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

October 11th, 2008 /

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

(d) Prepare the Balance Sheet at 30 April 2007

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