The following is the receipt and payments account... | WAEC SSCE - Financial Accounting - 2016 (Essay)

Question 1 Report

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.

Answer

The Final Accounts Of A Sole Trader/proprietorship

Accounts Of Not-for-profit Making Organizations

Cashbook

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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...

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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...

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