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 Sa...
Question 1 Report
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
Answer Details
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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