Question Tag: Income and Expenditure

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  • 20 Marks

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

  • Membership subscriptions: N255,000
  • Donation: N22,500
  • Income from Christmas party: N12,750
  • Bar takings: N405,000

Payments:

  • Rates: N13,500
  • General expenses: N393,000
  • Bar purchases: N277,500
  • Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item Nov 1, 2018 Oct 31, 2019
Subscription due N13,500 N9,000
Subscription paid in advance N750 N1,500
Rates owing N6,750 N7,500
Bar inventory N30,000 N37,500
Club premises (cost N750m) N300,000 N270,000
Furniture & fittings (cost N150m) N45,000 N30,000
Bank balance N24,000 N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

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  • 1 Marks

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

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  • 1 Marks

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

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  • 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.

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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  • 20 Marks

PSAF – Nov 2018 – L2 – Q4a – Preparation and presentation of financial statements for covered entities

Prepare the Statement of Income and Expenditure and Statement of Financial Position for DFG for the year ended 31 December 2016.

Destitute Foundation Ghana (DFG) is a Non-Governmental Organisation established in 1980 with the mission of protecting and securing the economic and social interest of the underprivileged and vulnerables. Below is the trial balance as at 31 December, 2016.

i) It is the policy of management to prepare financial statements on a modified accrual basis. ii) The current chart of accounts of DFG has seven items of expenditure: compensation of employees, administration and general expenses, finance cost, legal cost, capital assets, project cost, and other expenses. iii) Under the current chart of accounts, income is classified as fund-raising, grants/supports, and fees and charges.

Required: a) Prepare Statement of Income and Expenditure for the year ended 31 December 2016, suitable for publication. (8 marks)

b) Prepare Statement of Financial Position as at 31 December 2016. (8 marks)

c) Disclose relevant notes to the accounts. (4 marks)

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  • 20 Marks

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

The following details are available from the books of Sun City Social Club.

Summary of Bank Account for 31 December 2015

Additional Information:

i) Equipment is to be depreciated at 20%.
ii) One-tenth of life membership fees is to be credited to the Income and Expenditure Account each year.
iii) The bar keeper who had handled bar sales all for cash had disappeared, taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit of 33 1/3 % on cost price.
iv) The cash stolen should be credited to the Bar Trading Account and debited to the Income and Expenditure Account.

Required:

a) Prepare a Bar Trading Account for the year ended 2015. (7 marks)
b) Prepare an Income and Expenditure Account for the year ended 31 December 2015. (7 marks)
c) Prepare a Statement of Financial Position as at 31 December 2015. (6 marks)

 

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  • 20 Marks

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

  • Membership subscriptions: N255,000
  • Donation: N22,500
  • Income from Christmas party: N12,750
  • Bar takings: N405,000

Payments:

  • Rates: N13,500
  • General expenses: N393,000
  • Bar purchases: N277,500
  • Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item Nov 1, 2018 Oct 31, 2019
Subscription due N13,500 N9,000
Subscription paid in advance N750 N1,500
Rates owing N6,750 N7,500
Bar inventory N30,000 N37,500
Club premises (cost N750m) N300,000 N270,000
Furniture & fittings (cost N150m) N45,000 N30,000
Bank balance N24,000 N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

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  • 1 Marks

FA – Nov 2012 – L1 – SB – Q36 – Accounts of Not-for-Profit Entities

Identify the statement showing the performance of a not-for-profit organization under accruals accounting.

Where a not-for-profit organization prepares the accounts using accruals basis of reporting, the statement showing the performance of the organization is the?

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  • 1 Marks

FA – May 2013 – L1 – SA – Q30 – Accounts of Not-for-Profit Entities

This question asks for the term used to describe the excess of expenditure over income in an Income and Expenditure Account.

Excess of expenditure over income in an Income and Expenditure Account of a Not-For-Profit Organisation is called:

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  • 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.

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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  • 20 Marks

PSAF – Nov 2018 – L2 – Q4a – Preparation and presentation of financial statements for covered entities

Prepare the Statement of Income and Expenditure and Statement of Financial Position for DFG for the year ended 31 December 2016.

Destitute Foundation Ghana (DFG) is a Non-Governmental Organisation established in 1980 with the mission of protecting and securing the economic and social interest of the underprivileged and vulnerables. Below is the trial balance as at 31 December, 2016.

i) It is the policy of management to prepare financial statements on a modified accrual basis. ii) The current chart of accounts of DFG has seven items of expenditure: compensation of employees, administration and general expenses, finance cost, legal cost, capital assets, project cost, and other expenses. iii) Under the current chart of accounts, income is classified as fund-raising, grants/supports, and fees and charges.

Required: a) Prepare Statement of Income and Expenditure for the year ended 31 December 2016, suitable for publication. (8 marks)

b) Prepare Statement of Financial Position as at 31 December 2016. (8 marks)

c) Disclose relevant notes to the accounts. (4 marks)

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  • 20 Marks

FA – Nov 2017 – L1 – Q6 – Preparation of financial statements of a sole trader

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for Sun City Social Club for the year ended December 31, 2015.

The following details are available from the books of Sun City Social Club.

Summary of Bank Account for 31 December 2015

Additional Information:

i) Equipment is to be depreciated at 20%.
ii) One-tenth of life membership fees is to be credited to the Income and Expenditure Account each year.
iii) The bar keeper who had handled bar sales all for cash had disappeared, taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit of 33 1/3 % on cost price.
iv) The cash stolen should be credited to the Bar Trading Account and debited to the Income and Expenditure Account.

Required:

a) Prepare a Bar Trading Account for the year ended 2015. (7 marks)
b) Prepare an Income and Expenditure Account for the year ended 31 December 2015. (7 marks)
c) Prepare a Statement of Financial Position as at 31 December 2015. (6 marks)

 

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