TIP Sport Club was established by the society of Taman Impian Putra, Kajang. The club opens...
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TIP Sport Club was established by the society of Taman Impian Putra, Kajang. The club opens a craft shop as a main activity of the club to generate funds. The following information is related to TIP Sport Club: a) Assets and liabilities balances 1 July 2020 30 June 2021 RM RM Bank 8,250 ? Creditors- Craft Shop Club's Building 10,500 9,300 80,000 80,000 Fittings 16,300 ? Stock – Craft Shop 5,000 6,200 255 Accrued membership fee Stationery Accrued utilities Prepaid insurance 120 130 150 53 80 b) Summary of receipts and payments for the year ended 30 June 2021 RM Payment 25,200 Utilities 1,500 Stationery Receipt RM Membership fee Subscription fee Sales- Craft Shop 250 120 20,800 Insurance 800 Creditors -Craft Shop Magazines and newspapers Purchases- Craft Shop 7,215 258 450 Donation 152 Fittings 8,700 Salary - Craft Shop 5,200 Additional information: 1. Fittings are depreciated 10% annually at cost. 2. Subscription fee is considered as revenue income. Required: Prepare: a) Fee Account. b) Creditors Control Account. c) Trading Account for Craft Shop for the year ended 30 June 2021. d) Statement of Income and Expenditure for TIP Sport Club for the year ended 30 June 2021. TIP Sport Club was established by the society of Taman Impian Putra, Kajang. The club opens a craft shop as a main activity of the club to generate funds. The following information is related to TIP Sport Club: a) Assets and liabilities balances 1 July 2020 30 June 2021 RM RM Bank 8,250 ? Creditors- Craft Shop Club's Building 10,500 9,300 80,000 80,000 Fittings 16,300 ? Stock – Craft Shop 5,000 6,200 255 Accrued membership fee Stationery Accrued utilities Prepaid insurance 120 130 150 53 80 b) Summary of receipts and payments for the year ended 30 June 2021 RM Payment 25,200 Utilities 1,500 Stationery Receipt RM Membership fee Subscription fee Sales- Craft Shop 250 120 20,800 Insurance 800 Creditors -Craft Shop Magazines and newspapers Purchases- Craft Shop 7,215 258 450 Donation 152 Fittings 8,700 Salary - Craft Shop 5,200 Additional information: 1. Fittings are depreciated 10% annually at cost. 2. Subscription fee is considered as revenue income. Required: Prepare: a) Fee Account. b) Creditors Control Account. c) Trading Account for Craft Shop for the year ended 30 June 2021. d) Statement of Income and Expenditure for TIP Sport Club for the year ended 30 June 2021.
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Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
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