Question
Topic: Accounting For Not-For-Profit Organizations The following are the Assets and Liabilities of Tabua Sports Club at 30th June 2021: Assets $ Cash at bank
Topic: Accounting For Not-For-Profit Organizations The following are the Assets and Liabilities of Tabua Sports Club at 30th June 2021: Assets $ Cash at bank 3400 Subs due 216 Sports equipment 480 Stock of stationery 80 Furniture 1200 Sports pavilion 4000 Liabilities Subs in advance 576 Accumulated funds ?? An analysis of the treasurers cash book reveals the following information in respect of the year ended 30th June 2021. Receipts $ Payments $ Subs: Wages caretaker 1600 Current year 2800 Electricity 96 Previous year 180 Purchase of sports equipment 200 Next year 80 Affiliation fees 60 Sale of dance tickets 560 Match expenses 88 Sale of furniture (Cost $200) 380 Hire of hall for dance 260 Hire of band 128 Refreshments at dance 64 Purchase of investment 2000 Stationery 192 Additional Information: a. Stock of stationery at 30th June 2021 is $100. b. Repairs to pavilion invoiced but not paid $156. c. Hire of band unpaid at balance day $ 72. d. Depreciation on pavilion to be provided at 10% per annum on cost. e. Subscription in arrears $52. You are required to prepare the following: 1. Subs Account (5 marks) 2. Income and Expenditure Account (10 marks) 3. Balance Sheet as at 30th June 2021 (10 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started