IGCSE Accounting Paper-2: Specimen Questions with Answers 182 - 183 of 189

The Lion Club was formed in 2015. The club has 50 members. The annual subscription is $ 100. The club rents a clubhouse. The monthly rent is $ 200.

The following information was available on 1 Jan 2018.

The Following Information Was Available on 1 Jan 2018
	$
Accumulated fund	8720
Furniture at book value	4500
5 % Bank loan	4000
Cash at bank	6540
Insurance prepaid to 31 January 2018	100
Clubhouse rent accrued	200
Subscriptions prepaid	1500

The amounts received and paid during the year ended 31 December 2018 were as follows.

The Amounts Received and Paid During the Year Ended 31 December 2018
	$
Subscriptions for the year ended 31 December 2018	2520
Purchase of new Furniture	2500
Proceeds of sale of old furniture (book value $ 2000)	1800
General expenses	8610
Loan interest paid	600
Rent of clubhouse	3000
Net receipts from open day	850
Bank charges	50

All receipts were paid into the bank and all payments were made by cheque.

Question 182 (1 of 2 Based on Passage)

Short Answer▾

Write up the subscriptions account for the year ended 31 December 2018. Balance the account and bring down the balance on 1 Jan 2019. (Marks 5)

Lions Club

Subscriptions account

Subscriptions Account
Date	Details	$	Date	Details	$

Lions Club

Subscriptions account

Workings-

(I) Annual Total Subscription for the year

Short Answer▾

Prepare the receipts and payments account of the Lions Club for the year ended 31 December 2018. (marks 10)

Lions Club

Receipts and Payments Account for the year ended 31 October 2014

Receipts and Payments Account for the Year Ended 31 October 2014
Date	Details	$	Date	Details	$

Lions Club

Receipts and Payments Account for the year ended 31 October 2014