Question I Ebony football club is located in the Ahafo region in Ghana. The Accountant of...
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Question I Ebony football club is located in the Ahafo region in Ghana. The Accountant of the club for the year ended 31/12/2019 presents the cash records as set below: RECEIPTS PAYMENT GHS GHS Bal at bank 1/1/2019 Rent of premises 13,000 Sundry espenses 700 Sale of computers 37,200 Travelling expenses 7,000 Donation 10,950 Refreshment supplies 14,400 Postage & stationary 8,200 Profit from rally 11,760 New computers 30,000 Refreshment Income 136,000 Wages of secretary 19,050 Subscription received 24,590 Balance 31/122019 201.000 Additional information: a) Subscription owing by members a 31/12/2019 was GHS 6,200 b) The rent is paid up to 31/12/ 2020 c) Refreshment inventory was valued, 1/1/2019 at GHS2,000 d) Non-current assets are depreciated at 20% per annum e) Refreshment barman salary for the year accrued GHS 6,000 ) At 1/1/2019 the club's computer was of value @ GHS 22,400 Required: i) Estimate the missing figure in the rececipts and payment account ie. Bank Balance at the beginning of the year (2 marks) ii) Estimate the accumulated fund as at 1/1/2019 (2 marks) ii) Draw up a Refreshment Trading Account for the Club for the year ending 31/12/2019 (2 marks) iv) Prepare the Income and Expenditure Account for the year cnding 31/12/2019 (8 marks) v) Distinguish between Capital and Revenac Expenditure (2 marks) (Total - 16 marks) Question I Ebony football club is located in the Ahafo region in Ghana. The Accountant of the club for the year ended 31/12/2019 presents the cash records as set below: RECEIPTS PAYMENT GHS GHS Bal at bank 1/1/2019 Rent of premises 13,000 Sundry espenses 700 Sale of computers 37,200 Travelling expenses 7,000 Donation 10,950 Refreshment supplies 14,400 Postage & stationary 8,200 Profit from rally 11,760 New computers 30,000 Refreshment Income 136,000 Wages of secretary 19,050 Subscription received 24,590 Balance 31/122019 201.000 Additional information: a) Subscription owing by members a 31/12/2019 was GHS 6,200 b) The rent is paid up to 31/12/ 2020 c) Refreshment inventory was valued, 1/1/2019 at GHS2,000 d) Non-current assets are depreciated at 20% per annum e) Refreshment barman salary for the year accrued GHS 6,000 ) At 1/1/2019 the club's computer was of value @ GHS 22,400 Required: i) Estimate the missing figure in the rececipts and payment account ie. Bank Balance at the beginning of the year (2 marks) ii) Estimate the accumulated fund as at 1/1/2019 (2 marks) ii) Draw up a Refreshment Trading Account for the Club for the year ending 31/12/2019 (2 marks) iv) Prepare the Income and Expenditure Account for the year cnding 31/12/2019 (8 marks) v) Distinguish between Capital and Revenac Expenditure (2 marks) (Total - 16 marks)
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i Bank Balance at the beginning of year Total of Payment including closing 293350 Less Receipts Subs... View the full answer
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
Posted Date:
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