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About
Accounting
Assignment:
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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
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
Cash
31-3-1993
31-3-1993
Balance c/d
$
1,100
35,400
500
1,500
37,000
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
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
11,400
1,600
Office Furniture
20,000
Investments Purchased
30,000
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
17,000
20,800
Societies
14,000
5,400
Add : Outstanding
2,000
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
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
5,600
Investments 5%
received in advance
land in arrear
Stock of Refreshment
520
Creditors for
530
refreshment supplied
400
200
250
380
Receipts
Payments
530
Rent of land
1,000
Subscriptions
7,250
Wages
Sale of refreshments
4, 150
Purchase of Sports
1,550
Equipment
1,200
Investment interest
100
Purchase of refreshments
2,140
Dance expenses
760
Secretarys expenses
720
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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Solution:
Young Spots Club
Income and Expenditure Account For the Year Ended 31-12-1999
Expenditure
Rent
Income
1,000
Subscriptions
Add : Outstanding
7,250
750
Wages
in 1998
1,000
3,500
200
Refreshments :
Sale of Refreshments
4,150
1,550
720
7,050
6,800
760
Secretarys expenses
400
7,450
Less : Due in 1998
3,700
200
Interest on Investments
100
300
500
12,600
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