C) The Following Is A Receipt And Payment Account Prepared By Railways Golf Club For The Year

Question: C) The Following Is A Receipt And Payment Account Prepared By Railways Golf Club For The Year Ended 31 December 2010. Receipts And Payments Account As At 31 Dec 2010 Details Amount Date Details Amount Date 2,000 2010 Shs 2010 Shs Bank Interest Not Entered In The Cashbook As At 31.12.2010 (Shs) 1.1 Cash In Hand 10,000 75.000 Grounds Man Wages 1.1 Balance At

 

c) The following is a receipt and payment account prepared by Railways Golf Club for the
year ended 31 December 2010.
Receipt

 Transcribed image text: c) The following is a receipt and payment account prepared by Railways Golf Club for the year ended 31 December 2010. Receipts and Payments Account as at 31 Dec 2010 Details Amount Date Details Amount Date 2,000 2010 Shs 2010 Shs Bank interest not entered in the cashbook as at 31.12.2010 (Shs) 1.1 Cash in hand 10,000 75.000 Grounds man wages 1.1 Balance at bank 283.000 Purchase of mowing machine 150.000 Donations and Subscriptions 260,000 Rent of grounds 25.000 25.000 Receipts from tea party sales 30,000 Cost of Tea party Travelling expenses Donations for traveling 10,000 40,000 Sale of Equipment 8.000 Printing and stationery 28.000 Estimated value of machine and equipment (Shs) 80,000 175,000 For the year ending 314 December 2010, the honoraria to the treasurer are to be increased by Shs 20,000, and the grounds-man is to receive a bonus of Shs 20,000. The equipment sold had been bought at Shs 2000. Net proceeds from Dinner 78.000 50.000 Bank Interest 3,000 Repairs to equipment Honoraria to Secretary and Treasury 40,000 31.12 Balances: 31.12 Cash in Hand 25.000 Required: Bank 224.000 682.000 682.000 Additional Information: i. Compute the opening balance of the accumulated fund . (4 marks) ii. The income and expenditure account for the year ended 319 December 2010 (7 marks) ii. The balance sheet as at 315 December 2010. (5 marks) (Total marks 20) Balances on: 1.Jan 2010 31 Dec 2010 15.000 10.000 Subscriptions due in (Shs) Amounts due for printing and stationery (Shs) Un-presented cheques made for repairs (Shs) 10,000 8,000 30,000 25.000

 


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