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Non-Profit Accounting Exercise Solutions

The document provides financial information for the Polla Sports and Social Club for the year ended 30 June 2022, including receipts and payments from the bank account and additional financial information as of 1 July 2021 and 30 June 2022. It asks to prepare a statement of affairs, restaurant account, income and expenditure account, and statement of financial position for the club using the information provided.

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508 views1 page

Non-Profit Accounting Exercise Solutions

The document provides financial information for the Polla Sports and Social Club for the year ended 30 June 2022, including receipts and payments from the bank account and additional financial information as of 1 July 2021 and 30 June 2022. It asks to prepare a statement of affairs, restaurant account, income and expenditure account, and statement of financial position for the club using the information provided.

Uploaded by

Moriaty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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  • Accounting for Non-Profit Organization

Accounting for Non-Profit Organization

Exercise Question

The following is a summary of the bank columns of the Receipts and Payments Account of
the Polla Sports and Social Club for the year ended 30 June 2022:

Receipts & Payments Account


RM RM
Balance b/d 61,780 Wages of restaurant staff 81,780
Restaurant takings 341,200 Restaurant supplies 221,120
Annual subscriptions 230,800 Sports equipment 60,050
Club treasurer’s fee 12,000
Rent and rates 101,600
Light and heat 60,160
General expenses 18,320
Bank charges 1,800
Club manager’s salary 30,720
Balance c/d 46,230
633,780 633,780

The following additional information was also available:

1 July 2021 30 June 2022


RM RM
Inventory of restaurant supplies 22,180 12,100
Light and heat accrued 1,100 1,380
Rent and rates prepaid 8,000 -
Rent and rates accrued - 10,140
Cash in hand 940 940
Sports equipment at net book value 238,800 289,400
Account payables for restaurant supplies 12,020 16,100
Subscriptions in arrears 9,700 10,020
Subscriptions in advance 6,010 6,020

40% of the rent and rates is to be apportioned to the restaurant.

Required:

Prepare for the Polla Sports and Social Club the:

a) Statement of Affairs to calculate the Accumulated Fund at 1 July 2021.


b) Restaurant Account for the year ended 30 June 2022.
c) Income & Expenditure Account for the year ended 30 June 2022.
d) Statement of Financial Position as at 30 June 2022.

Accounting for Non-Profit Organization Exercise Question The following is a summary of the bank columns of the Receipts a

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