^'*^ TT A ii* AC< h o F P V n r the back volumes may, uuwcvci, v^v/«x...k. A list of Volumes already published, and Subscription Order Form, will be suppliea post free on application. ACCOUNTANT'S ASSISTANT, THE. i6o pages. Price 6s. net. By Thomas Beckett. This Work is an Index to the Accountancy Lectures and Leading Articles printed in The Accountant, The Accountants' "journal, The Transactions of the Various Students' Societies, and other Periodicals, during the last 30 years of the Nineteenth Century, to which is added a List of the principal Treatises now in use on each of the 117 Subjects affecting Accountancy. The Work will be in Daily Requisition in Accountants' Offices. ACCOUNTANTS' (CHARTERED) CHARGES. (Third Revisedand Enlarged Edition.) Price los. 6d.net. By Eras. W. Pixley, F.C.A., Bar rister-at- Law . One of the great wants of Members of the Profession is a Standard work of the Charges of Chartered Accountants, to which they can refer their clients, when asked either to quote a fee for future services or to support an account of Charges already rendered. This work contains the Scale of Charges which prevails amongst the leading practising London Chartered Accountants for Auditing, making Investigations, &c. — The Charges of Liquidators. — The Charges of Special Managers and Trustees in Bankruptcy, Receivers in Chancery, &c. — The Charges for Assisting Debtors and Directors of Companies in Liquidation in the preparation of the Statement of Affairs. — The Charges of Arbitrators, Witnesses, &c. ACCOUNTANTS' DIARY (Yearly), ruled, &c. Prices from IS. 6d. to los. — Editions Nos. i, 2, 3 and 3 A are specially Ruled and Headed accord- ing to the Pattern approved by most practising Accountants. All Editions except the 15 . 6d. contain a Directory of Accountants and much useful information. "Catalogue of books free. ACCOUNTANCY BOOKS. ACCOUNTANT'S AND BOOKKEEPER'S YADE-MECUM. Price 7s. 6d. net. By G. E. Stuart Whatley, Accountant (Exam. Inst. C.A.). The Work consists of a Series of short and Concise Articles upon Capital and Revenue Expenditure, Revenue Accounts, Deficiency Accounts, Depreciation, Reserve and Sinking Funds, Adjustment of ^Partnership Accounts, Joint Stock Companies' Accounts, Tabular Bookkeeping, Hotel and Theatre Accounts, a.nd other matters not 'generally dealt with in existing Works on Bookkeeping, together with useful Forms and Directions. ACCOUNTANTS' MANUAL, published biennially, with Index. Subscription 3s. 6d. per annum. Vols. I., II., III., IV., V., VI., VII., VIII., and IX., now ready, price 125. 6d. each (except Vol. III., los. 6d.) or 90s. the set. Also issued in parts every June and December, price 2S. 6d. each. The only complete and full set of Answers to the Questions set at the Institute of Chartered Accountants' Examinations, dating from December 1884. These Answers are designed to give the fullest and most reliable information on each question asked, and are compiled with a view to lasting reference. ACCOUNTANT'S COMPENDIUM, THE. Second Edition. Price 21s. net. (Medium 8vo, 570 pages). Containing in the form of a Lexicon a digest of the subjects of Examination prescribed by the Institute of Chartered Accountants in England and Wales and many other matters. By Sidney Stanley Dawson, FC.A., F.C.I.S.. F.S.S. Scope of Work:— Accountancy (generally), Actuarial Matters, Administration of Assets, Adminis- trators, Agency, Apportionment, Arbitrations and Awards, Arithmetical Questions, Arrangements with Creditors, Auditing, Banking, Bankruptcy, Bills of Exchange, Bills of Sale, Bookkeeping, Branch Accounts, Building Societies, Capital and Income Questions, Carriage, Cheques, Company Law and Practice (Formation, Management, and Winding-up), Contracts (generally), Contributory, Death Duties, Debentures, Deeds of Arrangement, Departmental Accounts, Depreciation, Directors, Economic Questions, Equation of Payments, Executorship Accounts, Executorship Law,Factors, Foreign Exchanges, Goodwill, Guarantee.Hire- Purchase Agreements, Income Tax, Infant, Insurance, Interest (Questions involving), Investigations, Lien, Limitation of Actions, Liquidators, Manufacturers' Accounts, Mercantile Law (Generally), Official Receivers, Partnership, Pledge, Profit, Profit and Loss Account, Profits Available for Dividend, Promissory Notes, Receivers, Reserves and Reserve Funds, Sale of Goods, Savings Banks, Secretarial Matters, Self-Balancing Ledgers, Shipping, Single and Double Account, Single and Double Entry, Sinking Funds, Slip Bookkeeping, Stock Exchange Terms, Stock-in-Trade (Questions affecting). Trustees, Trustees in Bankruptcy, Wills, &c., &c. ADVANCED ACCOUNTING. About 400 pages. Price 215. net. By Lawrence R. Dicksee, M.Com., F.C.A., Professor of Accounting at the University of Birmingham (Author of " Auditing," '• Bookkeeping for Accountant Students," &c.) This work will be found of the greatest value to Candidates for the Final Examin- ation of the Institute, and to all serious Students of Accounts. In addition to an exhaustive treatment of the subject from an Accountant's point of view, an Appendix is included, which has been written by J. E. G. DE Montmorency, B.A., LL.B. (Cantab), of the Middle Temple, Barrister-at-Law, dealing with the law relating to accounts, and the requirements of the Courts and of lawyers in connection therewith. ANTE-AUDIT. Price, is. each, net; 5s. 6i. |-dozen copies ; los. I dozen copies. Being the Auditor's Instructions to his Client's Book- keeping Staff. Issued in connection with the series of Audit Note-Books. Nos. I, 2, and 3. It is intended that this book shall be given by the Auditor to the Bookkeeper in cases where it has not been customary for the Accounts to be audited (more especially, perhaps, in small businesses), and where, not infrequently, the Accounts are being kept in a way that does not permit of the Auditor's duties being performed without a needless drain upon his time and patience. AUDIT NOTE-BOOK. Nos. I. & II., Price 6d. (net) each, 5s. per dozen. 40/- per hundred. Issued in two Series, viz. : — No. I — Suitable for a Monthly Audit. No. 2 — Suitable for a Quarterly or Half-yearly Audit. Name and address printed on Covers free on orders of 100 or more copies. SPECIAL TERMS FOR PUBLISHING AUTHORS' WORKS GEE & CO., PRINTERS AND PUBLISHERS, AUDIT NOTE-BOOK No. 3. New and Enlarged Edition. (For Important Audits.) loo pages, Foolscap 4to. Price 2S. per copy, 20s. per dozen, or 70s. for 50 copies, and £$ los. for 100 copies. Name and address printed on cover if 50 or more copies are ordered. AUDITING. A Practical Manual for Auditors. Sixth Edition. Over 900 pages. Price 21s. net. By Lawrence R. Dicksee, M.Com., F.C.A. A New and Enlarged Edition of this Standard Work has now been issued. The text has been thoroughly revised, in part re-written, and brought entirely up to date. The Work now consists of upwards 900 pages, medium 8vo, being 100 pages more than the previous Edition, of which 50 are devoted to additions to the body of the work, and 50 to Reports of Cases. The Legal Decisions referred to in the Work are brought up to October 1904. Special attention has been devoted in this Edition to the Accounts of Local Authorities and their Audit, Depreciation, Sinking Funds, &c. BANKRUPTCY. Second and enlarged Edition. Price 7s. 6d. net. By T. M. Stevens, D.C.L., Barrister-at-Law. A demand has arisen for a short work on the above, which, whilst treating the subject from a legal point of view, will still Se of use mainly to Chartered Accountants and others. The general outlines of the subject, i.e., the text of the Acts, as explained by leading cases, is what is ivanted, and what this work has endeavoured to give. THE BANKRUPTCY TRUSTEE'S ESTATE BOOK. Second Edition. Price 4s. net. Compiled by Lawrence R. Dicksee, M.Com., F.C.A. Author of " Auditing," &c. This Book contains the whole of the information likely to be required by Trustees in Bankruptcy in such a form that in conjunction with