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PAGE 65
Question 4

opening Balances
↑St Sept 2015-31 Aug 2016

Bank A 1590
/

A
L
A
R
L
A
= A =
m

Receipts Payments
A exP
- exp
- */ CA X NICA
- purchases
Sales
- x
-
-
Capitan Asset
Receipt Asset
deposit Account
closing

L
A
L

7000-3640 = Gain on Disposal

+
2300 10 Yrs = 230

Earvipment &
Life Subscription Opening Balance -
NBV 7800

Income 230 BIF 1500 Additions 2500

DISPOSaD-NBV
50F [NCL] BaLC/d 2070 Bank 800
36
2300 2300
X 10. %

DeP EXP 666

 a) Members of non profit organisations are not shareholders rather they are clients of club.
Any surplus is reinvested and not to be distributed.

The main objective of club is not maximise profit but to provide valuable services.

AB cricket club
Refreshment profit and loss account for the year ended 31 August 2016 -

5 5)
Sales 2500

Less : Cost of Sales

420
opening Inventory
Add : Purchases [1700 + 315 -
265] 750

Less :
closing Inventory (3907 (1780)
Croft From Refreshment 720

Trade Payables -
Refreshment

Bank 1708 BIF 265

purchases 17750
C/d 315

2015 2015

Note:
Whenever opening and closing balances of trade payables are given always adjust the
purchases by preparing control account.

Subscription
17 270 BIf 490
Income 11290 Receipts 11208

eld 295 e/d ↑ 65

 AB Cricket club
Income and expenditure account for the year ended 31 August 2016
Income $ 5)

Subscription 1298

Gain on Disposal Th000 -

3640] 368

Match tickets [6400 -

1450] 4950

Refreshment Profit 720

life subscription 230

total Income 17550

Expenditures -

wages 700

Repairs 700

Admin expenses 760

Depreciation [6660 x %]
10 666
total expenditures (9626)
Surplus 7924
 AB Cricket Club
Statement of Financial position as at 31 August 2016
*Ion Current Assets & 5

Equipment [6660 -
666] 5994

Current Assets

Refreshment Inventory 390

Subscription in Arrears ↑ 65

Saving Account 3500

Bank Account 888 15935

total Assets 21929

Accumulated Fund

Balance at Start 7825

Add : Surprs 7924

Add :
Capital Receipt [Donation] 3500

Balance at end 19249

Mon
Liability
Current

Life membership Fund 2070

Current Liabilities

Subscription in Advance 295

Refreshment -
Trade Payable I
315 Glo

total Accumulated Fund and Liabilities 21929