Principles of Accounting: Accounting for Non-Profits Example

////Principles of Accounting: Accounting for Non-Profits Example

Principles of Accounting: Accounting for Non-Profits Example

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.

By |2018-02-05T10:37:26+00:00February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|Comments Off on Principles of Accounting: Accounting for Non-Profits Example

About the Author:

He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.
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