Accounting assignment help service

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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 Service 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 Service Questions:
Depreciation Sample Questions
Question-1:
Mr. X purchased a second-hand machinery on 1.2.1996 for $50,000l; paid $11,000 for its
overhauling and $5,000 for its installation which was completed by 31.3.1996, The company
providers depreciation on its machinery at 15% p.a. on diminishing balance method from
the date it was put to use and closes to books on 31 December every year. On 1.10.1997, a
repair work was carried out on the machine and $31.10.1998 for a sum of $11,000 and an
amount of $1,000 was paid as dismantling charges. Prepare Machinery Account from 1996
to 1998.
Solution:
Mr.x
Machinery Account

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1996 $ 1996 December 31 Depreciation $
February Cash 50,000 (15% for 9 months) 7,425
March 31 Cash December 31 Balance c/d
66,000 58,575
1997 1997 66,000
January 1 Balanced b/d58,575 December 31 Depreciation
December 31 Balance c/d 8,786
49,789
58,575 58,575
1998 1998 6,223
January 1 Balanced b/d 49,789 October 31 Depreciation
Cash 1,000 (@ 15% for 10 months)
Cash Account
Profit and Loss Account 11,000
33,566
50,789 50,789
(i) Repair cost is not be capitalized since there is no improvement in the capacity of the
machine.
(ii) Cost of dismantling is to be deducted from the sale price for ascertaining profit or loss
on the disposal of machine.

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Question-2:
A transport company purchases 5 Trucks at $2,00,000 each – on April 1992. The company
writes deprecation @ 20% per annum on original cost and observes calendar year as its
accounting year. On 1 October 1994 one of the trucks is involved in an accident and is
completely destroyed. Insurance company pays rs, 90,000 in full settlement of the claim.
On the same day the company purchases a truck for $1,00,000 and spends $20,000 on its
overhauling. Prepare Truck Account for three years ending on 31 December 1994.

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Solution:
Transport Company
Trucks Account
1 April 1992 $ 31 December 1992 $
Bank Account 10,00,000 Depreciation Account 1,50,000
Balance c/d 8,50,000
10,00,000 10,00,000
Page no.60
1 January 1993 31 December 1993
Balanced 8,50,000 Depreciation Account 2,00,000
1 January 1994 8,50,000 Balance c/d
6,50,000

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Question-3:
A trader has the following transactions in a certain product for six months to 30 june 1996.
January 1-Purchase 600 items at $20 each
February 2- Purchase 200 items at $24 each
February 15 – Sells 200 items at $30 each
April 1 – Purchases 300 items at $30 each
April 15 – Sells 400 items at $40 each
June 1 – Purchase 300 items at $40 each.
June 15 – Sells 350 items at $50 each.
Required
(i) Compute the gross profit earned during the period and
(ii) Compute the value of the closing stock at June 30, 1996 using each of the following
alternatives bases of valuation
(a) Fifo (b) Lifo (c) Weighted Average Method.
Solution:
Stock Ledger Sheet (Assumption: Fifo)
Date Receipts Issued Balance
1 Jan. 600 × 20 = 12,000 - 600 × 20] 12,000
2 Feb. 200 × 24 = 4,800 -
600 × 20
200 × 24 16,800
15 Feb. - 200 × 20 4,000
400 × 20
200 × 24 12,800
1 April 300 × 30 = 9,000
400 × 20
200 × 24
300 × 30
15 April 400 × 20 8,000
200 × 20
300 × 30 13,800
1 June 300 × 40 = 12,000
200 × 24
300 × 30
300 × 40
25,800
15 June -
200 × 24
150 × 30 9,300
150 × 30
300 × 40 16,500

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Sales = (200 × 30) + (400 × 40) + (350 × 50) = 6,000 + 17,500 = $39,500
Cost of Sales = 4,000 + 8,000 + 9,300 = $21,300 Profit = 39,500–21,300=$18,200
Stock of Sales (Assumption : Lifo)
Date Receipts Issued Balance
1 Jan. 600 × 20 = 12,000 - 600 × 20 12,000
1 Feb. 200 × 24 = 4,800 -
600 × 20
200 × 24 12,000
15 Feb. 200 × 24 4,800 600 × 20 12,000
1 April 300 × 30 = 9,000
600 × 20
300 × 24 21,000
15 April -
300 × 30
100 × 20 11,000 500 × 20 10,000
1 June 300 × 40 = 12,000
500 × 20
300 × 40 22,000
15 June -
300 × 40
100 × 20 13,000 45 × 20 9,000
Sales = $39,500 Cost of Sales = 4,800 + 11,00 + 13,000 = $28,800
Profit = 39,800 – 28,800 = $ 10,700

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