the " Record Book" it provides a complete statement of all the facts relating to any particular estate, entirely doing away with the necessity for memorandum and loose sheets, which are so frequently lost. BOOKKEEPING FOR COMPANY SECRETARIES. Third Edition. Price 3s. 6d. net. By Lawrence R. Dicksee, M.Com., F.C.A. This Work (which is founded upon a course of lectures delivered under the auspices of the Council of the Institute of Secretaries) deals very fully with those questions in relation to Bookkeeping, a knowledge of which is essential upon the part of every Company Secretary. It will, therefore, be found of the greatest value to all who occupy — or expect to occupy — that position, and also to all Accountant Students. • BOOKKEEPING FOR ACCOUNTANT STUDENTS. Fourth Edition. Complete, with Index, los. 6d. net. By Lawrence R. Dicksee, M.Com., F.C.A. (of the firm of Sellars, Dicksee & Co.) Contains a full and complete explanation of the Theory of Double Entry, and is supplemented by copious Exercises and Questions that combine to make it a work of the highest educational value. BOOKKEEPING EXERCISES for Accountant Students Demy 8vo, about 96 pages. Price 3s. 6d. By Lawrence R. Dicksee, M.Com., F.C.A., Author of " Auditing," " Bookkeeping for Accountant Students." " Bookkeeping for Company Secretaries," &c. COMPANY-SECRETARY, THE. Fourth Edition. Price 25s. net. (Foolscap folio.) By W. H. Fox, Chartered Accountant. Containing a Full Description of the Duties of the Company-Secretary, together with an APPENDIX of FORMS and PRECEDENTS. COST ACCOUNTS: AN EXPLANATION OF PRINCIPLES AND A GUIDE TO PRACTICE Price 5s. net. By L. Whittem Hawkins, Chartered Accountant. Contains an explanation of the general principles governing the ascertainment of manufacturing cost, with full and lucid instructions for the practical application of those principles, and is illustrated by an Explanatory Diagram, a Set of Forms, and a Worked Example. The Forms are specially bound in a novel and ingenious manner, so that, while forming part of the volume, they are contained in a smaller book which can be opened out to lie side by side with the text. This method affords a facility and convenience in reference which cannot be obtained in any other way. 34 MOOROATB STREET, liONDON, B.C. BOOKKEEPING EXERCISES FOR Accountant Students. Lawrence R. Dicksee, M.Com., F.C.A, Professor of Accounting at the University of Birmingham. SECOND EDITION. OF THE '^ ^N/VER8/TY LONDON : GEE AND CO., PRINTERS AND PUBLISHERS, 34 MOORGATE STREET, E.G. 1904 r--\\'SVl.%\ BY THE SAME AUTHOR, PRICE « AUDITING." (Fifth Edition) 21/- « BOOKKEEPING FOR ACCOUNTANT STUDENTS." (Fourth Edition) 10/6 "BOOKKEEPING FOR COMPANY SECRETARIES." 3/6 « GOODWILL, AND ITS TREATMENT IN ACCOUNTS " 3/6 "STUDENT'S GUIDE TO ACCOUNTANCY" .. 2/6 " BANKRUPTCY TRUSTEE'S ESTATE BOOK." (Second Edition) 4/- " PROFITS AVAILABLE FOR DIVIDEND" .. 2/6 "AUCTIONEERS' ACCOUNTS" 3/6 "SOLICITORS' ACCOUNTS" 3/6 "DEPRECIATION, RESERVES & RESERVE FUNDS" 3/6 "ADVANCED ACCOUNTING" 21/- GEE & CO., PUBLISHERS, 34 moorgate street, London, E.C. PEEFACE. THIS work — which may be regarded as a supplement to the author's Bookkeeping for Accountant Students — has bejpn compiled to meet the requirements of those accountant students who desire a well-selected series of exercises to work through, with a. view to testing their practical knowledge of bookkeeping, preparatory to presenting themselves for examination by the Institute of Chartered Accountants or other similar institutions. Bearing in mind the special circumstances under which these exercises are likely to be used, it has been thought best to select them chiefly from examination papers that have been actually set in the past, rather than to compile an entirely original set of exercises which would in themselves afford no basis as to what class of questions the candidate might expect. The selection has, however, been carefully made, and certain original questions have been added in order to make the field covered by the whole series more complete, the aim of the work, as a whole, being — as far as possible — to afford to accountant students a graduated and educational course upon bookkeeping. The " skeleton key," which is added, will, it is thought, add greatly to the completeness of the work, and also afford facilities to those students who are unable to obtain the services of a Coach. LAWRENCE R. DICKSEE. 48 Gopthall Avenue, E.G. April 1904. 141909 Digitized by the Internet Archive in 2007 with funding from IVIicrosoft Corporation http://www.archive.org/details/bookkeepingexcerOOdickrich Of THE UNIVERSITY ^ Of' . BOOKKEEPING EXERCISES FOE Accountant Students. EKEATA. Page 50, line 13, for "thereat" read "thereafter." 79, „ 4, for "£1,800 Is. 4d." read "£1,800 Os. 4d." ,, 83, Answer 4, for "£115 16s." read "115 16s. 6d." 84, „ 14, for "£1,123" read "£1,213." 84, „ 18, for "£9,025" read "£8,866 10s." „ 87, „ 45, for "£281 12s." read "£282 12s." 90, „ 61, for "£12 10s." read "£17 10s." 94, „ 91, /or " £53,000 " read "£63,000"; for "£42,000" read "£32,000." 95, „ 100, for "£37,040" read "£36,040." Write up the above in a Cash Book, having columns for "Cash," "Bank," and "Discounts," and a Journal; post to Ledger, and prepare Trial Balance. OF THE UNIVERSITY BOOKKEEPING EXERCISES FOK Accountant Students. is transactions £ s d 300 50 10 20 5 250 7 80 1. — A. Thomson is a merchant in Dumfries ; . for January 1893 are as under :— Jan. 1. Cash from A. Anderson (loan) ... ,, 2. Bought Goods from John Smith (2-| per cent, discount on settling) 4. Cash Sales 6. Goods sold to G. Gordon (cash in 10 days, less 5 per cent.) 7. Wages 8. Eoyal Bank, paid in 9. Cash Sales 10. Eoyal Bank, drawn 11. A. Thomson, drawings (Personal Expenses) ... ... ... 10 12. Paid John Smith, per cheque on Eoyal Bank in settlement ... 48 15 13. Interest paid on Loan ... ... 5 14. Cheque from G. Gordon in settle- ment of account ... ... 19 15. Eoyal Bank, paid in above cheque and cash £6... ... ... 25 17. Eepaid A. Anderson to account of loan ... ... ... 100 Write up the above in a Cash Book, having columns for *' Cash," *' Bank," and " Discounts," and a Journal ; post to Ledger, and prepare Trial Balance. b BOOKKEEPING EXERCISES. 2. — The transactions of a Wine Merchant for one day were the following : — Bought from A. 2 pipes of Port at £100 per pipe. Sold to B. 6 doz. Champagne at 84s. per doz. Sold to C. 4 doz. Whisky at 54s. per doz. Received from B. on account, £10. Paid A. on account £100. Gave A. a Bill payable in three months for £100. Bought from D. 20 doz. Sherry at 48s. per doz. Paid D. on account £30. Drew from the Bank £20 for his private use. Sold to E. 3 doz. Claret at 60s. per doz. Paid on account of Office Salaries £8. Make Journal entries fully embodying the above transactions, and post each item therefrom to Ledger Accounts. 3. — The followiog represent a series of transactions of James Glossop, a dealer in dry goods, and you are asked to record them in proper double entry form, and to post them to Ledger Accounts. Glossop's custom was to pay all receipts intact into the bank each day, and to pay all claims against the business by cheque. Jan. 1st. Sold A. B. 4 pieces serge at 40s. cash in 7 days less 7i per cent. Cash of C. D. £15 10s., discount 15s. 6d. Paid E. F. £240 cheque No. 1, discount £12. Paid Gas Account, £7 15s. cheque No. 2. Water and general rates, £13 15s. cheque No. 3. Eeady money sales, £20 10s. BOOKKEEPING EXERCISES. 7 Jan. 2nd. Sold G. H. 24 pieces flannel at 12s. net, receiving his acceptance at 2 months. Sold J. K. 40 rolls tapestry carpet, each of 20 yards, at Is. 3d. per yard, cash on the 6th, less 7| per cent. Eeady money sales, £28 10s. ,, 3rd. Paid L. M. cheque £160 (No. 4) and acceptance at 2 months for £60 balance of account. Eeady money sales, £29 6s. ,, 4th, 5th, and 6th. Eeady money sales, £14 6s., £20 4s., and £15 10s. respectively. „ 6th. Bought of N. O. 2 doz. pairs Witney blankets at 12s. per pair, paying cheque No. 5. Eeceived cheque of J. K., £46 5s. , 7th. Sold P, Q. 12 pairs tapestry curtains at 10s. net cash on dehvery. Eeceived A. B. cheque No. 6 £7 8s., discount 12s. Eeady money sales, £6 10s. ,, 8th. Eeceived of P. Q. cash £6. 