The following is the receipt and payments account of Kayode social club for the year ended 31st December 2014.
Receipts and payments for the year ended 31st December 2014
| N N cash in hand 1/1/2014 500 cash in bank 1/182014 1,000 Subscription: 2013 1,200 2014 4,000 2015 2,300 7,500 Donations 2,000 End of yr show 15,000 Transfer from deposit acc 3,000 29,000 |
N purchase of sports equipment 1,800 Repairs 1,500 salaries 1,700 Insurance 1,000 Show expenses 3,200 Transport expenses 500 Secretarial expenses 300 Purchase of furniture 3,000 Balance c/d 16,000 29,000 |
Additional Information;
i. Equipment was valued at N3,250 and furniture N1,550 on 31st December 2013
ii. Depreciation to be provided as follows:
Equipment N505
Furniture N55
iii. The following expenses were outstanding
Salaries N300
Transport N100
Repairs N250
iv. Subscriptions owing by members were as follows:
31st December 2013 N1,200
31st December 2014 N2,100
v. The balance in the bank deposit account at 31st December 2013 was N300
You are required to prepare;
(a) Statement of affairs as at 31st December 2013.
(b) Subscription account for the year ended 31st December 2014.
(c) Income and Expenditure account for the year ended 31st December 2014
Kayode social club
Statement of affairs as at 31st December 2013
N
Equipment 3, 250
Furniture 1,550 4,800
Subscription owing 1,200
Bank deposit 3,000
Cash in hand 500
Cash at bank 1,000
Accumulated fund 10,500
(b) Kayode social club
Subscription account for the year ended 31st December 2014
| Balance b/f 1,200 Income & exp acc 6,000 Balance c/d 2,300 9,600 Balance c/d 2,100 |
Receipts and payments 7,500 Balance c/d 2,100 9,600 2,300 |
(c) Kayode Social club
Income and expenditure account for the year ended Dec 31, 2014
Income: 6,100
Subscription 2,000
Donation 15,000
End of yr show 23,100
Less: expenditure
Repairs 1,500
add: owing 250 1,750
Salary 1,700
add: owing 300 2,000
Transport expenses 500
add: owing 100 600
Insurance 1,000
Show expenses 3,200
Secretarial exp 300
Depreciation:
Equipment 505
Furniture 55 9,410
Surplus 13,690
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