Following is the receipts and Payments Account of Star club for the year ended March 31st 2013: Receipts Payments $ 4,400 By Salaries 46,100 By Rent 2,500 By Printing and Stationery 12,000 By Expenses on Charity Show 6,000 By Tourmament Expenses 20,000 By Investments purchased By Furniture 5,200 By Balance c/d on 31-3-2013 18,200 15,000 7,300 16,100 7,500 To Balance b/d on 1-4-201:2 To Subscriptions To Interest To Tournament Fund To Donation To Donation for Building e:ctension To Receipts from advertisement 10,000 6,000 16,100 in the year book 96,200 96,200 Subscriptions outstanding on 31st March, 2012 were $ 4,500 and on 31st March, 2013 were $ 6,000. Rent outstanding at the beginning of the year was $1,000 and in the end was $ 1,500. Furniture was purchased on 1st July, 2012. On 1st April, 2012 the Club had Furniture valued $ 8,000 and Investments valued $ 15,000. Prepare Income and Expenditure A/c for the year ended 31st March, 2013 and a Balance Sheet as at that date, after depreciating furniture by 10% p.a.

Following is the receipts and Payments Account of Star club for the year ended March 31st 2013: Receipts Payments $ 4,400 By Salaries 46,100 By Rent 2,500 By Printing and Stationery 12,000 By Expenses on Charity Show 6,000 By Tourmament Expenses 20,000 By Investments purchased By Furniture 5,200 By Balance c/d on 31-3-2013 18,200 15,000 7,300 16,100 7,500 To Balance b/d on 1-4-201:2 To Subscriptions To Interest To Tournament Fund To Donation To Donation for Building e:ctension To Receipts from advertisement 10,000 6,000 16,100 in the year book 96,200 96,200 Subscriptions outstanding on 31st March, 2012 were $ 4,500 and on 31st March, 2013 were $ 6,000. Rent outstanding at the beginning of the year was $1,000 and in the end was $ 1,500. Furniture was purchased on 1st July, 2012. On 1st April, 2012 the Club had Furniture valued $ 8,000 and Investments valued $ 15,000. Prepare Income and Expenditure A/c for the year ended 31st March, 2013 and a Balance Sheet as at that date, after depreciating furniture by 10% p.a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dlustrat following is the Receipts & Payments account of Urja Club for the year ending on 31st March, 2018: 56 Receipts & Payments Account Receipts Amount Payments Amount ing ure Balance b/d 2,500 Salary Subscription: 2,400 Advertisement 400 Furniture 3,500 Investment 600 Newspaper 2016-17 950 2017-18 2,300 2018-19 1,600 レ 60 Donations 460 Fixed deposit 10% Entrance Fee 2,540 (1 October, 201 Sale of old machine cost price 2,500 Balance 790 500 600 10,600 10,600 Adjustments : (a) Total members of the club are 450, each pays 10 as subscription. (b) Salary is paid 250 per month. (c) Furniture is to be depreciated by 5%. Prepare Income & Expenditure Account. 9450 x 10 = 4500 360 0 45
A partial alphabetized list of adjusted account balances for Christmas Tours as at November 30, 2020, is shown (all accounts have normal balances): Accounts payable - 41,000 Accounts receivable - 19,000 Accumulated depreciation, furniture - 4,100 Accumulated depreciation, vehicles - 15,800 Cash - 7,200 Copyright- 9,000 Notes payable - 14,000 Notes payable 2 - 21,600 Notes receivable - 20,500 Furniture - 6,500 Prepaid insurance - 4,600 Prepaid rent - 9,000 Salaries payable - 12,100 Supplies - 2,250 Unearned revenue - 23,000 Vehicles - 64,000 Note: $10,000 of Notes payable 2 is to be paid by November 30, 2021. $7,500 of the notes receivable is to be collected by November 30, 2021. Required: When preparing a classified balance sheet, what would the total of Property, Plant and Equipment be? Select one: a. 50,600 b. 110,900 c. 90,400 d. 122,150 O O O 0
IV. Following is the Receipt and Payment Account of Bangkok Sports Club; prepare the Income Statement and Expenditure Account and Balance Sheet as on 31st December 2021. Receipts Balance b/d Subscriptions Life Membership Fee Entrance Fee Tournament Fund Receipt and Payment Account for the year ending December 31 2021 Locker Rent Sale of old sports (costing B2200) Sale of Old Newspaper Legacy Financial Ratios of 2020: Current Ratio Quick Ratio Amount (in B) 7890 52000 2200 3200 26000 1250 2500 750 37500 Contribution Ratio Programme Expenses Ratio Debt Assets Ratio Days of liquid net asset 133290 Payments Salary Electric charges Billiard Table Office Expenses Printing and Stationery Tournament Expenses Repair of ground Furniture purchased Sports Equipment Cash in hand Cash at Bank Fixed Deposit (on 1.10.2021 for 10% p.a) Amount (in B) Other Information: 1.Subscription outstanding on 31st December 2020 $ 1200 on 31st December 2021 $ 3200 2. Locker Rent outstanding on 31st December 2021…