4. — Open Ledger Accounts with the following balances under date January 1st 1898 : — Stock of timber, £1,000 4s. ; Cash at bankers, £250 8s. ; Petty cash in hand, £5 6s. ; Bills receivable in hand, viz., E. Smith, £841 12s., and W. Brown, £376. Bills payable outstanding, viz., E. Hicks, £421 10s., and L. Jones, £318 10s., E. Gordon, Capital Account, £1,833 10s. Then post direct to their proper accounts the following items from' a diary : — Jan. 1. Bought cargo of timber from L. Jones, gross value £570, less trade discount 10 per cent. Accepted his bill at three months for £513. BOOKKEEPING EXERCISES. Jan. 1. Sold E. Smith rough planks, net £134 12s. 1. Drew on him at 4 months for £134 14s. 1. Paid through P. C. 2s. for bill stamp, E. Smith. 3. Paid bill R. Hicks, £421 10s. 3. Sent to bank E. Smith's bill, £841 12s. 3. Discounted W. Brown's bill, £376. 3. Bank discount on same, £1 18s. 3. Bought cargo timber L. Wood, gross value £820, less trade discount 10 per cent. 5. Paid income tax, £19 .10s. 5. E. Smith's bill, £841 12s., returned unpaid. Bank charges, 3s. 6d. 5. Paid from P. C. 9s. bill stamp, E. Smith. 5. Drew on E. Smith for £846 15s. 6d., including interest, £4 lis. 12. Journey to Norway re timber, £41 10s. 15. Manager's salary, two weeks, £6. 15. Cheque for self, £20. Produce Trial Balance. 5. — A firm in London consigns goods to its representatives in Mexico, who are allowed 10 per cent, on sales effected by them. Explain the system of bookkeeping you would recommend the London firm to adopt for recording its trans- actions with its Mexican representatives. 6. — Henry Harris, an iron and steel merchant, bought from a railway company on the 1st September last, 245 tons of old steel rails at 35s. per ton, paying for the same before delivery by cheque on his bankers for the full amount. The rails were delivered on 3rd September, when five tons proved to be BOOKKElEPING EXERCISES. 9 iron rails, and were returned to the railway company. The remainder were sold as follows : — 5th September — 100 tons to J. Wilson & Sons, at 45s. per ton, for which Harris drew a bill on them at three months, and discounted it at 4 per cent, per annum. 7th September — 120 tons to Thomas Frith at 40s. per ton, on monthly account. This was duly paid for on 10th October by cheque for the full amount. 2nd to 8th September — 20 tons to sundry persons at an average price of 42s. per ton for cash. Write up the books of Henry Harris in accordance with the particulars given above and post to the various Ledger Accounts. Draw the three months' bill above mentioned accepted payable at the City and County Bank, and enter the particulars in Henry Harris' Bill Book. 7. — Make out to Williams & Co., London, an Account Sales of 50 casks of fine lard marked " B," sold at 40s. per cwt., gross weight 150 cwts., tare 24 cwts. 2 qrs. The lard was received from John & Co., of New York, per '* Wildfire," from Boston. The following charges are to be deducted : — Insurance, £250 at 20s. per cent. Policy 9d. Freight, as per Bill of Lading ... ... 9 15 Customs Entry and Stamps 10 Discharging, Weighing, &c. ... 4 10 Sale Expenses ... 1 15 Fire Insurance ... 10 Brokerage, 10 per cent. Commission, 2^ per cent. 10 BOOKKEEPING EXERCISES. 8. — Make up a Coal Trading Account (net quantities and moneys) from the following entries. Show the profit made and the shrinkage in weight : — Jan, 1. Stock on hand, net weight 250 tons at 15s. 6d. „ 2. Bought 500 truckloads of 7 tons each colliery- weight, of 21 cwt. to the ton, at 6s. 4d., at the colliery. „ 2. Eailway charges thereon at 6s. lOd. colliery weight. „ 3. Bought cargo, 1,240 tons colliery weight, at 7s. 2d. f.o.b., Sunderland. „ 15. Freight to London, and unloading, £315. „ 31. Sundry Sales, net weight : — Large, 4,590 at 19s. 6d. Small, 410 at 4s. „ 31. Cartage and expenses on Sales, 2s. 3d. per ton. Memo. — No stock left. 9. — Eaise pro forma accounts to record by double entry the following bill transactions of A. B., a colonial merchant : — 1897. March 1st. A. B. accepted a bill for £1,000 in favour of W. Cyprus, at three months, March 1st 1897, for goods supplied. „ A. B. sold to C. Dewar goods amounting to £700, and received his acceptance, dated March 5th 1897, at three months for same. The bills were duly paid through bankers, and you are required to show the completion of these transactions. BOOKKEEPING EXERCISES. 11 10. — Box is a debtor to Avis on the 1st September 1893 for the sum of £1,000, balance of account. Avis draws a bill on Box, at three months, for £1,000, adding interest at 5 per cent., and this bill is duly receipted by Box. When the bill becomes due it is renewed for a further period of three months at the same rate of interest, and the renewed bill is paid at maturity. Show the entries in Avis's Bill Book, Cash Book, and Ledger, necessary to properly record these transactions. 11. — The following is a statement of assets and liabilities of Elias Short at 1st July 1892 :— Assets. Sundry Debtors Stocks on Hand National Bank Current Account „ Deposit „ Cash on Hand Bills Eeceivable Liabilities. Sundry Creditors Bills Payable Eent ... General Charges Draft Journal entries for these, and the necessary figures to complete Balance Sheet and open set of books on double entry system. NIYER8ITY £ s d 3,616 11 8 1,869 10 4 1,050 9 3 500 11 674 £ s d 2,678 5 6 1,000 138 27 12 BOOKKEEPING EXERCISES. 12. — The following is a Trial Balance of the books of A. L. & Co. as at 31st March 1892. The partners are A. L. and G. M., having respectively three-quarters and one-quarter shares of profit, subject to a charge of (1) 5 per cent, for interest on partners' capital, and (2) £400 to each partner in respect of management. The interest on A. L.'s capital is £300, and on G. M.'s £100. The management salaries have been drawn during the year. Trial Balance. £ s d £ s d Stock, 1st April 1891 5,200 Purchases for year .. 27,000 Wages and Salaries 3,600 Sundry Debtors ... .. 10,450 Sales for year 37,800 Partners' Salaries 800 Cash Purchases ... 950 Discounts ... 800 General Charges ... 850 Sundry Creditors . . . 4,080 Bills Keceivable ... 3,070 Bank of Scotland 2,150 Bills Payable 5,000 Cash on hand 10 A. L. Capital Account 6,000 G. M. „ 2,000 £54,880 £54,880 The stock on hand at the close of year is £4,600. Provide £600 against bad debts, and £200 for general charges owing but unpaid, and draw up (1) Trading Account, (2) Profit and BOOKKEEPING EXEBCISES. 13 Loss Account, (3) Balance Sheet, (4) Partners' Capital Accounts. 13. — Thomas Jones owes £300 to Dixon & Co. If he pay prompt cash he is entitled to 2^ per cent, discount. He, however, pays by bill at three months, but is allowed by Dixon & Co. to treat the transaction as if he had paid prompt cash, and he, therefore, deducts 2^ per cent, discount from the amount due, and adds interest at the rate of 5 per cent, per annum and stamp to the amount of the bill. Make all the entries in Dixon & Co.'s Ledger regarding the settlement. 14. — On closing the books of a firm the Trial Balance showed the following debit balances : — A. &Co. ... ... ... £1,260 B. &Co. C. & Co. D. Since the date of the Trial Balance A bankrupt, and their creditors have received 5s. in the £, and are to receive a second and final dividend of 2s. in the £. The film decide to create a reserve of 10 per cent, in respect of B. & Co.'s debt, and a reserve of 20 per cent, in respect of the amount due from C. & Co. in consequence of disputes as to damaged goods. D. has absconded, and it is decided to write off his entire indebtedness as being irrecoverable. Draft Journal entries carrying out the above, and state the amount which will be charged against the Profit and Loss Account. 