Preparation of not-for-profit accounts

FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

Question

The Dabi Golf Club prepares its accounts annually on 31st March. The Receipts and Payments Account for the year ended 31st March 2016 was as follows:

	GHȼ	GHȼ
Balance b/d	2,900
Subscriptions received	70,800
Competition receipts	12,000
Dinner dance ticket sales	13,000
Donations	1,000
Sale of equipment	25,000

Competition prizes		2,800
Groundkeepers’ wages		14,000
Dinner dance expenses		6,800
Insurance		9,200
Equipment purchases		40,000
General expenses		30,100
Electricity		1,400
Balance c/d		20,400

	124,700	124,700

The following additional information is available:

i) The remaining assets and liabilities of the Club at the beginning and end of the year were:

	1st April 2015 (GHȼ)	31st March 2016 (GHȼ)
Clubhouse	130,000	130,000
Equipment	140,000	120,000
Electricity owing	400	200
Subscriptions due and unpaid	2,500	2,900
Subscriptions paid in advance	6,200	4,100
Stock of competition prizes	600	200

ii) During the year equipment with a book value of GHȼ30,000 was sold for GHȼ25,000. iii) Of the subscriptions due on 1st April 2015, GHȼ220 remains unpaid. This is to be treated as an irrecoverable debt.

Required:

a) Calculate the Accumulated Fund on 1st April 2015. (3 marks)

b) Prepare the Subscription Account for the year ended 31st March 2016. (4 marks)

c) Prepare: i) the Income and Expenditure Account for the year ended 31st March 2016

ii) Statement of Financial Position as at 31st March 2016. (13 marks)

Answer

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Tags: Financial Position, Income and Expenditure Account, Not-for-profit, Receipts and Payments Account
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: NOV 2016

FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

Question

The ABSU Social Club prepares its accounts annually on 31st December. The Receipts and Payments Account for the year ended 31st December 2014 was prepared by the Treasurer as follows:

Receipts and Payments Account for the year ended 31st December 2014

Additional information:
i) The equipment sold during the year was valued in the books at GH¢600 on 1st January 2014. The Club’s policy is to provide a full year’s depreciation in the year of purchase but none in the year of sale.
ii) The savings account (short term) pays a fixed rate of interest of 5% per annum. An additional amount of GH¢400 was paid into the account on 1st July 2014. There were no withdrawals made during the year. Interest due on 31st December 2014 has not been received.

iii) The remaining assets and liabilities of the Club at the beginning and end of the year were:

Description	1st January 2014	31st December 2014
Clubhouse	GH¢230,000	GH¢230,000
Equipment	GH¢26,000	GH¢25,200
Savings account (short term)	GH¢2,000	GH¢2,400
Insurance prepaid	GH¢100	GH¢80
Bar staff wages owing	GH¢180	GH¢160
Subscriptions due and unpaid	GH¢800	GH¢300
Subscriptions paid in advance	GH¢700	GH¢1,000
Bar payables	GH¢2,400	GH¢1,400
Bar inventory	GH¢7,500	GH¢8,700

iv) All subscriptions due for the year 2013, but unpaid on 31st December 2014 are considered to be irrecoverable debts.
v) Bar staff wages are the only expense to be charged to the Bar Trading Account.

Required:
a) Prepare the Bar Trading Account for the year ended 31st December 2014. (5 marks)
b) Prepare the Income and Expenditure Account for the year ended 31st December 2014. (8 marks)
c) Prepare the Statement of Financial Position as at 31st December 2014. (7 marks)

Answer

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Tags: Bar Trading Account, Income and Expenditure Account, Statement of Financial Position
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: MAY 2016

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.

Question

(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)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Statements, Financial Reporting, IFRS Foundation, Not-for-profit, Objectives
Level: Level 1

Topic: Preparation of not-for-profit accounts, The IASB’s Conceptual Framework
Series: NOV 2015

FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

Question

The Dabi Golf Club prepares its accounts annually on 31st March. The Receipts and Payments Account for the year ended 31st March 2016 was as follows:

	GHȼ	GHȼ
Balance b/d	2,900
Subscriptions received	70,800
Competition receipts	12,000
Dinner dance ticket sales	13,000
Donations	1,000
Sale of equipment	25,000

Competition prizes		2,800
Groundkeepers’ wages		14,000
Dinner dance expenses		6,800
Insurance		9,200
Equipment purchases		40,000
General expenses		30,100
Electricity		1,400
Balance c/d		20,400

	124,700	124,700

The following additional information is available:

i) The remaining assets and liabilities of the Club at the beginning and end of the year were:

	1st April 2015 (GHȼ)	31st March 2016 (GHȼ)
Clubhouse	130,000	130,000
Equipment	140,000	120,000
Electricity owing	400	200
Subscriptions due and unpaid	2,500	2,900
Subscriptions paid in advance	6,200	4,100
Stock of competition prizes	600	200

Required:

a) Calculate the Accumulated Fund on 1st April 2015. (3 marks)

b) Prepare the Subscription Account for the year ended 31st March 2016. (4 marks)

c) Prepare: i) the Income and Expenditure Account for the year ended 31st March 2016

ii) Statement of Financial Position as at 31st March 2016. (13 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Position, Income and Expenditure Account, Not-for-profit, Receipts and Payments Account
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: NOV 2016

FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

Question

The ABSU Social Club prepares its accounts annually on 31st December. The Receipts and Payments Account for the year ended 31st December 2014 was prepared by the Treasurer as follows:

Receipts and Payments Account for the year ended 31st December 2014

iii) The remaining assets and liabilities of the Club at the beginning and end of the year were:

Description	1st January 2014	31st December 2014
Clubhouse	GH¢230,000	GH¢230,000
Equipment	GH¢26,000	GH¢25,200
Savings account (short term)	GH¢2,000	GH¢2,400
Insurance prepaid	GH¢100	GH¢80
Bar staff wages owing	GH¢180	GH¢160
Subscriptions due and unpaid	GH¢800	GH¢300
Subscriptions paid in advance	GH¢700	GH¢1,000
Bar payables	GH¢2,400	GH¢1,400
Bar inventory	GH¢7,500	GH¢8,700

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bar Trading Account, Income and Expenditure Account, Statement of Financial Position
Level: Level 1

Topic: Preparation of not-for-profit accounts
Series: MAY 2016

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.

Question

(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

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Statements, Financial Reporting, IFRS Foundation, Not-for-profit, Objectives
Level: Level 1

Topic: Preparation of not-for-profit accounts, The IASB’s Conceptual Framework
Series: NOV 2015

Topic: Preparation of not-for-profit accounts

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FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

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.

FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

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.

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FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

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FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

You're reporting an error for "FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts"

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.

You're reporting an error for "FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework"

FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts

Calculation of Accumulated Fund, preparation of Subscription Account, Income and Expenditure Account, and Statement of Financial Position for a not-for-profit organization.

You're reporting an error for "FA – Nov 2016 – L1 – Q5 – Preparation of not-for-profit accounts"

FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts

Prepare the Bar Trading Account, Income and Expenditure Account, and Statement of Financial Position for ABSU Social Club.

You're reporting an error for "FA – May 2016 – L1 – Q6 – Preparation of not-for-profit accounts"

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.

You're reporting an error for "FA – Nov 2015 – L1 – Q2 – Preparation of not-for-profit accounts | The IASB’s Conceptual Framework"

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