Dwamena Akenten Old Students' Association (DAOSA) was inaugurated on September 1. All the 30 foundation members agreed to pay monthly dues of €6,000 per head. On Sept. 30, the treasurer's report revealed that

(a) Twenty-seven members had paid fully their dues six of which had paid for the following month and three others for the next two months.

(b) A set of fairly used jerseys had been bought for €63.000

(c) Two dinner dances which cost €6,000 and €45,000 respectively yielded gate

(d) Hiring of plastic chairs for 8 meetings had cost €6,000 per each meeting; all proceeds of e12.000 and 144.000. other expenses on meetings totaled 18.000.

(e) 60,000 had so far been spent on the printing of club t-shirts to be worn on the day of the meeting with a Vice President of World Bank who is also an old student The meeting is scheduled in November.

(f) Secretary's expenses for September amounted to ¢39,000.

You are required to prepare the club's:

(i) Subscriptions Account

(ii) Receipts and Payments Account,

(iii) Income and Expenditure Account,

(iv) Balance sheet, for the month.

Answer rating: 100% (QA)

ANSWER Particulars Income Expenditure Account Receipts Subscription Account Subscription Received in ... View the full answer