Non-Profit Making Organisations
For You To Do 7: Solution
Make sure you agree with these:
a. Horizontal solution
| Steel Social Club Income and Expenditure Account for the year ended 30/09/04 | |||
|---|---|---|---|
| Expenditure | Income | ||
| Postage | 8.56 | Subscriptions | 96.61 |
| Refreshments | 41.40 | Sale of mementoes | 154.08 |
| Secretary's fee | 62.15 | Visitors' fees | 95.82 |
| Treasurer's fee | 70.12 | 100 Club ticket sales | 172.00 |
| 100 Club prizes | 94.00 | Sale of refreshments | 100.18 |
| Surplus of income over expenditure | 354.80 | Interest on deposit account | 12.34 |
| 631.03 | 631.03 | ||
Note that the new equipment transaction is a capital transaction and cannot be included in the Income and Expenditure Account. See the vertical solution to check on the adjustments if you think you have a problem with them.
b. Vertical solution
| Steel Social Club Income and Expenditure Account for the year ended 30/09/04 | ||||
|---|---|---|---|---|
| Subscriptions | 130.55 | |||
| less | Subscription paid this year but relating to last year | 7.83 | ||
| plus | Subscription paid this year but relating to next year | 26.11 | 96.61 | |
| Sale of mementoes | 154.08 | |||
| Visitors' fees | 95.82 | |||
| 100 Club ticket sales | 172.00 | |||
| Sale of refreshments | 100.18 | |||
| Interest on deposit account | 12.34 | |||
| 631.03 | ||||
| Less: costs for the period | ||||
| Postage | 9.51 | |||
| less | Postage stamps bought in advance | 0.95 | 8.56 | |
| Refreshments | 41.40 | |||
| Secretary's fee | 62.15 | |||
| Treasurer's fee | 70.12 | |||
| 100 Club prizes | 79.00 | |||
| 100 Club prizes yet to be claimed | 15.00 | 94.00 | ||
| 276.23 | ||||
| Surplus of income over expenditure | 354.80 | |||
Now find out about the Accumulated Fund and the Balance Sheet