740 600 200 & Co. have become 14 BOOKKEEPING EXEBCISES. 15. — The following are the Ledger Balances (before post- ing to a Profit and Loss Account) of James Truefitt, wholesale merchant and commission agent, Leith, as at 31st December 1890. Make up, therefrom, a Balance Sheet and Profit and Loss Account as at 31st December 1890 : — Bills Eeceivable £ 1,700 £ s d Goods Sold Commercial Bank 800 12,000 Storage Account (Kent for goods stored) Cash 55 70 Accounts due by Customers Interest Account 5,030 90 Commission Account 150 Goods Purchased 7,000 Stock at 31st December 1889 3,000 Salaries and Wages Discount 1,000 250 Eent, Taxes, and Insurance 280 Keep of Horses, Upkeep of Vans, &c. Law Expenses (recovering debts) Accounts due to Customers 550 65 932 10 Bills Payable Bad Debts written off 165 3,502 10 Money Borrowed ... Capital at 31st December 1889 ... Mr. Truefitt's Drawings ... Miscellaneous Expenses ... 900 200 250 4,000 £20,995 » ■ £20,995 The stock at 31st December 1890 is £2,000. BOOKKEEPING EXEBCISES. 15. Write off 5 per cent, from accounts due by customers. Allow for proportion of rent from 11th November to 31st. December, £40. 16. — J. Brown, trading alone draws out a Trial Balance as follows on the 31st December 1893 : — J. Brown, Capital Account ,, Drawing Account Fixtures and Fittings Wages Bills Receivable ... Eeserve for Bad Debts ... Trade Expenses Stock on hand 31st December 1893 Eent Interest on Capital Reserve for Discounts Sundry Debtors ,, Creditors... Cash Fire Insurance Interest and Discount Balance on Goods Account after adjust ment of Stocks .. . Dr. Or. & & 4,807 1,041 35 450 48 619 61 1,030 135 117 2,735 2,891 8 212 42 1,14a 2,147 £8,763 £8,763 Prepare Profit and Loss Account and Balance Sheet. 16 BOOKKEEPING EXEKCISES. 17. — Prepare Trading Account, Profit and Loss Account and Balance Sheet of the United Founders' Co., Lim., from the following : — Trial Balance, 31st August 1897. £ £ Share Capital (20,000 shares of £ 1 each) ... 20,000 Calls in Arrear 1,200 Dividends paid 5th April 1897 . . 1,000 Bank ... 5,400 Cash 50 Sundry Creditors ... 6,100 Bills Payable 5,000 Debentures at 5 per cent, (issuec 28th February 1897) 6,000 Sundry Debtors ... 12,500 -^Purchases ... 49,800 ■'Wages 6,250 'Salaries 870 General Expenses... 230 Eent, Bates, and Taxes 500 -'Sales 64,000 Directors' Fees 500 Auditors' Fees 100 Plant, &c. ... 23,000 Discounts and Interest ... 250 Transfer Fees 50 £101,400 £101,400 The stock on 31st August 1897 was £2,500. BOOKKEEPING EXERCISES. 17 Reserve £625 for doubtful debts, £100 for wages due, £120 for rent due, £40 for rates paid in advance, and £1,150 for depreciation of plant. 18. — Prepare Trading Account, Profit and Loss Account and Balance Sheet for the year ended 31st December 1895, from the following Trial Balance of the books of Messrs. John Williamson & Co., Lim., manufacturers : — . £ £ Issued Capital 70,000 Freehold TiR,nd and Buildings 35,000 Debentures 20,000 Machinery and Plant 27,000 Loose Tools 1,000 Stock at 1st January 1895 17,500 Material bought ... 23,750 Wages 9,000 Office Salaries and Travellers 2,500 Coal and Coke 1,300 Eates and Taxes 430 Discounts 820 Blankshire Banking Co., Lim. 3,500 Sundry Debtors ... 6,800 ,, Creditors ... 2,070 Cash in hand 90 Bad Debts 125 Sales 53,000 Returns 1,880 Repairs ... ... ... 405^ Interest on Debentures ... 800 Patents (Cost) 13,170 £145,070 £145,070 18 BOOKKEEPING EXERCISES. Write off depreciation on Patents and Machinery at 5 per cent, per annum, and on Loose Tools at 12|^ per cent, per annum. Provide 5 per cent, on the Book Debts to cover Bad Debts. The Stock at 31st December 1895 amounted to £16,350. 19. — Prepare Trading and Profit and Loss Accounts for the year, and Balance Sheet as on 30th June last, from the following Trial Balance of X. Y. Z., manufacturers : — £ £ X. Capital ... , 8,000 Y. „ ... 7,000 z. „ .. 5,000 Freehold Land and Premises 9,000 Plant, Machinery, &c. 4,000 Loose Tools 1,500 Stock 4,500 Material Purchased .. 11,000 Wages 6,000 Carriage, &c. 800 Coal and Coke 1,200 Salaries (Manufacturing) ... 1,500 Clerks and Travellers 500 Bates and Taxes 450 Discounts and Allowances ... 600 Eents • ., 150 B. D. & C. Bank 2,000 Cash in hand 40 Sundry Debtors 5,000 ,, Creditors .. 1,500 Eepairs and Eeplacements... 800 Works Extensions Account 3,000 Bad Debts' 30 ' Goods Sold .. 30,500 Keturns 230 £52,150 £52,150 BOOKKEfiPING EXERCISES. 19 Write depreciation off Plant at 5 per cent., and off Loose Tools at 15 per cent. Charge interest at 4 per cent, on Partner's Capital. The Stock on hand on 30th June last amounted to £6,000. Partners share Profits and Losses in proportion to their Capital. 20.— JONES & EOBINSON (Timber Merchants and Wood Turners). Trial Balance, 30th June 1898. £ £ Sales, cash ... 2,000 Capital, Jones ... 5,000 ,, Eobinson ... ... 3,000 Sales, credit 10,000 Bills Payable ... 2,900 Debtors and Creditors ... 3,700 850 Eeserve Account ... 500 Timber Purchases ... 8,000 Carriage, Cartage, and Horse Expenses 900 Eepairs and Maintenance ... ... 110 Coal . .. 70 Gas and Water ... 20 Oil, Grease, and Waste 40 Ground Eent ... 50 Eates, Taxes, and Insurance 70 Bank Interest ... 15 Discounts and Allowances... ... 270 Bad Debts ... 60 Stock, 30th June 1897 ... 2,500 Carried forward £15,790 £24,265 B 2 20 BOOKKEEPING EXERCISES. £ £ Brought forward 15,790 24,265 Leasehold Premises, fixed Machinery and Plant 4,000 Horses, Carts, Harness, etc. 450 Loose Tools, Utensils, and Furni- ture 150 Wages 1,200 Salaries 450 Incidental Expenses 100 Partners' Salaries 250 Cash at Bank 850 ,, in hand 25 Bills Eeceivable 1,000 £24,265 £24,265 Stock at 30th June 1898 was £3,000. Prepare Balance Sheet and Profit and Loss Accounts after making the following provisions : — For depreciation, a reserve of £200. ,, Accruing expenses, £50. ,, Discounts, 5 per cent, on debtors' balances. ,, Loss on debtors' balances, £40. Divide the net profit between the partners in proportion to their Capital. 21. — John Hopkins and William Thomson are in partnership. Hopkins is entitled to three-fourths of the profits and Thomson to one-fourth. Their stock in hand on December 31st 1893 is worth £5,773 16s. 5d., and they are each entitled to 5 per cent, interest on Capital. Make out the Profit and 53,820 BOOKKEEPING EXEKCISES. 21 Loss Account and Balance Sheet of the firm, and the individual accounts of the partners, from the following Trial Balance : — John Hopkins, Capital 10,900 n Drawings, includ- ing interest . . . 900 William Thomson, Capital ... 5,500 n Drawings, in- cluding in- terest . . . 255 Creditors , 7 419 Sales... ... . . Stock, January 1st 1893 , 6,014 Debtors (all good) ... 16,997 Cash in hand 3,489 Auditor's Fees 105 Cartage 1^019 Bad Debts ... ... ... ... 90 Discounts and Allowances ... 2,509 Fire Insurance 67 Wages 4,553 Rent, Rates, and Taxes 3,244 Repairs ... ... ... ,.. 202 Salaries 1,624 Office Expenses ... ... ... 271 Purchases 36.300 £77,639 £77,639 22 BOOKKEEPING EXERCISES. 22. — Prepare Balance Sheet, Trading, and Profit and Loss Accounts for the year ending 30th June 1895 from the follow- ing entries in the books of the Kingbury Brewery, Lim. : — Eegistered Capital, viz. : — 4,000 6 per cent. Preference Shares of £10 each ... 40,000 4,000 Ordinary Shares of £10 each 40,000 Subscribed and called up Capital, viz. : — 2,000 6 per cent. Preference Shares of £10 each ... 20,000 2,000 Ordinary Shares of £10 each 20,000 5 per cent. Debentures ... 20,000 Sundry Creditors ... 2,300 Eeserve Account ... 10,000 Sales ... 24,000 Eents received ... 3,000 Brewery Plant and Casks ... 40,500 Directors' Fees ... 500 Tioans to Customers ... ... 1,200 Book Debts ... 3,500 Cash at Bank ... ... 3,000 „ in hand ... 150 Purchases ... 6,200 Excise Duty ... 3,000 Goodwill ... 25,000 Wages ... ... 900 General Expenses ... 800 Discounts ... 5,000 Bad Debts ... 100 . Carried forward £89,850 £179,300 BOOKKEEPING EXERCISES. 