Help with accounting homework

Homework1

Copyright © 2014-2015 Homework1.com, All rights reserved

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: [email protected]

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/

https://homework1.com/

mailto:[email protected]

https://www.facebook.com/homework1com

https://www.linkedin.com/in/homework1

https://twitter.com/homework1_com

https://plus.google.com/118210863993786098250/

https://www.pinterest.com/homeworkone/

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 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 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

https://homework1.com/accounting-homework-help/

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

Homework1


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

Homework1


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

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 -

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

Homework1


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

Homework1


Sundry Creditors 10,000 Sundry Debtors

3,000

Outstanding Commission Prepaid Insurance 75

to Manager 50,925 50,925

Education

Help with accounting homework