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1. Accounting Assignment Help | Accounting Homework Help
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About Accounting: Etymologically the term accountancy is derived from French word “Compter ». Accountancy is the process used by business organizations for keeping the financial records. Accountancy as a discipline has evolved over the years on a set of norms called concepts and conventions. The principles of accountancy are applied to the process of book- keeping, accounting and auditing. The history of Accountancy can be traced to the ancient Mesopotamia some 7000 years ago. The need for accounting at that time began with the need to keep a record of the crops and the cattle. Gradually when man evolved the system of business after the barter system the concept of accounting also evolved with money as the basis of record keeping. Accounting assignment help in the present times is called the language of money. The developments of different types of businesses have led to the growth accounting. The Joint Stock Company and its robust form of operation has given birth to monitoring of the accounts being maintained. Thereby another school of study called auditing has been added to accounting. A body of rules and regulations are present to govern the subject. These are Generally Accepted Accounting Principles, or GAAP, International Financial Reporting Standards, or IFRS. Sample Accounting Assignment Help Questions: Depreciation Sample Questions Q 1. National Traders bought a piece of land in order to build a factory for $4,00,000 on 1 January 20x1. There was on old factory on the site which cost $17,200 to demolish although some materials were salvaged and sold for $7,600. Architect’s fees were $17,400 plus $800 for civic charges. The building contractor was paid $19,00,000 as the contract price but $24,000 paid for leveling the site before building commenced. After the building was completed, a landscape gardener was paid $12,400 and a car park was constructed at a cost of $16,000. Outside lighting cost $6,400 and a few weeks after the building was occupied it was decide to build a wall at the rear of the plot for $11,600. Interim payments were made during construction to the builder. Determine the cost of the land and cost of the building.

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Solution: National Traders Calculation of cost of land and building
Land Amount paid Add: Cost of demolishing Factory Less: Materials salvaged and sold
$ 17,200 7,600 _________
$ 4,00,000 9,600 ______ 4,09,600
Cost of Building $ Architect’s fees 17,400 Civic charges 800 Contract price 19,00,000 Leavelling the land 24,000 Payment to landscape gardener 12,000 Construction of car park 16,000 Lighting 6,400 Wall construction 11,600 _________________________________________________________________________ Total 19,88,600
Q 2. A firm acquired an asset on 1 January 20*01 at a cost of $30,000. The asset has 10 year life at the end of which it is expected to realize $2,000. What would be the depreciation for the first three years: (a) on a straight line basis? (b) on a diminishing balance basis? Solution: $ Original Cost 30,000 Less: Expected salvage value at the end of 10 years 2,000 ___________ Depreciable cost over 10 years 28,000 (a) Straight Line Method Depreciable expense per year 28,000/10 = $ 2,800 Thus depreciation fir three years: 2,800x3=$8,400

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(b) Diminishing Balance Method Lets us first calculate the rate of depreciation: r=1 푠/푐푛 =1 - 2,000/30,00010 =1 -10 0.0666 =1 – 0.763*100=23.7% rounded to 24% $ Original cost of the asset 30,000 Less: Depreciation-year 1@ 24% 7,200 __________ 22,800 Less: Depreciation-year 1@ 24% 5,470 ___________ 17,330 Less: Depreciation - year 3 @ 24% 4,160 _________ 13,170 Total Depreciation=$7,200+$ 5,470+$ 4,160= $16,830 Q 3. John Mike purchased a machine by cheque for $28,000 on 1 January 1995. Its probable working life was estimated at eight years and its scrap value at the end of probable working life was estimated at eight years and its scrap value at the end of that time $ 4,000. It was decided to write off depreciation by equal annual instalments over the years .Show the machinery account for the first four years Solution: John Mike Machinery Account
1 January 1995 Bank account
$ 28,000
31 December 1995 Depreciation account
$ 3,000

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Working Note Original cost 28,000 Less: Salvage value 4,000 ____________ 24,000 Annual depreciation by equal instalments: 24,000 ÷8= $3,000
1 January 1996 Balance b/d 1 January 1997 Balance b/d
28,000
Balance c/d 31 December 1996 Depreciation account Balance c/d 31 December 1997 Depreciation account Balance c/d 31 December 1998 Deprecation account Balance c/d
25,000
28,000
3,000 22,000
25,000
25,000
25,000
22,000
3,000 19,000
22,000
22,000
1 January 1999 Balance b/d
19,000
3,000 16,000
19,000
19,000
16,000