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SEMESTER FALL 2014
ADVANCED FINANCIAL ACCOUNTING (FIN611)
ASSIGNMENT NO. 01
DUE DATE: DECEMBER 03, 2014
• To improve understanding regarding the accounting treatment and operations of
YALTA club is a non-profit organization which provides service and carries on the
activities in the interest of society. Equity to the YALTA is provided by member
contributions, grants by government and donations etc. The club administration keeps the
record of all of its income and expense. Below is the trial balance of YALTA Club for the
General fund 63,000
Cash in hand 5,000
Cash at bank 1,000
Sundry debtors 3,000
Sundry creditors 6,200
Furniture & Fixture 8,000
Building 45,000Rent 5,500
Entrance fee 1,200
Salaries & Wages 4,200
Extension of building 7,000
Printing & Stationary 1,000
Card & Billiard room
Sundry expenses 700
Repair of building and
Utility expenses 1,100
Total 83,200 83,200
1.1. Subscription received during the year 2012 9,000
1.2. Subscription outstanding at the beginning of 2012 4,500
1.3. Subscription outstanding at the closing of 2012 800
2. Write off depreciation @7% per annum on furniture and 3% on building including the
3. Stock of cold drinks Rs. 5,300
Required: By using the above data, prepare/calculate the followings for the year 2012:
1. Calculate the amount of subscription income.
2. Prepare an Income and expenditure account.
3. Prepare balance sheet.
(Note: “Standard format of “income & expenditure account” and “balance sheet” must be
followed as communicated in lectures and handouts).
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