Sei sulla pagina 1di 8

Homework1

Help With Accounting Homework | Accounting Homework Help Online

Contact Us
Homework1
3422 SW 15 Street
Suite #8924
Deerfield Beach, FL, US 33442
Tel: +1-626-472-1732
Web: https://homework1.com/
Email: info@homework1.com
Facebook: https://www.facebook.com/homework1com
Linkedin: https://www.linkedin.com/in/homework1
Twitter: https://twitter.com/homework1_com
Google Plus: https://plus.google.com/118210863993786098250/
Pinterest: https://www.pinterest.com/homeworkone/

Copyright 2014-2015 Homework1.com, All rights reserved

Homework1
About Us:
At Homework1.com we offer authentic and 100% accurate
online homework help and study assistance to students from
USA, UK, Australia, and Canada. However, we dont offer
students only statistics assignment help service to complete
their study project; rather we offer our best effort to teach our
student-clients about the assignment we have solved. Our
tutors are not only subject matter experts, they are avid
student-mentors and are ready to walk extra miles to make
them understand the fundamentals of the assignment done,
and help them to learn the solution by heart.
We are available online by 247 and we can be reached via email, live chat, as well as
by direct phone calls. Our USP is quick turnaround time with stringent quality assurance
about the assignment we undertake. We offer assistance is writing dissertations,
academic and project related essay writing, and in writing and reviewing research
papers. These research papers are done by best subject matter experts available and we
offer 100% plagiarism free content by following proper and prescribed house style.
We offer help with accounting homework for all grades. No matter you are in school,
college, or doing your research, we always here to help you by our expert solution. All
our assignments are thoroughly checked and you can be rest assured that there will not
be any typos. In case you want to check your done assignment by us, we will perform a
review for your work. We are capable to render you our academic help even in the last
hour without zero compromise for quality and punctuality.
Sample of Accounting Homework Illustrations and Answers:
Illustration:1 The accounts of a Social Club are made annually as at 31 December. At
31 December 1998 subscriptions in arrear amounted to $ 1,740 and subscriptions
received in advance for the year 1999 amounted to $ 1,500 arrears for 1998 24,280
were received in respect of subscriptions including $ 1,500 arrears for 1998 and $ 2,160
in advance for 2000. At 31 December 199 subscriptions in arrear amounted to $ 1,060.
The income and expenditure account is credited will all subscriptions in respect of the
year to which the account relates, on the assumption that all subscriptions to be posted
to the income and expenditure account for 1999. Also of Subscriptions Account.
Would it make any difference if the outstanding subscriptions for 1999
amounted to $1,060.
Solution:
Social Club
Calculation of the Amount of Subscriptions to be Posted to Income and
Expenditure Account for the Year Ended 31-12-1999

Copyright 2014-2015 Homework1.com, All rights reserved

Homework1
$
Total Subscription received in 1999

24,280

Less : Subscriptions in arrear for 1998 received in 1999

1,500
22,780

Add : Subscriptions received in advance for 1999 in 1998

1,420
24,200

Add : Subscriptions in arrear for 1999 [1,060-240(1,740 1,500)]

820
25,020

Less : Subscriptions received in advance for 200 in 1999

2,160
22,860

Note. It would make difference in case the subscriptions outstanding for 1999
are $ 1060. The reason is rather that the figure $1,060 does not include the
balance of arrears for 1998. Hence the total amount the total amount to be
posted in the Income and Expenditure Account would, then, be :
$
Total subscriptions received in 1999

24,280

Less : Arrear of subscriptions received for 1998 in 1999

1,500
22,780

Add : Subscriptions received in advance for 1999 in 1998

1,420
24,200

Less : Subscriptions received in advance for 2000 in 1999

21,60
22,040

Add : Subscriptions in arrear for 1999

1,060

Add : Subscriptions in arrear 1999

23,100

Copyright 2014-2015 Homework1.com, All rights reserved

Homework1

Illustration:2 Show the following items in the Income and Expenditure Account and
the Balance Sheet of a Sports Club:
$
(i)

