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.

The Following Information Was Available on 1 Jan 2018
Dollar $
Accumulated fund8720
Furniture at book value4500
5 % Bank loan4000
Cash at bank6540
Insurance prepaid to 31 January 2018100
Clubhouse rent accrued200
Subscriptions prepaid1500

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
Dollar $
Subscriptions for the year ended 31 December 20182520
Purchase of new Furniture2500
Proceeds of sale of old furniture (book value $ 2000)1800
General expenses8610
Loan interest paid600
Rent of clubhouse3000
Net receipts from open day850
Bank charges50

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

Subscriptions Account
DateDetailsDollar $DateDetailsDollar $

Explanation

Lions Club

Subscriptions account

Subscriptions Account
DateDetailsDollar $DateDetailsDollar $
2018

Dec 31

Income & Expenditure5000 (I)2018

Jan 1

Balance b/d1500
Dec 31Bank2520
Dec 31Balance c/d980
50005000
2019

Jan 1

Balance b/d980

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

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

Explanation

Lions Club

Receipts and Payments Account for the year ended 31 October 2014

Receipts and Payments Account for the Year Ended 31 October 2014
DateDetailsDollar $DateDetailsDollar $
2018

Jan 1

Balance b/d65402018

Dec 31

Furniture2500
2018

Dec 31

Subscriptions2520General Expenses8610
Sale of Furniture1800Loan Interest600
Open day receipts850Rent3000
Balance c/d3050Bank Charges50
1476014760
2019

Jan 1

Balance b/d3050

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