Question on 1/1/2009 some of the people established the Social Reform Association, and the following are its
Question:
Question on 1/1/2009 some of the people established the Social Reform Association, and the following are its operations during the year 2009.
1- Contributions The number of members of the association was 2500 members. Annual contributions were (50) dinars. 1500 members paid the year’s subscription in full, while the rest of the members paid half a year’s subscription. The Board of Directors exempted them from paying the remaining contributions.
2- The lottery amounted to The nominal value of the lottery tickets issued (1000000) dinars, and the special operations were done by the contractor. The summary of the account statement received from the contractor for the association was as follows: The price of selling the lottery papers that were delivered to the society by the contractor (200000) dinars, the value of the lottery cards returned from the contractor to the association for not selling them (300,000) dinars, fees for printing lottery tickets (140,000) dinars, the issuing commission commission (40000) dinars, the distribution commission for the contractor (140,000) dinars, while the amount of (190,000) dinars is a reward from the public’s right, of which the value of (150,000) dinars is paid to the contractor. The issue has its value after a tax of 17% has been deducted, the association paid its value to the financial departments and the remainder (40000) dinars, which was calculated from the right of the association after paying the tax on it at a previous rate of 17% due to the fall of the public’s right to it and its assignment by the other With.
Firstly - Required restrictions in the central public daily records of the Social Reform Association. Secondly - photocopying the following accounts (lottery account - the account of the lottery contractor, the account of revenues and expenses)
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann