, Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual
SOLUTION MANUAL FOR FRANK WOODS
BUSINESS ACCOUNTING 14TH EDITION VOLUME
1 BY ALLAN SANGSTER, LEWIS GORDON
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
,Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual
(8,380)
17,460
17,460
, 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
SOLUTION MANUAL FOR FRANK WOODS
BUSINESS ACCOUNTING 14TH EDITION VOLUME
1 BY ALLAN SANGSTER, LEWIS GORDON
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
,Sangster and Gordon, Frank Wood’s Business Accounting 1, 14e, Solutions Manual
(8,380)
17,460
17,460
, 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
