By Henry Lunt, Margaret Weaver Fellow of Association of Chartered and Certified Accountants

The 2006 variation of CIMA's respectable learn platforms are released via Elsevier on behalf of CIMA. Key sections of the 2006 learn structures are back written through examiners so each one textual content absolutely displays what should be proven within the examination. up-to-date to include legislative and syllabus adjustments, the 2006 research platforms supply entire research fabric for the may perhaps and November 2006 checks. the recent variation continues the preferred loose-leaf structure and comprises: * perform questions all through * whole revision part * subject summaries * suggested examining articles from more than a few journals * CBA variety mock examination * The reliable learn platforms are the single examine fabrics recommended by means of CIMA * Key sections written through examiners for the main exact, updated advice in the direction of examination luck * whole built-in package deal incorporating syllabus suggestions, complete textual content, prompt articles, revision courses and large query perform

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Includes heat, light, rates, stocks consumed, wages, etc. Expenses reduce profit. 3 On 1 June 20X1, J Brown started business as a jobbing gardener with a capital of £2,000 in cash. A list of figures extracted from his records on 31 May 20X2 shows the following: Purchases of seeds, plants, etc. , at the end of the year £ 700 1,100 70 250 300 200 500 200 1,500 180 3,000 2,000 100 You are required to prepare: (a) an account to show J Brown his profit or loss for the year ended 31 May 20X2, (b) a balance sheet as at 31 May 20X2.

Creditors are also sometimes referred to as ‘accounts payable’ or ‘payables’. These lists of assets and liabilities are not exhaustive, and you will encounter other examples as your studies progress. A On 31 March, Henry’s employment with Gigantic Stores Ltd came to an end. On 1 April, Henry sets up in business by himself, trading as ‘Henry’s Matches’, and selling boxes of matches from a tray on a street corner. Henry puts £100 into a bank account opened in the name of Henry’s Matches. He persuades a supplier of matches to let him have an initial stock of 400 boxes, costing 5p each, promising to pay for them next week.

7 Answer: (D) The accounting equation changes when one or more of assets, liabilities or capital changes. Selling goods at a profit would change capital; purchasing a fixed asset on credit would change assets and liabilities; the owner withdrawing cash would change assets and capital; debtors paying their accounts in cash would not affect any of these. 8 Answer: (B) Solution 2   This question requires you to ascertain the reason for changes in the assets and liabilities as a result of transactions that have occurred.

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