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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
Homework1
$
Total Subscription received in 1999
24,280
1,500
22,780
1,420
24,200
820
25,020
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
1,500
22,780
1,420
24,200
21,60
22,040
1,060
23,100
Homework1
Illustration:2 Show the following items in the Income and Expenditure Account and
the Balance Sheet of a Sports Club:
$
(i)
(ii)
Homework1
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 for Sports Fund
Less : Expenses on Sports Events in 1999
Prizes Awarded in 1999
Assets Side
7,000
2,000
50,000
9,000
20,000
15,000
59,000
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
200
30,625
875
Discount earned
300
15,000
Discount allowed
50
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
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
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
Managers Commission
(See Working Note)
Net Profit transferred to
Capital Account
2,250
400
3,70,000
Trading Account
11,350
(Gross Profit)
Discount earned
150
Dividends received 300
Rent earned (Rental
Value of housing facilities)
250
1,446
7,229
12,050
12,050
Capital
15,000
34,250
7,229
41,479
Less : Drawings
3,600
(Goods to son)
30,625
Asset
Less : Depreciation
Furniture
4,000
Less : Depreciation
2,000 39,749
Stock in Trade
400
Homework1
Sundry Creditors
3,000
10,000
Outstanding Commission
to Manager
Sundry Debtors
Prepaid Insurance
50,925
75
50,925