Help With Accounting Homework

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Help With Accounting Homework | Accounting Homework Help Online

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About Us:  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 don’t 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 24×7 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  offer help with accounting homework  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:  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

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$ 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 subscripti ons received in 1999

24,280

subscriptions ons received for 1998 in 1999 Less : Arrear of subscripti

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

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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 15% Sports Fund Investments (Face value $ 60,000) Interest received on Sports Fund Investments Expenses on Sports Events during 1999 Purchases of Sports Equipment during 1999 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 Expenditure incurred up to 31 December

50,000 50,000 7,000 15,000 20,000

Total estimated cost

15,00,000

8,66,000 5,56,716

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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 Received for Sports Sports Fund Less : Expenses on Sports Events in 1999 Prizes Awarded in 1999

50,000 7,000 2,000

9,000 20,000

15,000

 Assets Side Side

15% Sports Fund Investments (Face ( Face value $ 60,000) 50,000 50,000   Accrued Interest thereon 2,000 Sports Equipment 20,000 72,000

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59,000

 

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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

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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

$ 3,70,000

Sales 3,47,600

75 75 10,600

 Add : Rental value of the housing facilities

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 Manager’s Commission  Commission  (See Working Note) Net Profit transferred to Capital Account

3,70,000 Trading Account 11,350 (Gross Profit)

Discount earned 150 Dividends received 300 Rent earned (Rental Value of housing facilities) faciliti es)

250

2,250 400 1,446

7,229 12,050

12,050

Balance Sheet As on 31 December 1996 Liabilities

Capital  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)

Asset

Less : Depreciation

Furniture

4,000

Less : Depreciation  400

2,000 39,749

Stock in Trade

30,625

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Sundry Creditors 3,000

10,000

Outstanding Outstandin g Commission to Manager

Sundry Debtors

Prepaid Insurance 50,925

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75 50,925

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