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Prepare receipts and payments account for the year

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Reference no: EM132672658

The following information was given by the treasurer of Hokey club for the year's activities: Beginning of cash balance, 1 January 2019, RM 75,000 Receipts:

Donation received RM10,000

Profit on sale refreshments RM9,000

Subscriptions received RM 15,000

Payments:

Purchase of equipment RM5,200

Printing and stationary RM300

Repairs to equipment RM270

Miscellaneous expenses RM1,000

Secretary's expense RM800

Additional information:

Depreciation for equipment is 10% per year using straight line method.

Required:

Problem a) Prepare Receipts and Payments Account for the year ended 31 December 2019.

Problem b) Prepare an Income and Expenditure Account for the year ended 31 December 2019

Reference no: EM132672658

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