FIN611 Advanced Financial Accounting Assignment 1 fall 2014

Case:
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
year 2012.
Particulars Dr.
Rupees
Cr.
Rupees
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
receipts
14,000
Sundry expenses 700
Repair of building and
furniture
500
Utility expenses 1,100
Total 83,200 83,200
Additional Information:
1.
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
extension.
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).