Recreational Active Club was established in 2021 to handle recreational activities for Taiping residents. The following information is related to the club: 1 Jan 2022 31 December 2022 1 Jan 31 Dec hbo Additional information: Chapter 1 Balance b/d Entrance fees Members fees: 2021 2022 2023 Contest fees Required: Prepare, Stationeries Accrual (RM) O 3,696 3,780 O Recreational Active Club Receipts and Payments Account for the year ended 31 December 2022 7,595 Stationeries 3,894 Salaries 462 Sport equipment Utilities Accrued Member Fees (RM) 16,860 663 4,686 34,160 462 546 On 1 January 2022, the club owned the following assets: Sports equipment RM9,000 Furniture RM2,970 O Office Equipment RM6,148 . Sports equipment in 1 January 2022 will be depreciated 10% per year. Utilities Payable (RM) 561 528 Rent Balance c/d 4,719 6,072 3,800 4,587 6,930 8,052 34,160 a. Income and expenditure account for the year ended 31 December 2022. b. Statement of financial position as at 31 December 2022. 17…
The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2019 Assets Current assets: Cash and Cash Equivalents $ 485,400 Accounts and notes receivable (net of uncollectible accounts of $17,500) 28,200 Inventory 98,200 Total current assets 611,800 Assets limited as to use: Cash $ 18,840 Investments 237,720 Total assets limited as to use 256,560 Property, plant, and equipment: Land 218,600 Buildings (net of accumulated depreciation of $1,624,700) 2,901,500 Equipment (net of accumulated depreciation of $1,026,200) 1,862,200 Total property, plant, and equipment 4,982,300 Total assets $ 5,850,660…
A sport club provided the following information Subscription paid in 400 advance at the start of the year . Total subscription 3,600 received during the year Subscription paid in 500 advance at the end the year. Which amount would appear as subscription in the income and expenditure account?
The following balances remained in Bop’s books after the preparation of the income statement for the year ended 30th April 2016. The profit for the year was $8650. $ Machinery 100 000 Trade receivables 9 420 Motor vehicle 12 000 Cash 50 Equipment 31 000 Inventory (1.5.15) 11,000 Inventory (30.4.16) 12 650 Capital 120 000 Bank overdraft 13 270 Drawings 7 100 Trade payables 10 300 Bank Loan 20 000 Prepare a statement of financial position at 30th April 2016.
The treasurer of Manchester United Football Club has prepared a receipts and payments statement. Unam Football Club Receipts and Payments Statement for the year ended 31 December 2019 Receipts Payments Bank balance 01.01.2018 1 000 Payment for bar supplies 5 250 Subscription : Wages: Groundsman 2450 2018 arrears 350 Wages: Barman 2100 2019 18450 Bar expenses 1720 2020 in advance 220 Repairs to stand seat 1125 Bar sales 10,500 Ground maintenance 1360 Donations received 480 Secretary's expenses 1520 Transport Expenses 2640 Telephone Expenses 3650 Bank Balance 31.12.2019 9185 31000 31000 Notes: 31.12.2018 31.12.2019 1. $ $ Bar Inventory 2 550 3 250 Bar Supplies – Owing 1 880 1 950 Bar Expense…
Below are accounts were taken from the books of Enrique Hill Cross School Security Services for April. Given the following data. School Security Income P 380,000.00 Salaries Expense P 55,000.00 Rent Expense P 18,000.00 Utility Expense P 12,000.00 Supplies Expense P 10,000.00 Accounts Payable P 25,000.00 How much is the total income of Enrique Hill Cross School Security Services for the month of April? O a. P 38,000.00 O b. P 405,000.00 O c. P 355,000.00 O d. P 380,000.00
Given below is the opening Balance sheet and Receipts and Payments account of Majan Club for the year ending 31st December 2020. Balance Sheet as on 31st December 2019 (Opening Balance Sheet) Liabilities OMR Assets OMR Salary outstanding 2,500 Cash in hand 2,100 Capital fund (Balancing figure) 71,100 Subscriptions outstanding 4,500 Investments 15,000 Furniture 12,000 Sports equipments 40,000 73,600 73,600 Receipts and Payments account Receipts OMR Payments OMR Balance b/d 2,100 Rent 9,500 Subscriptions 56,800 Salaries 25,000 Interest 400 Sundry expenses 3,500 Donation(General purpose) 6,000 Investment purchased 25,000 Donation for building fund 55,000 Newspapers 800 Miscellaneous receipts 620 Sports equipments purchased on 30-06-2020 30,000 Sale of old newspapers 200 Balance c/d 27,320 121,120 121,120…
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
College Spirit sells sportswear with logos of major universities. At the end of 2019, the followingbalance sheet account balances were available.Accounts payable $104,700Accounts receivable 6,700Accumulated depreciation 23,700Bonds payable 180,000Cash 13,300Common stock 300,000Furniture 88,000Income taxes payable $ 11,400Inventory 481,400Long-term investment 110,900Note payable, short-term 50,000Prepaid rent (current) 54,000Retained earnings, 12/31/2019 84,500Required:1. Prepare a classified balance sheet for College Spirit at December 31, 2019.2. Compute College Spirit’s working capital and current ratio at December 31, 2019.3. CONCEPTUAL CONNECTION Comment on College Spirit’s liquidity as of December 31,2019.