23 £ £ 89,850 179,300 2,500 2,000 1,650 1,100 500 5,000 Brought forward Depreciation ... ... ... ... Eents paid Balance of Profits brought forward from 30th June 1894 Interim Dividend paid Debenture Interest paid Stock at 30th June 1894 The Stock on 30th June 1895 was £6,500. 23. — From the following figures construct the Balance Sheet of the British Trading Company, Lim., as at 30th June 1893. Consider the difference of the Dr. and Cr. entries as "Profit and Loss " : — Sundry Debtors, £24,000 ; Sundry Creditors on Open Account, £10,000 ; Bills payable, £5,000 ; Bills receivable (on hand) £3,000; Bills receivable (discounted), £4,000 Stock at cost, £35,500 ; Depreciation thereon, £1,500 Clydesdale Bank overdraft, £550 ; Cash in hand, £50 Eeserve Fund, £1,000; Capital, £50,000; Investments, £1.500. 24. — From the following Trial Balance of a Colonial colliery at the 31st December 1887, prepare Trading and Profit and Loss Account, and Balance Sheet. The Share Capital of the company is £250,000 in shares of £1 each, of which 120,000 shares are fully paid up, 80,000 shares are 15s. paid up, and 50,000 shares are 2s. 6d. paid up. 24 BOOKKEEPING EXERCISES. Share Capital £ £ 186,250 Interest, Rents, and Transfer Fees... 491 Sales of Coal 45,452 Cash at Bankers 16,406 ,, on hand... 66 Maintenance and Renewal of Railway Rolling Stock, Plant, &c 1,772 General Management Expenses in Australia, including Salaries, TravelUng Expenses, Rent, and Petty Expenses 955 Reserve Fund... 50,000 Bills Receivable 3,154 Cash on Deposit 24,755 Directors' Fees 600 Call of 5s. per sliare on 80,000 shares (part paid in advance) 8,635 Profit and Loss Account (December 31 1886) 10,513 Colliery General Working Expenses and Carriage and Shipping charges 34,085 Auditor's Fees 142 London Expenses 847 Dividend payable November 7 1887 8,000 Sundry Debtors 15,341 Unpaid Dividends ... 657 Cost of Properties 199,094 Sundry Creditors 3,219 " £305,217 £305,217 BOOKKEEPING EXERCISES. 25 25. — Prepare a pro forma example of a Balance Sheet, setting forth the usual items of a woollen manufacturer and the following circumstances : — (a) Mortgage upon Freehold Business Premises. {h) Interest due upon Mortgage. (c) Interest due upon borrowed Capital. [d) Eeserve of 1 per cent, for doubtful debts upon sundry Trade Debtors on Open Account, and upon Bills Eeceivable in hand and under discount. {e) Reserve of 2^ per cent, discount upon sundry Trade Debtors on Open Account. (/) Reserves for the following Liabilities incurred up to date : — Rates and Taxes. Salaries and Wages. Repairs. Incidental Expenses. 26. — From the following details prepare the Balance Sheet of the N. and M. Bank for the 31st December 1896, and the Profit and Loss Account for the year ended at that date : — £ £ Capital . 114,430 Reserves 145,210 Notes Issued 39,705 Customers' Credit Balances 897,530 Unpaid Dividends 240 Gross Profits 32,490 Bad Debts 3,000 Expenses . 11,505 £14,505 Carried forward £1,229,605 26 BOOKKEEPING EXERCISES. £ £ Brought forward ... 14,505 1,229,605 Interim Dividend paid 5,720 Balance of Profit, 1895, brought forward ... ... ... 1,560 Cash in hand... ... ... ... 38,135 ,, at call ... 44,230 Investments ... 328,465 Stamps in hand 505 Premises 37,250 Customers' Debit Balances... 762,355 i £1,231,165 £1,231,165 27. — Draw up a Trading and Profit and Loss Account for the year, and Balance Sheet at 31st December 1896, of the Oil and Gas Motor Company, Lim., from the following information : — The nominal capital of the company is £25,000 in £10 Shares. Trial Balance, 31st December 1896. £ Land and Buildings 5,000 Machinery and Plant 8,800 Patterns 3,300 Stock-in-trade 31st December 1895 9,000 Office Furniture and Fittings ... 400 Loose Tools valued 31st December 1895 2,500 Carried forward ••, £29,000 TbrDT Of THC { UNIVERSITY J \ .iSjUFORrjitx / BOOKKEEPING EXERCISES. < £ £ Brought forward ... ... 29,000 Patents ... 1,000 Sundry Debtors ... 10,500 Cash in hand 100 Profit and Loss Account 31st December 1895 4,270 Subscribed Capital ... ... 20,000 Debentures 6 per cent. 15,000 Sundry Creditors ... 7,000 L. & N. Bank, Lim., Overdraft ... 900 Sales 40,000 Purchases ... 19,000 Wages (Manufacture) ... 11,800 Erecting, Pitting, and Carriage ... 2,400 Eepairs, Eenewals, and Mainten- ance 800 Coal, Coke, Gas, and Water ... 450 Printing, iidvertising, and Sta- tionery ... 250 Eent, Bates, Taxes, and Insur- ance 260 Travelling and Commission... 1,400 General Expenses ... 450 Discounts and Bad Debts ... 200 Directors' Fees 100 Interest on Debentures 900 Bank Interest and Commission 70 Legal and Accountancy 150 Koyalties 200 27 £83,100 £83,100 28 BOOKKEEPING EXERCISES. Write off depreciations from land and buildings 3 per cent., machinery and plant 5 per cent., patterns 10 per cent., patents 10 per cent., office furniture 5 per cent., and make a provision of 6 per cent, on the sundry debtors for discounts and bad debts. On 31st December 1896 the stock was valued at £9,500, and the loose tools at £2,300. 28. — The Balance Sheet is as follows : — Balance Sheet, 1st June, 1893. Liabilities. Assets. £ s d Stock 2,700 B. „ .. 2,000 Goodwill .. .. 3,500 C. „ .. 2,750 Sundry Debtors .. 1,950 Sundry Creditors .. 2,000 ; Cash.. .. .. 1,550 £9,700 5. £ s d 2,950 2,000 2,750 2,000 1 £9,700 ■"" ^"" They dissolve partnership and realise the assets of the firm, discharging the liabilities out of the proceeds. What will be the share of each partner ? (a) If the assets realise the amount stated and partners share profits equally. (b) If stock reahses only £2,000, and sundry debtors £1,800, and partners share profits equally. (c) If assets realise as shown in (b), but partners share profits thus : A. five-twelfths, B. one-third, and C. one-quarter. BOOKKEEPiNG EXERCISES. 29 29. — J. Hall, H. Birkle, and B. Fast are partners ; their interests in the profits of the firm are one-half, three-eighths, and one-eighth respectively. On December 31st 1892 the partnership terminates and the Balance Sheet is as follows : — Sundry Creditors... £3,550 Cash at Bankers... £250 Hall, J., Capital A. 3,500 Bills Eeceivable . . . 300 Birkle, H., „ ... 1,500 Book Debts 6,000 Fast, B., „ ... 1,000 Stock 1,000 Lease 500 Plant & Machinery 1,500 £9,550 £9,550 On June 30th 1893, when the affairs of the firm have been liquidated, it is found that the assets have realised £400 less than the value on the Balance Sheet of December 31st 1892, viz., Book debts £100 less, lease £150 less, and Plant and Machinery £150 less. The expenses of winding up the business amount to £90, and the partners are (by special agreement) entitled to 5 per cent, per annum upon their Capital Accounts. Show how to close the books at 30th June 1893, giving each partner's account with the balance ultimately found payable to him. 30. — Edwards, Hotham and Walsh, establish a business as co-partners on 1st January 1885, each to draw a like small 30 BOOKKEEPING EXERCISES. sum per annum for services, and to share profits according to capital, and according to the time the capital is in the business. On the 1st January Edwards pays in £4,000 ; on the 1st April Hotham pays in £3,000 ; on the 1st July Walsh pays in £2,000; on the 1st October Edwards pays in further £1,000. The net profits at 31st December 1885 are £1,500. State what each partner receives. 31.— A. & B. are partners dividing their profits in the pro- portion of three-fourths and one-fourth. A.'s capital is £12,500 and B.'s £7,500. They dissolve partnership, and realise the assets standing on the Balance Sheet as follows : — Stock £10,000 Eealising net... £7,500 Book Debts 12,000 >> j> • • • 10,000 Buildings ... 2,500 >> jj ••• 2,000 Plant & Machinery 6,000 >> >> • ' • 3,000 Cash 2,500 >» jj • • • 2,500 The creditors, amounting to £13,000, are paid in full. Make a summary of the Cash Account and show the adjustment of the Partner's Account. 32. — Prepare a Balance Sheet of C. F. & Co., Lim., from the following materials : — The authorised Share Capital is £100,000 in 100,000 shares of £1 each, of which 50,000 have been issued and 18s. called up. BOOKKEEEJNG EXERCISES. 