(ii)

Sports Fund on 1 January, 1999


50,000
15% Sports Fund Investments (Face value $ 60,000) 50,000
Interest received on Sports Fund Investments
7,000
Expenses on Sports Events during 1999
15,000
Purchases of Sports Equipment during 1999
20,000
Sports Prizes awarded during the year
Donations received for Sports Fund during the Year
Donations received for the construction for a
Community Hall in 1999
8,66,000
Expenditure incurred up to 31 December
5,56,716
Total estimated cost
15,00,000

Copyright 2014-2015 Homework1.com, All rights reserved

Homework1
Solution:
Sports Club
Balance Sheet AS on 31 December 1999
(Relevant Information Only)
Liabilities Side
$
Sports Fund on 1 January 1999
Add : Interest Received on Sports Fund Investments
Accrued Interest
Add : Donations Received for Sports Fund
Less : Expenses on Sports Events in 1999
Prizes Awarded in 1999
Assets Side

7,000
2,000

50,000
9,000
20,000

15,000

15% Sports Fund Investments (Face value $ 60,000) 50,000


Accrued Interest thereon
2,000
Sports Equipment
20,000
72,000

Copyright 2014-2015 Homework1.com, All rights reserved

59,000

Homework1
Illustration:3 From the following Trial Balance of Shri Goyal, prepare Trading and
Profit and Loss Account for the year ending 31 December 1996 and Balance Sheet on
that date after taking into consideration the adjustments given at the end of Trial
Balance :
Trial Balance As on 31 December 1996
Debit

Credit

Sales

3,70,000

Purchases (Adjusted)

3,49,600

Wages

10,450

Capital Account

34,250

National Insurance

150

Carriage Inwards

200

Lighting

250

200

Rates and Insurance (including premium of $ 150


p.a. paid up to 30 June 1997)
Stock at 31.12.1996

30,625

Cash in hand and Bank

875

Discount earned

300

Plant and Machinery

15,000

Discount allowed

50

Debtors and Creditors

3,000

10,000

Furniture

4,000

Dividends

4,14,700

4,14,700

Copyright 2014-2015 Homework1.com, All rights reserved

Homework1
Solution:
Shri Goyal
Trading and Profit Loss Account
For the Year On 31 December 1996
$
Purchases
Less : Drawings
Wages
Add : Contribution to
National Insurance :
by Employer
by Employers

3,49,600
2,000
10,450

Add : Rental value of the


housing facilities

$
3,70,000

Sales
3,47,600

75
75
10,600
250

10,850
200
11,350

Carriage Inwards
Profit and Loss Account
(Gross Profit)

3,70,000
250
300

Carriage outwards
Lighting
Rates and Insurance
Less : Prepaid
Discount allowed

200
75

125
50

Depreciation on :
Plant and Machinery
Furniture
Managers Commission
(See Working Note)
Net Profit transferred to
Capital Account

2,250
400

3,70,000
Trading Account
11,350
(Gross Profit)
Discount earned
150
Dividends received 300
Rent earned (Rental
Value of housing facilities)
250

1,446

7,229
12,050

12,050

Balance Sheet As on 31 December 1996


Liabilities

Capital
15,000

34,250

Add : Net Profit


2,250 12,750

Plant and Machinery

7,229

41,479
Less : Drawings
3,600
(Goods to son)
30,625

Asset

Less : Depreciation

Furniture

4,000

Less : Depreciation

2,000 39,749

Stock in Trade

Copyright 2014-2015 Homework1.com, All rights reserved

400

Homework1
Sundry Creditors
3,000

10,000

Outstanding Commission
to Manager

Sundry Debtors

Prepaid Insurance
50,925

Copyright 2014-2015 Homework1.com, All rights reserved

75
50,925