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Lecturers travel and accommodation expenses 358000

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Lecturer’s travel and accommodation expenses358,000Donations108,000Camera and projector repairs17,000Projectors, cameras and audio equipment190,400Depreciation of equipment54,400Rates and water277,000Lighting and heating367,200Rental of rooms495,000Wages – Caretaker880,000- Restaurant1,600,000- Bar staff800,000Purchase of food1,565,800Stock – bar 1 October 1999473,600Bar receipts4,032,000Bar purchases2,842,000Restaurant receipts3,642,000Loan1,600,000Deposit account – bank1,000,000Interest payable and receivable36,000Creditors for bar and food________178,40017,651,80017,651,800Additional information:1.The bar stock was valued at Sh. 642,800 as at 30 September 2000.2.It is expected that, of the debtors for subscriptions, Sh. 43,600 will not be collectable.3.The interest account is net. The loan is at a concessional rate of 4% while 10% has beenearned on the deposit account. No changes have taken place all year in the principal sumsinvolved.4.An invoice for Sh. 43,000 of wine had been omitted from the records at the close of the yearalthough the wine had been included in the bar stock valuation.5.Depreciation for the year is to be provided as follows:Furniture and fittings Sh. 194,000
28Projectors, cameras, etc. Sh. 19,000.Required:(a)Bar and restaurant trading account for the year ended 30 September 2000(b)An income and expenditure account for the year ended 30 September 2000(c)A balance sheet as at 30 September 2000Question 2You have agreed to take over the role of bookkeeper for the AB Sports and Social Club.The summarized balance sheet on 31.12.94 as prepared by the previous bookkeeper contained thefollowing items. All figures are in £s.AssetsHeating oil for clubhouse1,000Bar and café stocks7,000New sports ware, for sale, at cost3,000Used sports ware, for hire, at valuation750Equipment for grounds person – cost5,000- depreciation3,5001,500Subscriptions due200Bank – current account1,000- deposit account10,000ClaimsAccumulated fund23,150Creditors – bar and café stocks1,000- Sports ware300The bank account summary for the year to 31.12.95 contained the following items:Receipts:Subscriptions11,000Bankings – bar and sale20,000Sale of sports ware5,000Hire of sports ware3,000
29Interest on deposit account800PaymentsRent and repairs of clubhouse6,000Heating oil4,000Sports ware4,500Grounds person10,000Bar and café purchases9,000Transfer to deposit account6,000You discover that the subscriptions due figure as at 31.12.94 was arrived at as follows:Subscriptions unpaid for 199310Subscriptions unpaid for 1994230Subscriptions paid for 199540Corresponding figures at 31.12.95 are:Subscriptions unpaid for 199310Subscriptions unpaid for 199420Subscriptions unpaid for 199590Subscriptions paid for 1996200Subscriptions due for more than 12 months should be written off with effect from 1.1.95Asset balances at 31.12.95 include:Heating oil for club house700Bar and café stocks5,000New sports ware, for sale, at cost4,000Used sports ware, for hire, at valuation1,000Closing creditors at 31.12.95 are:For bar and café stocks800For sports ware450
30For heating oil for clubhouse2002/3of the sportswear purchases made in 1995 had been added to stock of new sportswear in the

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Term
Spring
Professor
Ann Achieng
Tags
Accounting, Balance Sheet, Generally Accepted Accounting Principles

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