31 The Authorised Mortgage Debenture issue is Share Capital paid up Calls in Arrear ^ Cost of Patents Mortgage Debentures, 250 Bonds of £100 each, bearing interest at 5 per cent, per annum Calls Paid in Advance Cash at Cankers ,, in hand ... Trade Creditors ,, Debtors Stock-in-hand Eeserve Fund Investments on Account of Eeserve Fund Depreciation of Plant and Machinery Eeserve for Bad Debts Suspense Account being Provision for a Claim against the Company not admitted Plant and Machinery Freehold Land and Building, cost... Interim Dividend paid Profit and Loss Account, balance remain- ing after Payment of Interim Dividend £ 100,000 44,975 25 5,000 25,000 200 1,325 117 5,375 16,150 11,220 8,000 7,000 525 650 500 26,020 25,435 2,300 7,042 33. — John Jones and William Smith, each carrying on separate businesses as merchants, amalgamate their concerns under the name of Jones, Smith & Co., as at 30th November 1893, to be carried on after that date in John Jones' premises. Jones is to receive credit for £4,000 for goodwill, and 10 per cent, is to be written off his book debts as '* Bad Debts- 32 BOOKKEEPING EXERCISES. Reserve." Smith's liability to the Royal Bank is paid oft' by Jones out of the latter's private funds, and he receives credit therefore. Jones owns the property in which he carries on business and in which the business of the new firm is to be carried on, whilst Smith rented his, and all rent and taxes are paid up to date. The following are their respective Balance Sheets at date of amalgamation : — John Jones. Liabiliti ies. Assets0 £ £ Creditors . 4,035 Property 12,080 Capital 18,000 Plant and Furn- Profit and Loss.., , 2,700 ishings 1,050 Stock ... 4,800 Book Debts 5,000 Bank 1,700 Cash Smith. 105 £24,735 £24,735 WtTiTiIAM £ £ Creditors .. 2,010 Stock 3,750 Royal Bank .. 3,000 Book Debts 6,650 Capital ... .. 5,462 £10,472 Cash 72 £10,472 Make the necessary Journal entries and frame Balance Sheet of Jones, Smith & Co. at commencement of co-partnery. BOOKKEEPING EXERCISES. 33 34. — The following is the Trial Balance of the books of W. T. Eichards at 30th June 1891 :— Sundry Debtors ,, Creditors Plant and Machinery Bills Payable ... ,, Eeceivable Shares in Imperial Land Co., Lim. Capital Account Cash in hand ... Northern Bank Bad Debts Stock at 30th June 1890— Department A B C £790 320 400 Purchases — Department A ...£2,851 B ... 821 c ... 2,021 Sales- Department A ...£3,075 B ... 1,563 c ... 3,540 Wages productive, Department B Salaries and Wages, unproductive W. T. Richards, Drawings 1,520 1,050 108 250 22 46 1,510 5,693 419 322 200 £ 1,346 329 1,625 532 8,178 Carried forward ... £11,140 £12,010 34 BOOKKEEPING EXERCISES. £ £ Brought forward ... 11,140 12,010 Advertising 215 Dividend on Shares 25 Interest to Bank 76 Income Tax 10 Commission 142 Eent, Bates, and Insurance ... 111 Discount and Allowances 129 Fuel 132 Carriage 103 Incidental Charges 70 Stationery 25 Discount on Purchases £12,189 154 £12,189 The Stock at 30th June 1891 amounted to : Department A, £1,005 ; Department B, £365 ; Department C, £305. Provide 2^ per cent, for discount on Book Debts, £75 for Eeserve for loss througt bad debts, and adjust in the year the proportions of the following : — (1) Fire Insurance Premiums due and paid Lady-Day 1891, proportion £13 ; (2) Eent of Works, propor- tion £15 ; (3) Telephone Eental, paid in advance on 30th November 1890, proportion £10. Prepare (a) Closing Journal Entries, (b) Trading Accounts for the Departments A B & C, (c) Profit and Loss Account, (d) Balance Sheet. 35. — Arrange the following figures in the form of a Trial Balance as on 31st December 1897 : — BOOKKE^JEPING EXERCISES. 35 Capital ... ... ... ^ ... £ . 5,000 Sundry Debtors . 1,500 ,, Creditors ... . 1,000 Bills Eeceivable 250 ,, Payable 250 Furniture ... 100 Sundry Stocks and Shares 200 ,, Expenses 500 Lease of Premises ... ... • ... 250 Depreciation 50 Purchases ... .. 10,000 Sales... .. 11,000 Trade Discounts received on goods purchased .. 500 Cash Discounts allowed on cash received 200 „ in hand .. 3,200 Stock-in-Trade, 31st December 1896 .. .. 1,500 Prepare Trading and Profit and Loss Account and Balance Sheet therefrom for the twelve months ended 31st December 1897, the stock-in-trade on 31st December 1897 being £1,750. 36. — Prepare an Income and Expenditure Account and Balance Sheet from the following Trial Balance, and particulars of the Land and Buildings Company, Lim. Trial Balance, 30th April 1897. £ £ Incidental Expenses 5 Registration and Transfer Fees 1 Postages 3 Bank Interest... 15 Bank Commission 4 Carried forward £12 £16 C 2 36 BOOKKEEPING EXEECISES. £ £ Brought forward 12 16 Interest on Mortgage 240 Secretary's Eemuneration ... 80 K. N. half-year's rent, due Jan. 31st 1897 80 L. E. half-year's rent, due Feb. 28th 1897 90 Repairs and Painting 35 Fire Insurance 12 Stationery and Printing 16 Reserve Fund 1,220 F. W. half-year's rent, due Dec. 31st 1896 120 Rentals 1,310 Heating and Ventilating 50 Y. M. half-year's rent, due Mar. 3l8t 1897 240 Capital Account, 3,000 shares of £b each fully paid 15,000 Forfeited Shares 10 Land and Buildings 25,000 Income Tax 37 P. A. Co. half-year's rent to Dec. 31st 1896 90 S. C. (Mortgage Loan at 4 per cent.) 9,000 Creditors — N. C. Co., Lim 18 W. S 45 c. & s 12 H. B 80 Bank Balance... 609 £26,711 £26,711 BOOKKEEPING EXEKCISES. 37 Make a Eeserve of £21 for Audit Fee, and £25 for Eepairs. Interest on Mortgage has been paid to December 31st 1896. Two tenants, G. F. and R. F., at £180 a year each have paid rent to March 31st 1897. The only other tenants of the company are those mentioned in the Trial Balance. Provide for a dividend of 6 per cent, on the capital, and carry the balance to the Reserve Fund. 37. — C. and D. enter into partnership for six years, sharing profits and losses equally. C. puts in capital £2,000, and D. £500, accounts are made up periodically, and profits put to credit of Capital Account, and drawings debited to the same for the six years, when C.'s capital is £3,000 and D.'s £300. The partnership deed provides that at the end of the part- nership the assets, after paying debts, should be divided according to the partners' shares and interests therein. The liquidation after paying debts leaves only £1,500 to pay out the capital of £3,300. Adjust the account between the two partners. 38. — Y. and Z. commence trading in partnership on July 1st 1894 with capital £8,000, of which £5,000 are brought in by Y., and £3,000 by Z. They take 5 per cent, per annum interest on capital, and profits and losses are divided as follows : — Y. five-eighths, Z. three-eighths. On 3l8t December 1894 they take stock and find their Trial Balance as follows : — 38 BOOKKEEPING EXERCISES. Dr. Cr. £ £ Capital Accounts 8,000 Cash in hand 56 Due to Bankers 2,380 Sales ... 20,630 Purchases .. 24,020 Wages and Salaries 1,424 General Expenses 1,260 Eent and Taxes 520 Interest and Discount 439 Creditors, net 4,264 Debtors, net 5,575 Fixtures and Furniture 980 Y., Drawing Account 600 z., „ 400 Prepare their Profit and Loss Account, Balance Sheet, and Capital Accounts, charge no interest on Drawings, charge 10 per cent, per annum depreciation on Fixtures and Furniture, and reserve £250 for bad debts. The value of stock at 31st December is £8,840. 39. — Trial Balance extracted from the books of Herbert Brett, of Liverpool, merchant, on the 30th June 1898 : — £ £ Debtors and Creditors (as per Schedules) 7,500 4,000 Bills Receivable 1,000 Office Fixtures and Furniture 450 Goodwill 1,000 Capital Account 7,475 Carried forward £9,950 £11,475 BOOKKEEPING EXBECISES. 39 £ £ Brought forward ... 9,950 11,475 ''-Iron Account ,,. 2,200 ''^Steel „ ... 1,720 *Coal „ ... 1,500 '^'Goods (sundries) Account ... 600 Eent, Eates, and Insurance ... 220 Insurance (Marine) 300 Travelling ... 1,200 Salaries ... 750 Advertising and Stationery ... 