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Sample of Accounting Homework Illustrations and Answers:

Illustration:1

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.

The accounts of a Social Club are made annually as at 31 December. At

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 :

in the Income and Expenditure Account would, then, be : Total subscriptions received in 1999 Less

Total subscriptions received in 1999

Less : Arrear of subscriptions received for 1998 in 1999

Add : Subscriptions received in advance for 1999 in 1998

Less : Subscriptions received in advance for 2000 in 1999

Add : Subscriptions in arrear for 1999

Add : Subscriptions in arrear 1999

$

24,280

1,500

22,780

1,420

24,200

21,60

22,040

1,060

23,100

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Homework1 Illustration:2 Show the following items in the Income and Expenditure Account and the Balance Sheet
Illustration:2 Show the following items in the Income and Expenditure Account and the Balance Sheet
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
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
7,000
15,000
20,000
(ii)
Donations received for the construction for a
Community Hall in 1999
Expenditure incurred up to 31 December
Total estimated cost
8,66,000
5,56,716
15,00,000

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Solution:

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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 Sports Equipment

2,000

20,000 72,000
20,000
72,000

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Illustration:3

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 :

From the following Trial Balance of Shri Goyal, prepare Trading and

Trial Balance As on 31 December 1996

Debit Credit $ $ Sales - 3,70,000 Purchases (Adjusted) 3,49,600 - Wages 10,450 - Capital
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:

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Shri Goyal Trading and Profit Loss Account For the Year On 31 December 1996

$ $ Purchases Less : Drawings Wages Add : Contribution to National Insurance : 3,49,600
$
$
Purchases
Less : Drawings
Wages
Add : Contribution to
National Insurance :
3,49,600
Sales
3,70,000
2,000
3,47,600
10,450
by Employer
75
by Employers
75
10,600
Add : Rental value of the
housing facilities
250
10,850
200
Carriage Inwards
Profit and Loss Account
(Gross Profit)
11,350
3,70,000
3,70,000
Carriage outwards
Lighting
Rates and Insurance
Less : Prepaid
Discount allowed
250
Trading Account
11,350
300
200
150
75
125
(Gross Profit)
Discount earned
Dividends received
Rent earned (Rental
Value of housing facilities)
300
50
250
Depreciation on :
Plant and Machinery
Furniture
Manager’s Commission
(See Working Note)
Net Profit transferred to
Capital Account
2,250
400
1,446
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 2,250 12,750

7,229

 

Less : Depreciation

 

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

Prepaid Insurance 75 to Manager 50,925 50,925 Copyright © 2014-2015 Homework1.com, All rights reserved
Prepaid Insurance 75 to Manager 50,925 50,925 Copyright © 2014-2015 Homework1.com, All rights reserved

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