Tutorial Accounting for ClubThe treasurer of Accounting Club has prepared the following receipts and payments account forthe year ended 31 October 2012 from the bank statement.Receipts:Balance at bank 1 November2011RMPayments:RM7,790 Equipment1,760Printing and stationerySubscriptions:Ordinary2,0202,110 Insurance1,980Life8,800 Telephone and electricity2,970 Wages (kiosk)84,480 Purchases (kiosk)480Donation9,240Takings from kiosk64,020Balance at bank 31 October 201226,650106,150106,150The following information is available:1. Cheques issued for kiosk purchases amounting to RM1,190 were unpresented as at 31October 2012.2. The takings from the kiosk on 30 October 2012 amounting to RM1,410 were deposited onthe same day but the amount was not credited by the bank until 2 November 2012.3. Depreciation of 10% on cost is to be provided for the equipment.4. The captain of the kiosk is entitled to a commission of 5% on the gross profit from the kioskbefore any charges are made for wages.5. A life membership scheme was introduced on 2 November 2011 and its fee is to beapportioned over a ten-year period.6. Balances as at:31.10.201131.10.2012RMRMInsurance owing350Telephone and electricity owingSubscriptions received in advanceInventory (kiosk)Subscriptions in arrearsEquipment (original cost RM7,700)350530130903,9204,1604003106,160Required:Prepare the kiosk trading account for the year ended 31 October 2012.a)Compute the accumulated fund of the Accounting Club at 1 November 2011.b)Prepare the income and expenditure account for the year ended 31 October 2012.c)Prepare the statement of financial position as at 31 October 2012.d)

Non For Profit Organisations (NPO) are formed to render services to society. The purpose of these…

The treasurer of Accounting Club has prepared the following receipts and payments account for the year ended 31 October 2012 from the bank statement. Receipts: Balance at bank 1 November 2011 RM Payments: RM 7,790 Equipment 1,760 Subscriptions: Ordinary Printing and stationery 2,020 2,110 Insurance 1,980 Life 8,800 Telephone and electricity 2,970 Wages (kiosk) 84,480 Purchases (kiosk) 480 9,240 64,020 26,650 Donation Takings from kiosk Balance at bank 31 October 2012

The treasurer of Accounting Club has prepared the following receipts and payments account for the year ended 31 October 2012 from the bank statement. Receipts: Balance at bank 1 November 2011 RM Payments: RM 7,790 Equipment 1,760 Subscriptions: Ordinary Printing and stationery 2,020 2,110 Insurance 1,980 Life 8,800 Telephone and electricity 2,970 Wages (kiosk) 84,480 Purchases (kiosk) 480 9,240 64,020 26,650 Donation Takings from kiosk Balance at bank 31 October 2012

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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