Archive about 'Non-Trading Concerns'
Answer To True Or False Questions On Accounts Of Non Trading Concern
REFER TO QUESTIONS
True
False
1.0
Receipts and payments account starts with the balance in the beginning and ends with the balance at the end
X
2.0
Income and expenditure account is a real account
X
3.0
General donations of small amount appearing in Receipts and Payments account are treated as income [...]
True & False Question With Answers On Accounts Of Non Trading Concerns
QUESTIONS [ CLICK HERE FOR ANSWER]
True
False
1.0
Receipts and payments account starts with the balance in the beginning and ends with the balance at the end
2.0
Income and expenditure account is a real account
3.0
General donations of small amount appearing in Receipts and Payments account are [...]
List Of Topics Under The Heading Non Trading Organizations
Click to the respective topic on Non Trading Organizations:
Content Page On NON TRADING ORGANIZATIONS
1.0
Accounting For Non Trading Concerns – Part 1
2.0
Accounting For Non Trding Concerns – Part 2
3.0
Non Trding Concerns And Its Financial Statements
4.0
QUESTIONS BANK:
Accounting Test Question No NT 1
Answer to Accounting Test Question No. NT 1
Accounting Test Question No. NT 2
Accounting Test Question No.NT 2 On Non-Trading Organization
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 [...]
Answer To Accounting Test Question NT No. 1 On Non-Trading Organizations
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) [...]
Accounting Test Question NT No. 1 On Non-Trading Organization
Accounting Test Question NT No 1:
Question:
ABC Sport Club produced the following information relating to the Club’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
Groundsmen’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 & [...]
Non-Trading Concerns – Its Financial Statements ( Part 3)
This article explained what’s are the financial statements of a non-trading concern:
What are the Financial Statement of A Non-Trading Concern:
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They are the following:
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· Receipts and Payments Account;
· Income and Expenditure Account ( also includes the Trading account if it runs restaurant or bar)
· A Balance Sheet if it has other assets beside Cash
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Tabulated below the [...]
Accounting For Non-Trading Concerns ( Part 2)
This article explained what’s normally is the sources and expenditure of a non-trading concern.
Sources of Income In a Non-Trading Concern
Revenue in nature:
· Entrance fees;
· Subscriptions;
· Interest from investment;
· Visitors fees;
· Lockers fees;
· Gross trading profit from bar or restaurant;
· Refreshment receipts;
· Donations;
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Capital in nature
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· Legacies;
· Donations ( if stated for capital purpose like building a swimming pool)
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Salient point:
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·     Only the revenue income [...]
Accounting For Non-Trading Concerns ( Part 1)
Unlike a normal trading concern, non trading concerns like clubs, societies and association are incorporated without the motive of making profits.
Their main objective is to promote amongst its members recreational interest.
However, some clubs and societies which run bars or restaurant for the convenient of the member on a permanent basis with the intention of profit [...]
July 2, 2009
- A Basic Understanding of Our Malaysian Tax Audit ( Part 1)
- A Basic Understanding Of Our Malaysian Tax Audits ( Part 2)
- Internal Control: The Importance Of Segregation Of Duties
- Internal Control Checklist/Questionaire/Assessment On Human Resources & Personnel Expenditure
- Internalnternal Control:Control Framework Within An Organisation
- Internal Control Checklist/Questionaires/Assessment On General Accounting
- Internal Control Checklist/Questionaires/Assessment On Project Management
- Internal Control Checklist/Questionaires/Assessment On Revenue Cycle


