Week 3 2019 Wednesday lecture question.pdf - Department of Accounting and Finance ACF 100 Introduction to Accounting and Finance Michaelmas Term 2019-20

Week 3 2019 Wednesday lecture question.pdf - Department of...

This preview shows page 1 - 2 out of 4 pages.

Department of Accounting and Finance ACF 100: Introduction to Accounting and Finance Michaelmas Term 2019-20 Week 3 (Wednesday 23 rd October 2019) Lecture questions 1. Identify whether following items are asset, liability, revenue, expense or equity items. Cash Profit or loss/retained profits Inventory Trade payables Insurance Ordinary share capital Land Trade receivables Machinery Loan payable Advertising 2. Using the framework of T accounts provided, record the following transactions for Grieves Ltd. Assume the accounting period is for one year from 1 st January to 31 st December 2019. Balance off the accounts at the period end. (a) The company issues 15 million ordinary shares for £8 cash on 1 January 2019 (ignore any difference between share capital and share premium if you have done accounting before) (b) Grieves Ltd buys land costing £150m on 1 January 2019. It pays £60m in cash and takes a long term loan for the balance.
Image of page 1

Subscribe to view the full document.

Image of page 2
  • Winter '13

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes