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Non-trading Organizations
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Non-trading Organizations
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Non-trading Organizations
Receipts and Payments Account Bar Trading Account Income and Expenditure Account Balance Sheet
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Receipts and Payments Account
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Receipts and Payments Account
Same as cash book Debit side – Receipts Credit side - Payments
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Receipts $ Balance at 1.1.2000 1 000 Subscriptions 3 500 Bar sales
Example: Lions Club has the following information for the year ended 31 Dec 2000 Receipts $ Balance at 1 000 Subscriptions 3 500 Bar sales 1 550 Sale of flowers 1 200
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Payments $ Rent 2 300 Bar purchases 300 Bar wages 800 Cost of flowers
Example: Lions Club has the following information for the year ended 31 Dec 2000 Payments $ Rent 2 300 Bar purchases 300 Bar wages 800 Cost of flowers 900 Equipment 2 000
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Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500
Receipts and Payments Account for the year ended 31 December 2000 Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500 Bar purchases 300 Bar sales 1 550 Bar wages 800 Sale of flowers 1 200 Cost of flowers 900 Equipment 2 000 Bal c/d ?
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Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500
Receipts and Payments Account for the year ended 31 December 2000 Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500 Bar purchases 300 Bar sales 1 550 Bar wages 800 Sale of flowers 1 200 Cost of flowers 900 Equipment 2 000 Bal c/d ? 7 250
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Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500
Receipts and Payments Account for the year ended 31 December 2000 Receipts $ Payments Bal b/d 1 000 Rent 2 300 Subscriptions 3 500 Bar purchases 300 Bar sales 1 550 Bar wages 800 Sale of flowers 1 200 Cost of flowers 900 Equipment 2 000 Bal c/d 950 7 250
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Exercises: Ex. 34.3 Ex. 34.4X
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Bar Trading Account Same as trading account Bar sales
Cost of goods sold (opening stock + bar purchases – closing stock) Bar wages Profit to income and expenditure account
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Lions Club Bar Trading Account for the year ended 31 Dec 2000
$ Opening stock Bar sales Add Bar purchases Less Closing stock Cost of goods sold Add Bar wages Profit to income and expenditure
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Lions Club Bar Trading Account for the year ended 31 Dec 2000
$ Opening stock Bar sales 1 550 Add Bar purchases 300 Less Closing stock Cost of goods sold Add Bar wages 800 Profit to income and expenditure
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Additional information
Bar stock: At 1.Jan $300 At 31. Dec $500
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Lions Club Bar Trading Account for the year ended 31 Dec 2000
$ Opening stock 300 Bar sales 1 550 Add Bar purchases Less Closing stock 500 Cost of goods sold Add Bar wages 800 Profit to income and expenditure
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Lions Club Bar Trading Account for the year ended 31 Dec 2000
$ Opening stock 300 Bar sales 1 550 Add Bar purchases 600 Less Closing stock 500 Cost of goods sold 100 Add Bar wages 800 900 Profit to income and expenditure
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Lions Club Bar Trading Account for the year ended 31 Dec 2000
$ Opening stock 300 Bar sales 1 550 Add Bar purchases 600 Less Closing stock 500 Cost of goods sold 100 Add Bar wages 800 900 Profit to income and expenditure 650
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Exercises: Ex. 34.5 Ex. 34.6X
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