Accounting Assignment Help Online

7/26/2019 Accounting Assignment Help Online

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Accounting Assignment Help Online

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About Accounting Assignment: Accounting requires

analytical skills to resolve problems in proper and efficient

manner. It generally produces financial statements showing

economic resources in monetary terms under managements

control. Accounting students often encounter errors while

solving accounting problems in making income statements and

balance sheets. The credit-debit confusion will always be there

at the initial stage of learning accounting. To make complex

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Sample of Accounting Assignment Illustrations and Solutions:

Question 1:

Prepare the Subscriptions Account from the following items for the year ending on 31

March 1993:

$

(i) Subscription in arrear on 31 March 1992 500

(ii)Subscriptions received in advance at 31 March 1992 for 1992-93 1,100

(iii)Total Subscriptions received during 1992-93

(Including $ 400 for 1991-92 , $ 1200 for

1993-94 and $ 300 for 1994-95) 35,400

(iv)Subscriptions outstanding for 1992-93 400
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Solution:

Subscriptions Account

1-4-1992 $ 1-4-1992 $

Balance b/d 500 Balance b/d 1,100

Income and Expenditure Cash 35,400

Account (Balancing Figure) 31-3-1993

31-3-1993 Balance c/d (400 + 100) 500

Balance c/d 1,500

37,000 37,000


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Question 2:

From the following particulars, prepare the Income and Expenditure Account of the Central

Sports Society for the twelve months from April 1998 (date of inception) to 31 March 1999:

Received Outstanding onOr Paid 31 March 1999

$ $

Subscriptions from members 46,000 -

Subscriptions from affiliated

Societies 14,000 2,000

Life Subscriptions (10 years) 20,000 -

Gifts received 30,000 -

Interest received 1,600 -

Committee expenditure:

Executive 15,000 2,000

Planning 14,400 6,400

Tournament 4,200 1,200

Printing, Postage and Stationery 11,400 1,600

Office Furniture 20,000 -

Investments Purchased 30,000 -


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Solution:

Central Sports Society

Income and Expenditure AccountFor the Year Ending 31 March 1999

Expenditure $ Income $

Committee Expenditure Subscriptions from Members 46,000

Executive: 15,000 + 2,000 17,000 Subscriptions from Affiliated

Planning: 14,400 + 6,400 20,800 Societies 14,000

Tournament: 4,200 + 1,200 5,400 Add : Outstanding 2,000 16,000

Printing Postage and Life Subscription 2,000

(1/10 of $ 20,000)

Stationery (11,400 + 1,600) 13,000 Gifts Received 30,000

Excess of Income Interest Received 1,600

Over Expenditure 39,400

95,600 95,600


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Question 3:

The financial position of Young Sports Club at 31 December 1998 showed the following:

Premises (at cost) 40,000 subscriptions in arrears 400

Furniture valued at cost 5,600 Subscriptions for 1991,

Investments 5% received in advance 200

Government Stock (at cost) 2,000 One quarters rent of

Sports Equipment valued at 2,000 land in arrear 250

Stock of Refreshment 520 Creditors for

Cash and Bank Balance 530 refreshment supplied 380

The cash book for the year to 31 December 1999 shows:

Receipts $ Payments $

Balance in hand b/d 530 Rent of land 1,000

Subscriptions 7,250 Wages 3,500

Sale of refreshments 4, 150 Purchase of Sports

Sale of dance tickets 1,550 Equipment 1,200

Investment interest 100 Purchase of refreshments 2,140

Dance expenses 760

Secretarys expenses 720

Investment 5% Govt. Stock 1,000

Balance c/d 3,260

13,580 13,580

You are required to prepare the Clubs income and expenditure account for the year ended31 December 1999 and a balance sheet at that date, after taking into account the followingpoints:

(i) There were no stocks or refreshments at 31 December 1999.(ii)Wages of $ 200 were due but unpaid at 31 December 1999.(iii)Depreciation is to be provided on the furniture $ 500.(iv)The sports equipment was valued at $ 2,900 on 31 December 1999.(v)The investments were purchased on 31 December 1999.


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(vi)Subscriptions received during 1999 include $ 250 subscriptions in advance.

Solution:

Young Spots ClubIncome and Expenditure Account For the Year Ended 31-12-1999

Expenditure $ Income $

Rent 1,000 Subscriptions 7,250

Less : Outstanding for 1998 250 1,000 Add : Received in advance

750 in 1998 200

Add : Outstanding for 1999 250 1,000 7,450

Wages 3,500 Less : Due in 1998 400

Add : Outstanding 200 3,700 7,050

Refreshments : 2,280 Less : Advance for 2000 250 6,800

(520 + 2,140 380) Sale of Refreshments 4,150

Dance expenses 760 Sale of Dance tickets 1,550

Secretarys expenses 720 Interest on Investments 100

Depreciation on Sports equipment 300

(2,000 + 1,200 2,900)

Depreciation on Furniture 500

Excess of Income over Expenditure 3,340

12,600 12,600


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