3. Financial accounting (A Level)
A section of Accounting, 9706
Listing 10 of 734 questions
The PPE Rowing Club prepares its accounts annually on 31 March. The summary of the Receipts and Payments Account for the year ended 31 March 2012 is shown below. Receipts $ Payments $ Balance b/d 3 000 Competition prizes 3 100 Subscriptions received 84 400 Dinner dance – hire of band 2 400 Competition receipts 12 200 Dinner dance – catering 5 200 Dinner dance ticket sales 14 000 Insurance 9 800 Donations 1 500 Clubhouse maintenance 10 300 Sale of equipment 24 000 Equipment 46 000 General expenses 30 200 Electricity 1 600 Transfer to deposit account 20 000 Additional information The remaining assets and liabilities of the club at the beginning and end of the year were: 1 April 2011 31 March 2012 $ $ Clubhouse 150 000 150 000 Equipment 160 000 140 000 General expenses owing Subscriptions due and unpaid 2 600 3 100 Subscriptions paid in advance 6 300 4 500 Stock of competition prizes Deposit account - 20 000 During the year equipment with a book value of $26 000 was sold for $24 000. Of the subscriptions due on 1 April 2011, $280 remains unpaid. This is to be treated as a bad debt. On 1 October 2011, $20 000 was transferred from the Receipts and Payments Account to a short-term deposit account. This transfer is shown in the summarised Receipts and Payments Account above. Interest of 5% per annum is earned on the deposit account. This interest has not yet been recorded. For Examiner's Use REQUIRED Prepare the subscriptions account for PPE Rowing Club for the year ended 31 March 2012. For Examiner's Use Prepare the income and expenditure account for PPE Rowing Club for the year ended 31 March 2012. Clearly identify the profit or loss on the dinner dance and competitions. For Examiner's Use Prepare the statement of financial position for PPE Rowing Club at 31 March 2012.
9706_w12_qp_21
THEORY
2012
Paper 2, Variant 1
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Questions Discovered
734