Accounting Test Question No.NT 2 On Non-Trading Organization

October 11th, 2008 Comments off
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Question No NT 2 On Non-Trading Organization

The following statement has been prepared for the XYZ Social Club:

Receipts and Payments Account for the year ended 30 April 2007

 

$

 

$

Balance at bank at 1 May 2006

1,950

Payment for food and drink

6,320

Subscriptions

4,975

Wages

8,790

Cafeteria takings

11,860

New furniture

600

Receipt from members for trip to Bangkok

10,900

Insurance

430

Letting of club premises

3,100

Annual social expenses

760

Sale of tickets-annual social

720

Lighting and heating

510

 

 

Purchase of new video machine

420

 

 

Publicity expenses

335

 

 

Expenditure for trip to Bangkok

10,650

 

 

General Expenses

215

 

 

Repairs & maintenance

870

 

 

Balance at bank at 30 April 2007

3,605

 

33,505

 

33,505

Following additional information at 1 May 2006

 

$

Club premises, valued at cost

32,000

Furniture

1,800

Equipment(including old video machine valued at $40)

860

Stock of food and drink

1,800

Insurance prepaid

40

Creditors for food and drink

165

Lighting and heating accrued

130

Subscriptions: in arrears(paid in May 2006)

170

Subscription : in advance

120

Following additional information at 30 April 2007

 

$

Stock of food and drink

1,650

Creditors for food and drink

470

Insurance prepaid

55

Lighting and heating accrued

110

Subscriptions in arrears

290

Subscription in advance

90

During the year, the club wrote off the old video machine. Depreciation is calculated at 25% of the book value of furniture and equipment at 30 April 2007. Charge 60% of wages to the cafeteria.

Required:

(a)    Calculate the Accumulated Fund at 1 May 2006

(b)    Prepare the Cafeteria Account for the year ended 30 April 2007

(c)    Prepare the Income and Expenditure Account for the year ended 30 April 2007

(d)  Prepare the Balance Sheet at 30 April 2007

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