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2022 WAEC Accounts - Principles of Accounts Theory a. The summary of the Receipts and Payments of the Adamfo Social Club for the...

Accounts - Principles of Accounts
WAEC 2022

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

 

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Explanation

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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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts