|
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
|