The accountant of Mamba Sports Club has extracted the following information from the books of account...
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The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2020: Kshs. Payments 288,000 Salaries and wages Ksh. Receipts Balance brought 254,000 forward New equipment 249,000 Receipts and maintenance 2,050,000 Office expenses 194,000 Printing and stationery 723,000 Purchase of beverages 657,000 Dinner dance expenses 400,000 Refund of subscriptions Sports prizes Transport Subscriptions: 565,000 124,000 415,000 168,000 497,000 315,000 45,000 Year 2008/2019 2009/2020 2010/2021 Dinner dance Beverage sales Investments income 25,000 248,000 1,500,000 Investments Balance carried forward 405,000 4,561,000 4,561,000 Balances as at 31 March 2019 31 March 2020 Kshs. Kshs. Furniture and fittings (net) Equipment (net) 240,000 690,000 3,500,000 300,000 68,000 162,000 85,000 Investments at cost Subscriptions in arrears Salaries accrued Stock of beverages Subscriptions in advance 375,000 72,000 184,000 Additional information Subscriptions in arrears are written-off after twelve months. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture and fittings and equipment respectively. Investments which had cost Kshs. 500,000 were sold on 30 March 2020 for Kshs. 625,000. No entries have been made in the books in this respect. 1. 2. 3. Required: (a) marks) Income and expenditure account for the year ended 31 March 2020. (10 The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2020: Kshs. Payments 288,000 Salaries and wages Ksh. Receipts Balance brought 254,000 forward New equipment 249,000 Receipts and maintenance 2,050,000 Office expenses 194,000 Printing and stationery 723,000 Purchase of beverages 657,000 Dinner dance expenses 400,000 Refund of subscriptions Sports prizes Transport Subscriptions: 565,000 124,000 415,000 168,000 497,000 315,000 45,000 Year 2008/2019 2009/2020 2010/2021 Dinner dance Beverage sales Investments income 25,000 248,000 1,500,000 Investments Balance carried forward 405,000 4,561,000 4,561,000 Balances as at 31 March 2019 31 March 2020 Kshs. Kshs. Furniture and fittings (net) Equipment (net) 240,000 690,000 3,500,000 300,000 68,000 162,000 85,000 Investments at cost Subscriptions in arrears Salaries accrued Stock of beverages Subscriptions in advance 375,000 72,000 184,000 Additional information Subscriptions in arrears are written-off after twelve months. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture and fittings and equipment respectively. Investments which had cost Kshs. 500,000 were sold on 30 March 2020 for Kshs. 625,000. No entries have been made in the books in this respect. 1. 2. 3. Required: (a) marks) Income and expenditure account for the year ended 31 March 2020. (10
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Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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