200 Telegrams and Stamps 320 Bank Charges 70 Discounts and Exchanges 400 Incidental Expenses 150 Office Expenses 350 Home Bank, Limited ... 700 Continental Bank ... 2,000 Cash in hand 35 Income Tax (Reserve Account) ... 200 H. Brett's Drawing Account ... 850 Loan Account ... 1,000 £18,095 £18,095 "Each of these accounts was debited with the stock in hand on 30th June 1897, and has been debited with purchases, carriage, &c., and credited with sales. The stocks on 30th June 1898, were as follows : — £ Iron 1,800 Steel 680 Coal 500 Goods 1,000 40 BOOKKEEPING EXERCISES. Write off 25 per cent, from goodwill, allow 5 per cent, for discount on amount of debtors, and credit income tax reserve with 8d. in the £ on the taxable profit for the year. Credit Loan Account with a year's interest at 5 per cent. Prepare Profit and Loss Account and Balance Sheet. 40. — E. F. & G. H. have traded in partnership for some years, and at January 1st 1893 their capitals were : E. F. £4,400, and G. H. £800. During that year they lost £1,180, without reckoning interest on capital, which, according to their articles of partnership, has to be taken into account at 5 per cent, per annum. They divide profits and losses, E. F. five-eighths, G. H. three-eighths. Their drawings during the year have been, E. F. £560, G. H. £400. Show the position of each at December 31st 1893, and show how you can prove the result. 41.— T. S. & Co. have made profits during 1894, £2,065. The firm consists of T. S., who had capital on January 1st 1894, £8,000, and W. K., who had £5,600, and brought in £1,200 on March 31st. They take interest at 5 per cent, per annum on their respective capitals, and W. K. has a salary of £260 for management. T. S. takes £400 per annum for rent of the premises in which the business is carried on. After deduction of these the balance is equally divided. State the Profit and Loss and Capital Accounts. 42. — The profits of a partnership consisting of X. Y. & Z. are found, at December 31st 1893, to have amounted to £2,200, BOOKKEEPING EXERCISES. 41 On January 1st they had capital as follows : X. £6,400, Y. £4,800, Z. £4,800. The drawings have been by X. £480, Y. and Z. £360 each, on which no interest is chargeable. State the Capital Accounts, allowing interest on capital at 5 per cent, per annum, and dividing the balance as follows : — X. four-tenths, Y. and Z. three-tenths each. On January 1st 1894 they agree to take into the firm A., who is to have one- sixth of the profits. What amount must he bring in to entitle him to such a share on a par with the capital of the others at December 31st 1893, and what will be the new proportions for division ? 43. — A., B., and C. commenced business in partnership on 1st January 1888 with a capital of £5,000 each, and on the 31st December 1894 the capital stood in the books as follows : — A., £6,478. B., £5,045. C, £4,270. The partnership deed provided that profits and losses were to be borne equally. Early in 1895 the business was wound up and realised after paying all creditors and expenses £14,380. How should this sum be divided among the partners ? And prepare accounts showing how you arrive at the amounts. 44.— The firm of E. W. A. & Co. consists of E. W., whose capital is £9,000, and G. A., whose capital is £6,000. They agree to receive a third partner, C. S., with £6,000, of which one-fourth is to be reckoned as payment for goodwill, and to be added to the capital of E. W. and G. A. in proportion to 42 BOOKKEEPING EXERCISES. the amounts thereof. In what proportions would you divide the profits, so that each should receive a due share in propor- tion to the capital of each ? 45. — In a firm consisting of three partners, A. and B. had at their credit on January 1st 1892, £3,543 each. C. had drawn in excess, and had £243 at his debit. On June 30th the half-year's profits amount to £1,062 divisible in equal shares. A. and B. had drawn £240 each, and C. had drawn the same, with £60 extra at March 31sfc and £30 on June 30th. Charge and allow interest on capital and on C.'s extra draw- ings at 5 per cent, per annum, and make up the Capital Accounts. 46. — From the following particulars prepare as on the 31st March 1897 the Balance Sheet and Trading and Profit and Loss Accounts of L. B. & Co., Lim., the stock at that date being £9,640. i/ Capital ... ... ... ..; Sundry Creditors not drawn for ... Bills payable ... ... ... Profit and Loss, balance from 1896 'v Interim dividend paid Cash on deposit ,, at bank ,, in hand "^ Leases * Fixtures and Furniture V Sundry Debtors V Insurances unexpired s^ Goodwill Stock, 3lBt March 1896 £ 14,016 ... 17,460 735 ... 2,426 ... 1,401 5,105 ... 294 ... 266 12,314 ... 311 1,699 ... 54 . . . 12,000 ... 10,047 BOOKKEEPING EXEBCISES. 43 Purchases .'.. Sales... Discounts obtained. Eent Kates and Taxes . Gas, Electric Light, and Water ... Salaries and Wag^|^ Premiums and C^^^fcions Advertisements ^^^ Price Lists, Printing, and Postages Housekeeping Carriage, Paper, and String General Trade Expenses ... Interest Discounts allowed ... Annual Painting of Premises Insurance ... Bad Debts Depreciation of Leases Auditor's Fees Preliminary expenses written off... 47. — The Wholesale Provision Company has a number of retail branches which are supplied from the depot, but they keep their own Sales Ledgers, receive cash against Ledger Accounts, and pay in the whole of their cash every day to head office. They send out their own statements of accounts monthly. All wages and branch expenses are drawn by cheque from head office upon the imprest system. From the following particulars, suppHed by each branch, show the Branch Accounts in the head office books, and then 61,-m- U 85,683 /- 2,006 l^ 2,911 i— 913 i^ 462 /^ 4,527 /^ 1,451 /- 943 ^— 1,662 /- 1,240 l^ 1,612 c-^ 395 ^ 531 u 57 /-- 79^ 128 i^- 97 289 75 /-- 246 /_-- 44 BOOKKEEPING EXEKCISES. incorporate the whole into one ^ jeneral Profit and Loss Account : — A. B* C. £ £ £ Six Months' Sales... 2,700 2,600 2,300 Eeturn Inwards ... 20 24 16 Allowance to Customers ... 5 4 6 Cash received on Ledger Accounts 2,380 2,400 2,000 E. M. Sales Mk 1,250 1,300 Stock at commencement... mt 480 500 at end ^m 580 480 Debtors, Jan. 1st 1,250 1,200 1,110 June 30th 1,530 1,362 1,378 Bad Debts 15 10 Goods received from Depot, less Returns ... 2,120 2,060 2,000 Rent and Taxes paid 80 70 75 Wages and Sundry Expenses ... 380 356 350 48. — Prepare a Profit and Loss Account and Balance Sheet from the following Trial Balance of X., Y. & Co.'s books, extracted at 31st December 1896, covering six months' operations : — 16,123 Cash at Bankers £ 2,640 Petty Cash in hand 3 Sales Stock in hand, 1st July 1896 2,741 Returns (Customers' Returns for the half-year) 330 Discount allowed Customers 938 Bills Receivable in hand ... 182 Sundry Debtors 5,272 Carried forward £12,106 £16,123 BOOKKEEEtNG EXERCISES. 45 £ £ Brought forward 12.106 16,123 Purchases 8,403 Discount Allowed on Purchases ... 390 Wages 1,404 Eeserve for Bad and Doubtful Debts 540 „ for Discounts on Book Debts 197 Sundry Creditors 1,97a Buildings 4,384 Patent Eights 50 Loan on Mortgage ... 4,500- Eent, Bates, and Taxes 106 Advertising ... 463 Travellers' Salary 431 Carriage 394 Bad Debts written off 101 Plant and Machinery 2,672 Eepairs 84 C. G., Capital Account (Balance, 1st July 1896) 6,110 C. G., Drawing Account 1,200 S. G., Capital Account (Balance, 1st July 1896) 2,952 S. G., Drawing Account 720 Interest on Loans ... 124 Eeserve Account Patent Eoyalties received in advance 5oa Eoyalties on Patents attributable to the half-year to 31st December 1896 40 Trade and General Expenses 502 Depreciation written off Buildings... 23 „ „ Plant, &c... 155 £33,322 £33,322 The stock-in-trade on hand at 31st December 1896 is valued at £3,275. 46 BOOKKEEPING EXEBCISES. No interest on capital or withdrawals is to be provided for. The profits are to be apportioned as follows : — C. G., five-eighths; S. G., three-eighths. 49. — On balancing the books of a business as on December 31st 1898 the following was the Triad Balance. £ £ ^Goodwill 860 ^ Business Premises ... 