Accounting Test Question NT No. 1 On Non-Trading Organization

November 27th, 2006 /

Accounting Test Question NT No 1:

Question:

ABC Sport Club produced the following information relating to the Clubâ€™s financial year ended 31 May 2006

Receipts and Payments Account for the year ended 31 May 2006

	$		$
Balance at bank at 1 Jun 2005	1,076	Groundsmenâ€™s wages	18,500
Sales of refresments	7,160	Purchase of refreshments	3.110
Subscriptions	70,066	Wages of refreshment staff	3,700
Social events- receipts	19,240	Repairs & renewals	21,240
		Sports equipment, Dec 2005	30,000
		Insurance	1,500
		Rates	500
		Telephone	222
		Light & heat	368
		Expenses of social events	15,110
		Balance @ bank at 31 May 2006	3,292
	97,542		97,542

Additional information :

	31 May 2005	31 May 2006
Subscriptions in advance	100	450
Subscriptions in arrears	1,230	1,340
Rates prepaid	60	70
Insurance prepaid	210	340
Light & heat accrued	67	98
Sports equipment at net book value	15,000	?

Sports equipment is to be depreciated at 31 May 2006 on the reducing balance basis at the rate of 30% per annum, charging a full yearâ€™s depreciation in the year of purchase.

Required:

Prepare the following Ledger Accounts, posting the necessary adjustment and showing the transfer to the Income and Expenditure Account at 31 May 2006:

(a) Subscriptions

(b) Rates

Â© Insurance

(d) Light and Heat

(e) Sport Equipment

(25 marks)

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