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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 managements
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
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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

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500
1,100

35,400
400

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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

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37,000

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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:

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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

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95,600

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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 quarters 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

Secretarys 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 Clubs 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.
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(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

Secretarys 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

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12,600

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