Accounting assignment help

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 𝑠/𝑐𝑛

=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


Balance c/d

31 December 1997


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

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