From the following Receipts and payments Account of a Club and from the information supplied prepareIncome and Expenditure Account for the year ended 31* March, 2015 and the Balance Sheet as on thatdate:RECEIPTS AND PAYMENTS ACCOUNT2$7,000 By Tournament ExpensesFurnitureCurtainsCrockery purchased1,100To Balance b/dDonation for BuildingGeneral DonationsLegacies (to be capitalised)8,0002002,0008006,0001,000To Sale of Old Furniture (cost $ 80)Endowment Fund ReceiptsSale of NewspapersSale of Sports Material* Rent received from use of Hall- Advertisement in the year book• Proceeds of Concerts75 By Sporta Material10,000400801,200SalariesHonorarium1,3002,6008,000Charities1,500Advertisements250Rent and TaxesAdvance against constructionof BuildingCost of EntertainmentPayment to Creditors of last yearElectric Installation ExpensesLibrary BooksNewspapersPostageBar Expenses including Purchases7% Investments purchasedon 1st October, 20144001,4001,200Subscriptions2013-142014-1560014,0008005,0001,4504003.0008001,3002015-16Tournament Fund15,4001,5007001,60010,000Balance7,85551,75551.755Information :(a) Balance on 31st March, 2015 Sports Material $ 100; Bar Stock $ 120 ; Postage $ 20; Crockery $ 2,000.(b) Subscription outstanding on 31st March, 2015 was $ 700. (c) Salary outstanding on 31st March, 2015was $ 50. (d) Salary paid included $ 80 paid for 2013-14 and $ 10 for 2015-16. (e) Investments includedinvestments out of Building Donations $ 8,000. (f) Depreciate crockery on the following basis :1/5 of their value is to be written off in the year of purchase and 2/5th in each the stock of the next twoyears. Of the stock of crockery as on 1-4-2014 ( $ 2,000) one-half was one year old and the other halftwo years old.

Non-for-profit organizations are formed to render services to society. The purpose of such…

From the following Receipts and payments Account of a Club and from the information supplied prepare Income and Expenditure Account for the year ended 31" March, 2015 and the Balance Sheet as on that date: RECEIPTS AND PAYMENTS ACCOUNT To Balance b/d Donation for Building General Donations * Legacies (to be capitalised) 7,000 By Tournament Expenses Furniture Curtains Crockery purchased 1,100 2,000 800 1,000 8,000 200 6,000 To Sale of Old Furniture (cost s80) Endowment Fund Receipts Sale of Newspapers Sale of Sports Material Rent received from use of Hall Advertisement in the year book Proceeds of Concerts Subscriptions : 2013-14 75 |By Sports Material 10,000 Salaries Honorarium Charities Advertisements Rent and Taxes Advance against construction of Building Cost of Entertainment 1,200 1,300 2,600 8,000 250 1,400 400 80 1,500 400 1,200 5,000 1,450 400 3,000 600 2014-15 2015-16 14,000 800 Payment to Creditors of last year Electric Installation Expenses

From the following Receipts and payments Account of a Club and from the information supplied prepare Income and Expenditure Account for the year ended 31" March, 2015 and the Balance Sheet as on that date: RECEIPTS AND PAYMENTS ACCOUNT To Balance b/d Donation for Building General Donations * Legacies (to be capitalised) 7,000 By Tournament Expenses Furniture Curtains Crockery purchased 1,100 2,000 800 1,000 8,000 200 6,000 To Sale of Old Furniture (cost s80) Endowment Fund Receipts Sale of Newspapers Sale of Sports Material Rent received from use of Hall Advertisement in the year book Proceeds of Concerts Subscriptions : 2013-14 75 |By Sports Material 10,000 Salaries Honorarium Charities Advertisements Rent and Taxes Advance against construction of Building Cost of Entertainment 1,200 1,300 2,600 8,000 250 1,400 400 80 1,500 400 1,200 5,000 1,450 400 3,000 600 2014-15 2015-16 14,000 800 Payment to Creditors of last year Electric Installation Expenses

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

Do not give solution in image
The Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
ART LEAGUE Post-closing Trial Balance - June 30, 2022 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation-Equipment Long-Term Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions-Permanent Endowment Totals Debits $ 2,560 13,411 5,900 1,255 9,995 5,897 $39,018 Credits $ 2,556 2,779 9,141 18,645 5,897 $39,018 Following is Information summarizing the transactions of the Art League for the year ended June 30, 2023. 1. During the year, cash was received from the following sources: grants that had been reported as a receivable on June 30, 2022, $5,900; annual contributions without donor restrictions from fund drives and other unrestricted gifts, $21,381; membership dues, $16,935; tuition and fees for educational workshops, $7.104; and sales of members' art. $12,140, of which 20 percent represents commissions…
Please answer complete and properly
a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?
What is the journal entry of the transaction: Received cash of Php 120,000 as donation.
Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $4,400,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. 0 0 0 Credit Revenue would have been recorded for the full pledge amount. The pledge would not have been recorded. The revenue would not have been recorded as restricted. 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? →
Hw.17.
Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000
the owner Ms Rose Petals contributed R80 000 as capital contribution. issued receipt no. 57 create cash receipt journal
During 2019, Walnut City reported the following receipts from self-sustaining activities paid for by users of the services rendered: Operation of water supply plant . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,000 Operation of bus system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000What amount should be accounted for inWalnut’s enterprise funds? a. $0 b. $900,000 c. $5,000,000 d. $5,900,000
The following expenditures were among those a not-for-profit society incurred during 2021: Printing of annual report Unsolicited merchandise sent to encourage contributions $35,000 $15,000 What amount should be classified as fund-raising costs in the society's activity statement? A) $50,000 B) $15,000 C) $20,000 D) $35,000