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Answer To Accounting Test Question NT No. 1 On Non-Trading Organizations

November 27th, 2006 Comments off

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Answer to Accounting Test Question NT No.1:

ABC Sports Club

(a) Subscriptions Account

2005		$	2005		$
Jun 1	Balance b/d	1,230	Jun 1	Balance b/d	100
	Income & Expenditure a/c	69,826		Receipts a/c	70,066

2006			2006
May 31	Balance c/d	450	May 31	Balance c/d	1,340
		71,506			71,506

(b) Rates Account

2005		$	2006		$
Jun 1	Balance b/d	60	May 31	Income & Expenditure a/c	490
	Payment a/c	500		Balance c/d	70
		560			560

(c) Insurance Account

2005		$	2006		$
Jun 1	Balance b/d	210	May 31	Income & Expenditure a/c	1,370
	Payments a/c	1,500		Balance c/d	340
		1,700			1,710

(d) Light And Heat Account

2006		$	2005		$
May 31	Payments a/c	368	Jun 1	Balance b/d	67

	Balance c/d	98	2006
			May 31	Income & Expenditure a/c	399
		466			466

(e) Sports Equipment Account

2005		$	2006		$
Jun 1	Balance b/d	15,000	May 31	Income & Expenditure a/c ($ 45,000 x 30%)	13,500
2006
May 31	Payments a/c	30,000	May 31	Balance c/d	31,500
		45,000			45,000

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