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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 $1,060.
Solution:
Social Club
Calculation of the Amount of Subscriptions to be Posted to Income and
Expenditure Account for the Year Ended 31-12-1999
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$
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 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
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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) 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
(ii) 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
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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 50,000 Add : Interest Received on Sports Fund Investments 7,000 Accrued Interest 2,000 9,000 Add : Donations Received for Sports Fund 20,000 Less : Expenses on Sports Events in 1999 15,000 Prizes Awarded in 1999 59,000 Assets Side 15% Sports Fund Investments (Face value $ 60,000) 50,000 Accrued Interest thereon 2,000 Sports Equipment 20,000 72,000
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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 -
Rates and Insurance (including premium of $ 150
p.a. paid up to 30 June 1997) 200 -
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 3,49,600 Sales 3,70,000 Less : Drawings 2,000 3,47,600 Wages 10,450 Add : Contribution to National Insurance : by Employer 75 by Employers 75 10,600 Add : Rental value of the housing facilities 250 10,850 200 Carriage Inwards 11,350
Profit and Loss Account (Gross Profit) 3,70,000 3,70,000 Carriage outwards 250 Trading Account 11,350 Lighting 300 (Gross Profit) Rates and Insurance 200 Discount earned 150 Less : Prepaid 75 125 Dividends received 300 Discount allowed 50 Rent earned (Rental
Value of housing facilities) 250 Depreciation on : Plant and Machinery 2,250 Furniture 400 Manager’s Commission 1,446 (See Working Note) Net Profit transferred to Capital Account 7,229 12,050 12,050
Balance Sheet As on 31 December 1996
Liabilities $ Asset $
Capital 34,250 Plant and Machinery
15,000
Add : Net Profit 7,229 Less : Depreciation
2,250 12,750
41,479 Furniture 4,000
Less : Drawings Less : Depreciation 400
3,600
(Goods to son) 2,000 39,749 Stock in Trade
30,625
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Sundry Creditors 10,000 Sundry Debtors
3,000
Outstanding Commission Prepaid Insurance 75
to Manager 50,925 50,925