Following informations were obtained from the books of Dignity Foundation Recreation Club as on 31-3-2015. At the end of the first year of the club you are asked to prepare Receipts and Payments Account, Income and Expenditure Account for the year ended 31-3-2015 $ 1,00,000 (i) Donations received for building and library (ii) Other revenue income and actual receipts : Revenue Income 2$ Actual Receipts $ 20,000 16,000 800 Entrance Fees Subscription Locker Rent Sundry Income Refreshment Account (iii) Other revenue expenditure and actual payments: 20,000 17,000 800 1,400 860 20,000 Actual Payments $ 10,000 1,30,000 5,800 2,000 6,000 12,000 Revenue Expenditure $ Land (Cost $10,000) Furniture (Cost $1,46,000) Salaries Maintenance of Club Rent Refreshment Account Donations to the extent of $ 12,500 were utilised for the purchase of library books, balance was still 6,000 3,000 6,000 unutilised. In order to keep it safe, 9% Government bonds of $ 80,000 were purchased on 31-3-2015. Remaining amount was put in the bank on 31-3-2015 under the term deposit. Depreciation at 10% p.a. was to be provided for the whole year on Furniture and Library Books.

Following informations were obtained from the books of Dignity Foundation Recreation Club as on 31-3-2015. At the end of the first year of the club you are asked to prepare Receipts and Payments Account, Income and Expenditure Account for the year ended 31-3-2015 $ 1,00,000 (i) Donations received for building and library (ii) Other revenue income and actual receipts : Revenue Income 2$ Actual Receipts $ 20,000 16,000 800 Entrance Fees Subscription Locker Rent Sundry Income Refreshment Account (iii) Other revenue expenditure and actual payments: 20,000 17,000 800 1,400 860 20,000 Actual Payments $ 10,000 1,30,000 5,800 2,000 6,000 12,000 Revenue Expenditure $ Land (Cost $10,000) Furniture (Cost $1,46,000) Salaries Maintenance of Club Rent Refreshment Account Donations to the extent of $ 12,500 were utilised for the purchase of library books, balance was still 6,000 3,000 6,000 unutilised. In order to keep it safe, 9% Government bonds of $ 80,000 were purchased on 31-3-2015. Remaining amount was put in the bank on 31-3-2015 under the term deposit. Depreciation at 10% p.a. was to be provided for the whole year on Furniture and Library Books.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
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