ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

  • Cash at bank $200
  • Snack bar stocks $800
  • Club house buildings $12,500

During the year to 31 December 20X8 the Club received and paid the following amounts:

ReceiptsAmount($)Receipts and Payments PaymentsAmount($)
Subscriptions 20x83 500Rent and Rates1 500
Subscriptions 20x9380Extension to club house8 000
Snack bar income6 000Snack bar purchases3 750
Visitor's fees650Secretarial expenses240
Loan from bank5 500Interest on load260
Competition fees820Snack bar expenses600
Games equipment2 000

Notes:

  • The snack bar stock on 31 December 20X8 was $900
  • The games equipment should be depreciated by 20%

Required:

  1. The receipts and payments account for the year
  2. The Income Statement for the year ended 31 December 20×8 for Chivero Angling Club’s Snack Bar
  3. The Income and Expenditure Account for Chivero Angling Club for the year ended 31 December 20×8
  4. The Statement of Financial Position for Chivero as at 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

- See latest Zimbabwe grocery prices -

Deals

SEE LATEST SUPERMARKET PRICES, SHOP FOR GROCERIES VIA WHATSAPP
SEE PRICES & NEWS
We publish the latest grocery prices from Zimbabwean supermarkets. We also deliver groceries online