Cash receipts and payments for Care Charity Club on 31 December 2021 was as the following....

 

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Cash receipts and payments for Care Charity Club on 31 December 2021 was as the following. Cash receipts Subscriptions Collections from charity 30,000 sales RM Cash payments RM 10,000 Donations to flood victims 23,000 Proceeds from disposal of 7,000 Motor vehicles Expenses for charity sales 2,000 Donations received 20,000 Purchase of Sports Equipment 12,000 Notes: i) 11) Cash balance on 1 January 2021 was RM5,000. Depreciation for Sports Equipment is provided at 25% per annum on reducing balance method. On 31 December 2021: a) Subscriptions was accrued for RM3,000. b) Subscriptions received in advance was RM1,000 Details of the disposed motor vehicles: Motor vehicles (Cost) Accumulated Depreciation 111 iv) RM50,000 for RM45,000 Provision REQUIRED a) Draw up receipts and payments account for the year ended 31 December 2021. b) Draw up the income and expenditure account for the year ended 31 December 2021. Cash receipts and payments for Care Charity Club on 31 December 2021 was as the following. Cash receipts Subscriptions Collections from charity 30,000 sales RM Cash payments RM 10,000 Donations to flood victims 23,000 Proceeds from disposal of 7,000 Motor vehicles Expenses for charity sales 2,000 Donations received 20,000 Purchase of Sports Equipment 12,000 Notes: i) 11) Cash balance on 1 January 2021 was RM5,000. Depreciation for Sports Equipment is provided at 25% per annum on reducing balance method. On 31 December 2021: a) Subscriptions was accrued for RM3,000. b) Subscriptions received in advance was RM1,000 Details of the disposed motor vehicles: Motor vehicles (Cost) Accumulated Depreciation 111 iv) RM50,000 for RM45,000 Provision REQUIRED a) Draw up receipts and payments account for the year ended 31 December 2021. b) Draw up the income and expenditure account for the year ended 31 December 2021.

Answer rating: 100% (QA)

Non Profit Organization records their transaction in a differnt manner than Business Organization du... View the full answer