Tutorhelpdesk Copyright © 2010-2016 Tutorhelpdesk.com
Accounting Assignment Help Online
Tutorhelpdesk David Luke Contact Us: Phone: (617) 807 0926 Web: http://www.tutorhelpdesk.com Email: - info@tutorhelpdesk.com Facebook: https://www.facebook.com/Tutorhelpdeskonline/ Twitter: http://twitter.com/tutorhelpdesk Blog: http://tutorhelpdesk.blogspot.com/
Tutorhelpdesk
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 management’s 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 things
simple
we
have
introduced
our
accounting
assignment help online service which takes care of any assignment problem.
It’s a
streamlined approach to help students learn accounting and understand how a problem is solved. We provide accounting assignment help in financial statements; cost behaviour analysis, sensitivity analysis. job costing, overheads, depreciation, process costing, activity-based costing, inventory valuation, budgeting etc. We provide basic to advance accounting assignment help for all students starting from high school to post graduate level. This covers management accounting, financial accounting and cost accounting. For more help with accounting assignments you can simple upload your task with all necessary details on our website. 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 (ii) Subscriptions received in advance at 31 March 1992 for 1992-93 (iii) Total Subscriptions received during 1992-93 (Including $ 400 for 1991-92 , $ 1200 for 1993-94 and $ 300 for 1994-95) (iv)Subscriptions outstanding for 1992-93
Copyright © 2010-2016 Tutorhelpdesk.com
500 1,100
35,400 400
Tutorhelpdesk
Solution: Subscriptions Account 1-4-1992
$
Balance b/d
500
1-4-1992 Balance b/d
Income and Expenditure
Cash
Account (Balancing Figure)
31-3-1993
31-3-1993 Balance c/d
Balance c/d (400 + 100)
$ 1,100 35,400
500
1,500 37,000
Copyright © 2010-2016 Tutorhelpdesk.com
37,000
Tutorhelpdesk
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 Or Paid
Outstanding on 31 March 1999
$
$
46,000
-
Societies
14,000
2,000
Life Subscriptions (10 years)
20,000
-
Gifts received
30,000
-
Interest received
1,600
-
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
-
Subscriptions from members Subscriptions from affiliated
Committee expenditure:
Copyright Š 2010-2016 Tutorhelpdesk.com
Tutorhelpdesk
Solution: Central Sports Society Income and Expenditure Account For the Year Ending 31 March 1999 Expenditure
$
Committee Expenditure
Income
$
Subscriptions from Members
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
Printing Postage and
Life Subscription
46,000
16,000 2,000
(1/10 of $ 20,000) Stationery (11,400 + 1,600)
13,000
Excess of Income Over Expenditure
Gifts Received Interest Received
30,000 1,600
39,400 95,600
Copyright Š 2010-2016 Tutorhelpdesk.com
95,600
Tutorhelpdesk
Question 3: The financial position of Young Sports Club at 31 December 1998 showed the following: Premises (at cost)
40,000
subscriptions in arrears
Furniture valued at cost
5,600
Subscriptions for 1991,
Investments 5%
received in advance
Government Stock (at cost) 2,000
One quarter’s rent of
Sports Equipment valued at 2,000
land in arrear
Stock of Refreshment
520
Creditors for
Cash and Bank Balance
530
refreshment supplied
400
200
250
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
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
Secretary’s expenses
720
Investment – 5% Govt. Stock
1,000
Balance c/d
3,260
13,580
3,500
13,580
You are required to prepare the Club’s income and expenditure account for the year ended 31 December 1999 and a balance sheet at that date, after taking into account the following points: (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. Copyright © 2010-2016 Tutorhelpdesk.com
Tutorhelpdesk
(vi)Subscriptions received during 1999 include $ 250 subscriptions in advance.
Solution: Young Spots Club Income and Expenditure Account For the Year Ended 31-12-1999 Expenditure Rent
$
Income
1,000
Less : Outstanding for 1998
Subscriptions
Add : Outstanding for 1999 250
Add : Outstanding
7,250
250 1,000 Add : Received in advance
750
Wages
$
in 1998 1,000
3,500 200
Refreshments :
Sale of Refreshments
4,150
Sale of Dance tickets
1,550
720
Depreciation on Sports equipment
7,050 6,800
760
Secretary’s expenses
400
2,280 Less : Advance for 2000 250
(520 + 2,140 – 380) Dance expenses
7,450 Less : Due in 1998
3,700
200
Interest on Investments
100
300
(2,000 + 1,200 – 2,900) Depreciation on Furniture
500
Excess of Income over Expenditure 3,340 12,600
Copyright © 2010-2016 Tutorhelpdesk.com
12,600
Tutorhelpdesk
Copyright © 2010-2016 Tutorhelpdesk.com