1,600 ^ Plant and Machinery ... 400 ^Furniture and Fixtures ... 120 Cash at Bank ... ... 700 Petty Cash ... 25 Bills Eeceivable ... 350 wStock, ]st January 1898 ... 2,200 ^Investments ... ... 580 ^Sundry Debtors ... 780 \>^-Drawing Account ... 185 . Sundry Creditors Y Partner's Capital, 1st Jam] ... 386 lary 1898 7,500 Bills Payable ... 305 ^Eent, Eates, and Taxes ... 137 \ Salaries ... 475 "^ Travelling Expenses . . . >- Postage and Telegrams ... 85 ... 52 •^ Purchases ... 3,400 — Wages ... ... 1,317- ^^arriage on Goods sold ... 91 -^ Sales ... 5,350 ^ Puel and Lighting ... 34 -Bad Debts ... 78 N. Discount and Allowances ... 27 -^Trade Expenses ... 22 X Insurance ... ... 23 £13,541 £13,541 BOOKKEEPING EXERCISES. 47 Prepare a Trading Account, Profit and Loss Account and Balance Sheet at 31st December 1898. \ . » ' Write 1^ per cent, off "Business Premises," 7i^ percent. \ off " Plant and Machinery," and 10 per cent, off " Furniture and Fixtures." Charge 5 per cent, interest on Partners' Capital on 1st January 1898. i The Stock at the 31st December 1898 was £3,072. 50. — The Staley Bridge Colliery Company, Lim., makes up its books yearly, and on the 30th June 1894 the Trial Balance stood as follows : — Capital, 60,000 Shares of £10 each £ 600,000 Eeserve Fund ... 24,314 Profit and Loss, Undivided Profit 18,078 General Creditors ... ... 73,210 Coal and Coke Sales ... 524,004 Stock of Coal on hand 30th June 1894 ... 2,531 Leasehold Colliery, Ph int. Machinery, &c. ... ... 600,000 New Works Expenditure . . . ... 11,416 General Debtors ... ... 77,970 Debtors on Bills Eeceivable ... 7,404 National Mercantile Bank ... 15,358 Stocks, Shares and Materials ... 18,011 Coal Stock, 1st July 1893... ... 1,749 Interim Dividend Account, 1st January 1894 ... 45,000 £776,908 Carried forward £1,242,137 /<3^^ 48 BOOKKEEPING EXERCISES. £ £ Brought forward 776,908 1,242,137 Wages 263,647 Eents and Eoyalties 35,791 Pit, Wood, Stores, &c 52,044 Coal for Colliery use 19,752 Horses and Horse Keep ... ... 13,383 Wagon Hire, Freight, and Carriage 42,841 Surface Damages ... ... ... 1,340 Discounts and Allowances ... 13,396 Salaries 5,499 Directors' and Auditors' Fees and Law Charges ... ... 3,954 Kates, Taxes, and Insurance ... 8,051 General Office Expenses 3,741 Subscriptions and Donations ... 1,790 £1,242,137 £1,242,1.37 You are asked to make out the Trading and Profit and Loss Account, showing gross and net profits, with the average cost and profit per ton to the third decimal, and to prepare the usual Balance Sheet for presentation to the Shareholders. Due provision has been made for depreciation, and the output for the year has been 1,055,144 tons. 51. — A. B., London, sells goods to C. D., Calcutta, for pay- ment in London on the average due date. The sales are due —1st July, £900; 16th July, £1,100; 20th August, £1,300. State the average due date. BOOKKEEPING EXERCISES. 49 52. — Prepare a Bill of Exchange at three months, drawn by Messrs. Duval, Paris, on John Smith, London, on January 1st 1893 for £436, duly accepted, and assume that two months after receiving the bill Messrs. Duval discount it at the Comptoir d'Escompte at the rate of 5 per cent, per annum, on the bill becoming due it is presented and returned unpaid. Show the entries as they will appear in the books of John Smith, using dates. 5.3. — What is an accommodation bill? A. is a merchant who has transactions with B. in accommodation bills. Give the entries in the books of B. which you would make in respect of the following transactions : — On January 1st 1894 A. draws on B. at three months for £500, and discounts the acceptance with the London and County Bank, Lim., receiving £495 in cash, of which he hands £247 10s. to B. On 31st March, in order to provide funds to meet this bill, B. draws on A. for £550 at three months, and discounts the acceptance with Brown, Janson & Co., receiving £545 in cash, of which he hands £22 to A. On the 29th June A. is made a bankrupt. 54.— On the 1st June 1894 A. drew on B. for £300 at three months' date, the arrangement between them being that they should share equally the proceeds of the bill, viz., £285 (the person with whom the bill was discounted having charged 60 BOOKKEEPING EXERCISES. £15 for discount), and that A. should provide B. with half the sum required to meet the bill when due ; on the bill falling due B. met it, but A. was unable to contribute his share. Show the entries as they should appear in the books of A. and of B. 55. — Mr. Henry Fox, of Messrs. Fox & Crane, died on the 31st January 1893. Under the partnership agreement his executors are entitled to two years' purchase of his share of average profits as goodwill. Goodwill and capital are to be repaid by twelve quarterly instalments, bearing interest at 5 per cent., for which Crane is to accept bills. Assuming the amount to be paid for goodwill at £3,500, show — (a) The amount for which each bill must be drawn. (b) The entries in the books of Joseph Crane who there- after carries on the business of the firm alone. The firm's Balance Sheet, as on the 31st January 1893, stood as follows : — BOOKKEEPING EXERCISES. 51 CO CO Ci o ■<* 00 C5 CO O CO Gl ^ CO CO CM CM =4i O O O CO o O O O t- o CO O o 00 CO CM i r-l CO lO T-l o x> 5,042 56 O ^ 3 2 g :| : : : : : - :| g 'O £3 i. i-s 1-2 -3 CO 2 t) o CO g ^a o o ooo a ? 05 ^ • \ j> 2 ,, J ... , Manual. Vols. 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By (Triple Numbe This Wo-k is ' in the G' y service l)|tlC4p - DS2^ Price 35 6d. net. d Accountant. ha Icotams on the London Stock Iso contains a Glossary of Stock idex, and an Appendix. 30UNTANCY, THE. ts offered by Accountancy as a ^nce thereto, and points out to the s articles to the best advantage. & ACCOUNTS. Price ft :orporation Tramways). Vol. XV. ^•^ Library." j.nd up-to-date methods in operation j,rtment, and will be of considerable crested in Tramways both here and in ting is clearly and fully described, and commended are givprj. THE HANDY.' BOOK, -L-Tice 5s. per doz. with a view to meeting the modern demand for emciency m an tnai appertains to the Counting House. The Account Headings are printed, and ample space is allowed for extraordinary Headings, so that all that is required to ensure a Perfect Balance is to fill in the figures. The scheme of arrangement is sufficiently wide to embrace all kinds of Businesses, and the method adopted is simplicity itself. TRUSTEES IN BANKRUPTCY AND LIQUIDATORS OF COMPANIES, A LEXICON FOR. Price 3s. 6d. net. By Sidney Stanley Dawson, F.C.A., Fellow of the Royal Statistical Society, (of the firm of Dawson, Langley & Chevalier, Liverpool). Author of "The Accountant's Compendium." , There is no other existing work dealing exclusively with the Rights and Duties of Trustees in Bankruptcy and Liquidators of Companies to* which Practitioners can refer for detailed information upon the numerous points which arise in connection with these offices. Authority is quoted for practically every line in the work. TRUSTEES IN BANKRUPTCY, LIQUIDATORS AND RECEIVERS. THE LAW OF. 2nd Edition. Revised and Enlarged. Price 7s. 6d. net. By W. R. Willson, B.A. Oxon., and of the Middle Temple, Barrister-at-Law. Being a succinct statement of the law on those subjects as established by the latest Statutes and Decisions, written analyticallv for Students with a view to the Examinations of the Institute and Society of Accountants; with a large Chart illustrating the leading features of the offices of Trustees, Liquidators, and Receivers. WATER COMPANIES' ACCOUNTS. Over 80 pages. Price 3s. 6rf. By Frank Key, A.S.A.A. This Work— which forms Vol. XIX. of "The Accountants' Library" series- deals at length with the Accounts of Water Companies, and describes the various necessary books. The system advocated is illustrated by full pro forma Accounts, and extracts from the Acts of 1847 and 1902 are appended. AUTHORS' WORKS PRINTED AND PUBLISHED.