Accounting Assignment Help Service

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Accounting Assignment Help Service | Accounting Homework Help Service

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About Accounting: Etymologically the term accountancy is
derived from French word “Compter ». Accountancy is the
process used by business organizations for keeping the
financial records. Accountancy as a discipline has evolved over
the years on a set of norms called concepts and conventions.
The principles of accountancy are applied to the process of
book- keeping, accounting and auditing. The history of
Accountancy can be traced to the ancient Mesopotamia some
7000 years ago. The need for accounting at that time began
with the need to keep a record of the crops and the cattle.
Gradually when man evolved the system of business after the barter system the concept of
accounting
also
evolved
with
money
as
the
basis
of
record
keeping.
Accounting assignment help Service in the present times is called the language of
money. The developments of different types of businesses have led to the growth
accounting. The Joint Stock Company and its robust form of operation has given birth to
monitoring of the accounts being maintained. Thereby another school of study called
auditing has been added to accounting. A body of rules and regulations are present to
govern the subject. These are Generally Accepted Accounting Principles, or GAAP,
International Financial Reporting Standards, or IFRS.
Sample Accounting Assignment Help Service Questions:
Depreciation Sample Questions
Question-1:
Mr. X purchased a second-hand machinery on 1.2.1996 for $50,000l; paid $11,000 for its
overhauling and $5,000 for its installation which was completed by 31.3.1996, The company
providers depreciation on its machinery at 15% p.a. on diminishing balance method from
the date it was put to use and closes to books on 31 December every year. On 1.10.1997, a
repair work was carried out on the machine and $31.10.1998 for a sum of $11,000 and an
amount of $1,000 was paid as dismantling charges. Prepare Machinery Account from 1996
to 1998.
Solution:
Mr.x
Machinery Account

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1996
February
March 31

$
Cash
Cash

1996
50,000

December 31 Depreciation
(15% for 9 months)
December 31 Balance c/d

66,000
1997
January 1

Balanced b/d58,575

58,575
1997
66,000
December 31 Depreciation
December 31 Balance c/d
8,786
49,789

58,575
1998
January 1

$
7,425

58,575

1998
6,223
Balanced b/d 49,789
October 31 Depreciation
Cash
1,000
(@ 15% for 10 months)
Cash Account
Profit and Loss Account
11,000
33,566
50,789
50,789

(i) Repair cost is not be capitalized since there is no improvement in the capacity of the
machine.
(ii) Cost of dismantling is to be deducted from the sale price for ascertaining profit or loss
on the
disposal of machine.

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Question-2:
A transport company purchases 5 Trucks at $2,00,000 each – on April 1992. The company
writes deprecation @ 20% per annum on original cost and observes calendar year as its
accounting year. On 1 October 1994 one of the trucks is involved in an accident and is
completely destroyed. Insurance company pays rs, 90,000 in full settlement of the claim.
On the same day the company purchases a truck for $1,00,000 and spends $20,000 on its
overhauling. Prepare Truck Account for three years ending on 31 December 1994.

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Solution:
Transport Company
Trucks Account
1 April 1992
Bank Account

$
10,00,000

31 December 1992
Depreciation Account
Balance c/d

10,00,000

$
1,50,000
8,50,000
10,00,000

Page no.60
1 January 1993
Balanced
1 January 1994
6,50,000

8,50,000

31 December 1993
Depreciation Account

8,50,000

Balance c/d

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2,00,000

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Question-3:
A trader has the following transactions in a certain product for six months to 30 june 1996.
January 1-Purchase 600 items at $20 each
February 2- Purchase 200 items at $24 each
February 15 – Sells 200 items at $30 each
April 1 – Purchases 300 items at $30 each
April 15 – Sells 400 items at $40 each
June 1 – Purchase 300 items at $40 each.
June 15 – Sells 350 items at $50 each.
Required
(i) Compute the gross profit earned during the period and
(ii) Compute the value of the closing stock at June 30, 1996 using each of the following
alternatives bases of valuation
(a) Fifo (b) Lifo (c) Weighted Average Method.
Solution:
Stock Ledger Sheet (Assumption: Fifo)
Date

Receipts

Issued

1 Jan.

600 × 20 = 12,000

2 Feb.

200 × 24 = 4,800

15 Feb.
1 April

15 June

-

600 × 20] 12,000
600 × 20
200 × 24

-

-

200 × 20

16,800

400 × 20
4,000 200 × 24 12,800
400 × 20
200 × 24
300 × 30

300 × 30 = 9,000

15 April

1 June

Balance

400 × 20

200 × 24
300 × 30 25,800
300 × 40

300 × 40 = 12,000

-

200 × 20
8,000 300 × 30 13,800

200 × 24
150 × 30 9,300

150 × 30
300 × 40 16,500

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Sales = (200 × 30) + (400 × 40) + (350 × 50) = 6,000 + 17,500 = $39,500
Cost of Sales = 4,000 + 8,000 + 9,300 = $21,300

Profit = 39,500–21,300=$18,200

Stock of Sales (Assumption : Lifo)
Date

Receipts

Issued

1 Jan.

600 × 20 = 12,000

-

600 × 20 12,000

1 Feb.

200 × 24 = 4,800

-

600 × 20
200 × 24 12,000

15 Feb.
1 April

200 × 24

15 June

4,800

-

300 × 30
100 × 20 11,000

12,000

500 × 20 10,000
500 × 20
300 × 40 22,000

300 × 40 = 12,000

-

600 × 20
600 × 20
300 × 24 21,000

300 × 30 = 9,000

15 April

1 June

Balance

300 × 40
100 × 20 13,000

45 × 20

9,000

Sales = $39,500 Cost of Sales = 4,800 + 11,00 + 13,000 = $28,800
Profit = 39,800 – 28,800 = $ 10,700

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