Extracts for preparing/producing financial statements of Not-for-profit organization:

Adjustments:

1. Fees still receivable are OMR 8,000 and Salaries still payable are OMR 12,000.

2. New furniture costing OMR 10,000 was purchased on 1st October 2021, but no entry has been passed for it yet.

3. Furniture sold was of the book value of OMR 18,000 on 1st April 2021.

4. Depreciation is to be charged as under:

(a) Furniture and Fittings @ 10% per annum on cost

(b) Laboratory @ 10% per annum on cost

(c) Library @ 10% per annum on cost

Transcribed Image Text:

Muscat Sports Club Trial Balance for the year ending 31 March 2022 OMR Credit balance 30,000 Creditors for supplies Debit balance Furniture and Fittings Laboratory Library Buildings Investment @ 10% Salaries Stationery General expenses Annual function expenses Cash at bank Cash in hand 50,000 Fees received 50,000 Entrance fee 185,500 Hire of hall 100,000 Miscellaneous receipts 150,000 Government grant 10,000 6,000 1,500 16,000 1000 600,000 General fund Donation received for the extension to IT block Sale of old furniture (1-10- 2021) OMR 4,500 143,000 2,500 5,000 1,000 40,000 350,000 40,000 14,000 600,000 Muscat Sports Club Trial Balance for the year ending 31 March 2022 OMR Credit balance 30,000 Creditors for supplies Debit balance Furniture and Fittings Laboratory Library Buildings Investment @ 10% Salaries Stationery General expenses Annual function expenses Cash at bank Cash in hand 50,000 Fees received 50,000 Entrance fee 185,500 Hire of hall 100,000 Miscellaneous receipts 150,000 Government grant 10,000 6,000 1,500 16,000 1000 600,000 General fund Donation received for the extension to IT block Sale of old furniture (1-10- 2021) OMR 4,500 143,000 2,500 5,000 1,000 40,000 350,000 40,000 14,000 600,000

Answer rating: 100% (QA)

The financial statements of notprofit organisations include a Income and Expenditure Account b Balance Sheet a Income and Expenditure Account of Musca... View the full answer