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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Financial Accounting

 
 

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