User Account

All Pages

Income and expenditure account and balance sheet

Assignment Help Accounting Basics
Reference no: EM13257982

The treasurer of a charitable institution has prepared the following Receipts and Payment Account for the period ended on 30th June, 1989.

Receipts

Amount

Payments

Amount

 

Balance

Entrance fee([email protected])

Annual subscription:

1988             200

1989             2900

1990             150

                 

Legacies

Miscellaneous Receipts

Sale of old furniture

Donations

 

6,274

2,500

 

 

 

3,250

 

12,600

3,400

120

406

28,550

 

Grants to members

Salaries

Rent and rates

Postage & Telegram

Repair to promises

Investment

Furniture purchased

Cash in Office

Cash at bank

 

1,320

675

1,266

136

425

13,000

1,700

3,528

6,500

 

            

28,550

                        

The following further information is supplied to you.

(1) Annual subscription for each member is Rs.120,Rs.240 being in arrear for 1998.

(2) The rent and rates prepaid to the 31stDecember 1989.

(3) Postage and telegram Rs.56 related to 1998, stillowing Rs.76. One half of the legacies is to be treated asincome.

(4) At 1st July, 1998 the building andpremises stood in the books at Rs.35, 000, investment Rs.12, 000and furniture Rs.3, 000.

(5) Depreciation is to be provided at the rate of 10%p.a on furniture and writing down investments by 5% (openingbalance only).

Required: Prepare Income & Expenditure Account and Balance Sheet.

Reference no: EM13257982

Questions Cloud

What is the impact of overhead allocation : What is the impact of overhead allocation when the project is underway?
Is the earths rotation used as a standard of time : What type of atom has been assigned a mass in order to act as a comparison for other types of atoms, Is the Earth's rotation used as a standard of time?
What is crytons cost of capital : Dividends have grown at the rate at 5.4% per year and are expected to continue to do so for the forseeable future. What is Cryton's cost of capital where the firm's tax rate is 30%?
Explain why you made the recommendation : State your choice of which one of the six factors that contribute to the complexity of IHRM is the most significant. Explain your rationale.
Income and expenditure account and balance sheet : Required: Prepare Income & Expenditure Account and Balance Sheet.
Determine the per share figures for common stock : Determine the per share figures for common stock for (a) income before extraordinary items and (b) net income.
How many years will it take the firm to pay off this debt : Berkley Trucking recently purchased a new truck costing $147,800. The firm financed this purchase at 7.6 percent interest with monthly payments of $2,100. How many years will it take the firm to pay off this debt?
Evaluate the ph of the solution resulting from the addition : Calculate the pH of the solution resulting from the addition of 10.0 mL of 0.10 M NaOH to 50.0 mL of 0.10 HCN solution.
Design java application that maintains the data for network : Design a Java application that maintains the data for a simple social network. Each person in the network should have a profile that contains the persons name, current status, and a list of friends.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the accounting alternatives

Explain the accounting alternatives that Bonanza Trading Stamps, Inc. should consider for the recognition of its revenues and related expenses.

  Independence and the code of professional conduct

The following questions concern independence and the Code of Professional Conduct or GAAS. Choose the best response.

  Include an explanation of ethics in business

You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a 1-2 page memo for the CEO on the f..

  Complete exhausting of account

You have deposited $8,369 in a special account that has a guaranteed interest rate of 13% per year. If you are willing to completely exhaust the account, what is the maximum amount that you could withdraw at the end of each of the next 8 years?

  Activities accounts at the inception

Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:

  Method of process costing and direct material

Assume this company uses the FIFO method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced of direct material?

  Total overhead cost during budget

Overhead cost is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours for the month.

  Identify the principles of internal control

Identify the principles of internal control: Culottis Oizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other employees m..

  Percentage points lower in the interest rate

Alternatively, ABC can sell 9.5 percent coupon bonds with a 2-year maturity and $1,000 par value at a price of $950.00. How many percentage points lower is the interest rate on the less expensive debt instrument?

  How is the value of a bond determined

How is the value of a bond determined? What is the value of a 10- year, $1000 par value bond with a 10% annual coupon if its required rate of return is 10%

  How each item be classified in statement of cash flows

Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating activity (indirect method), investing activity,

  Bond issue cost amortization

Costs associated with the bond issuance were $160,000. Wasserman uses the straight-line method to amortize bond issue costs. Prepare the December 31, 2011, entry to record 2011 bond issue cost amortization.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd