- 20 Marks
FA – May 2016 – L1 – SB – Q2 – Accounts of Not-for-Profit Entities
Preparing bar trading account, income and expenditure account, and financial position for ABUBA Social Club for March 31, 2016.
Question
The following is a summary of the receipts and payments for the year to March 31, 2016 of ABUBA Social Club:
Receipts:
| Description | N’000 |
|---|---|
| Club subscriptions | 255,000 |
| Donation | 22,500 |
| Christmas dance | 12,750 |
| Bar takings | 405,000 |
Payments:
| Description | N’000 |
|---|---|
| Rates | 13,500 |
| General expenses | 393,000 |
| Bar purchases | 277,500 |
| Christmas dance expenses | 2,250 |
Other relevant information at the beginning and end of the year is as follows:
| Details | April 1, 2015 (N’000) | March 31, 2016 (N’000) |
|---|---|---|
| Subscriptions due | 13,500 | 9,000 |
| Subscriptions paid in advance | 750 | 1,500 |
| Rates owing | 6,750 | 7,500 |
| Bar inventory | 30,000 | 37,500 |
| Club premises (cost N750,000,000) | 300,000 | 270,000 |
| Furniture (cost N150,000,000) | 45,000 | 30,000 |
| Bank balance | 24,000 | 33,000 |
You are required to prepare:
a. Club’s Bar Trading Account for the year ended March 31, 2016. (3 Marks)
b. The Income and Expenditure Account for the year ended March 31, 2016. (8 Marks)
c. The Statement of Financial Position as at March 31, 2016. (9 Marks)
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