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

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