a. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:
$ | |
Receipts: | |
Subscriptions | 4000 |
Sale of competition tickets | 800 |
Donations | 300 |
Refund of rent | 1000 |
Payments: | |
Rent | 3000 |
Honorarium to speaker | 2200 |
Secretarial expenses | 200 |
Donations to charity | 60 |
Competition prizes | 600 |
Stationery and printing | 320 |
Additional information:
01/01/19 | 31/12/19 | |
$ | $ | |
Equipment at valuation | 1950 | 1500 |
Subscriptions: | ||
Arrears | 120 | 170 |
Advance | 30 | 60 |
Owing to suppliers of competition prizes | 90 | 120 |
Stock of competition prizes | 70 | 80 |
You are required to prepare for the club and for the year ended 31st December 2019:
Subscription Account
b. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:
$ | |
Receipts: | |
Subscriptions | 4000 |
Sale of competition tickets | 800 |
Donations | 300 |
Refund of rent | 1000 |
Payments: | |
Rent | 3000 |
Honorarium to speaker | 2200 |
Secretarial expenses | 200 |
Donations to charity | 60 |
Competition prizes | 600 |
Stationery and printing | 320 |
Additional information:
01/01/19 | 31/12/19 | |
$ | $ | |
Equipment at valuation | 1950 | 1500 |
Subscriptions: | ||
Arrears | 120 | 170 |
Advance | 30 | 60 |
Owing to suppliers of competition prizes | 90 | 120 |
Stock of competition prizes | 70 | 80 |
You are required to prepare for the club and for the year ended 31st December 2019:
Competition Prizes Suppliers Account
c. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:
$ | |
Receipts: | |
Subscriptions | 4000 |
Sale of competition tickets | 800 |
Donations | 300 |
Refund of rent | 1000 |
Payments: | |
Rent | 3000 |
Honorarium to speaker | 2200 |
Secretarial expenses | 200 |
Donations to charity | 60 |
Competition prizes | 600 |
Stationery and printing | 320 |
Additional information:
01/01/19 | 31/12/19 | |
$ | $ | |
Equipment at valuation | 1950 | 1500 |
Subscriptions: | ||
Arreas | 120 | 170 |
Advance | 30 | 60 |
Owing to suppliers of competition prizes | 90 | 120 |
Stock of competition prizes | 70 | 80 |
You are required to prepare for the club and for the year ended 31st December 2019:
Competition Trading Account
d. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:
$ | |
Receipts: | |
Subscriptions | 4000 |
Sale of competition tickets | 800 |
Donations | 300 |
Refund of rent | 1000 |
Payments: | |
Rent | 3000 |
Honorarium to speaker | 2200 |
Secretarial expenses | 200 |
Donations to charity | 60 |
Competition prizes | 600 |
Stationery and printing | 320 |
Additional information:
01/01/19 | 31/12/19 | |
$ | $ | |
Equipment at valuation | 1950 | 1500 |
Subscriptions: | ||
Arreas | 120 | 170 |
Advance | 30 | 60 |
Owing to suppliers of competition prizes | 90 | 120 |
Stock of competition prizes | 70 | 80 |
You are required to prepare for the club and for the year ended 31st December 2019:
Income and Expenditure Account
a. Dr SUBSCRIPTION ACCOUNT Cr
# | # | ||
Balance c/d | 120 | Receipt and payment | 4000 |
Income and expenditure | 4020 | Bal b/d | 30 |
Bal c/d | 60 | Bal c/d | 170 |
4200 | 4200 |
b. Dr COMPETITION PRIZE SUPPLIERS ACCOUNT Cr
# | # | ||
Cash to supplier | 600 | Balance b/f | 90 |
Balance c/d | 120 | Pruchases | 630 |
720 | 720 |
c.
COMPETITION TRADING ACCOUNT
# | # | ||
Opening stock | 70 | Sales of ticket | 800 |
Add purchase | 630 | ||
700 | |||
Less closing stock | 80 | ||
Cost of goods sold | 620 | ||
Gross profit | 180 | ||
800 | 800 |
d.
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2019
Expenditure | # | Income | # |
Rent | 3000 | Subscription | 4020 |
Honorarium to speaker | 2200 | Donations | 300 |
Secretarial expenses | 200 | Refunds of rents | 1000 |
Donation to charity | 60 | Deficit of income | 1510 |
Competition prizes | 600 | ||
Stationery and printing | 320 | ||
Depreciation: Equipment( 1950 - 1500) | 450 | ||
6830 | 6830 |
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