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.
(c) Income and Expenditure account for the year ended 31st December 2014