Question Tag: Accounting Statements

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FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework

Define IFRS Foundation, list its objectives, and prepare accounting statements for a not-for-profit club.

(a) What is International Financial Reporting Standard (IFRS) foundation? Mention two (2) objectives of the foundation. (5 marks)

(b) The following information relates to “God will Provide” Youth Club for the accounting period of 2014.

  • Subscription owing for 2014: GH¢40,000
  • Payable for End of Year Party: GH¢1,500
  • Payables for Repairs – Equipment: GH¢1,000
  • Payables for Repairs – Vehicle: GH¢2,000

Payments:

  • Vehicle running Expenses: GH¢6,000
  • Electricity Expenses: GH¢3,000
  • End of Year Party Expenses: GH¢10,000
  • Salaries and Wages: GH¢25,000
  • Printing and Stationery: GH¢3,000
  • Cleaning Expenses: GH¢6,000

Receipts:

  • Car Park Renting: GH¢10,000
  • Sales of Party Tickets: GH¢6,000
  • Donation from friends of the club: GH¢15,000

Subscription Received:

  • 2013: GH¢6,000
  • 2014: GH¢30,000

Additional Information:
i. Cash in hand as at 01/01/14: GH¢18,000
ii. Subscription owing as at 01/01/14: GH¢8,000
iii. Any subscription outstanding is written off in the following year if it is not paid.

You are required to prepare:
i. Receipts and Payments Account for the year ended 31st December, 2014 (5 marks)
ii. Subscription Account (3 marks)
iii. Income and Expenditure for the year ended 31st December, 2014 (7 marks)

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FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework

Define IFRS Foundation, list its objectives, and prepare accounting statements for a not-for-profit club.

(a) What is International Financial Reporting Standard (IFRS) foundation? Mention two (2) objectives of the foundation. (5 marks)

(b) The following information relates to “God will Provide” Youth Club for the accounting period of 2014.

  • Subscription owing for 2014: GH¢40,000
  • Payable for End of Year Party: GH¢1,500
  • Payables for Repairs – Equipment: GH¢1,000
  • Payables for Repairs – Vehicle: GH¢2,000

Payments:

  • Vehicle running Expenses: GH¢6,000
  • Electricity Expenses: GH¢3,000
  • End of Year Party Expenses: GH¢10,000
  • Salaries and Wages: GH¢25,000
  • Printing and Stationery: GH¢3,000
  • Cleaning Expenses: GH¢6,000

Receipts:

  • Car Park Renting: GH¢10,000
  • Sales of Party Tickets: GH¢6,000
  • Donation from friends of the club: GH¢15,000

Subscription Received:

  • 2013: GH¢6,000
  • 2014: GH¢30,000

Additional Information:
i. Cash in hand as at 01/01/14: GH¢18,000
ii. Subscription owing as at 01/01/14: GH¢8,000
iii. Any subscription outstanding is written off in the following year if it is not paid.

You are required to prepare:
i. Receipts and Payments Account for the year ended 31st December, 2014 (5 marks)
ii. Subscription Account (3 marks)
iii. Income and Expenditure for the year ended 31st December, 2014 (7 marks)

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