IGCSE Accounting Paper-2: Specimen Questions with Answers 182 - 183 of 189
Passage
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.
$ | |
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.
$ | |
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)
Write in Short
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
Date | Details | $ | Date | Details | $ |
Explanation
Lions Club
Subscriptions account
Date | Details | $ | Date | Details | $ |
2018 Dec 31 | Income & Expenditure | 5000 (I) | 2018 Jan 1 | Balance b/d | 1500 |
Dec 31 | Bank | 2520 | |||
Dec 31 | Balance c/d | 980 | |||
5000 | 5000 | ||||
2019 Jan 1 | Balance b/d | 980 |
Workings-
(I) Annual Total Subscription for the year
Question 183 (2 of 2 Based on Passage)
Write in Short
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
Date | Details | $ | Date | Details | $ |
Explanation
Lions Club
Receipts and Payments Account for the year ended 31 October 2014
Date | Details | $ | Date | Details | $ |
2018 Jan 1 | Balance b/d | 6540 | 2018 Dec 31 | Furniture | 2500 |
2018 Dec 31 | Subscriptions | 2520 | General Expenses | 8610 | |
Sale of Furniture | 1800 | Loan Interest | 600 | ||
Open day receipts | 850 | Rent | 3000 | ||
Balance c/d | 3050 | Bank Charges | 50 | ||
14760 | 14760 | ||||
2019 Jan 1 | Balance b/d | 3050 |