WAEC 2020
The books of Omiye Social Club showed the following information for the year ended 31st December 2015
Balances as at 1st January 2015 were as follows:
Accumulated fund 266,000
Bank deposit 80,000
Clubhouse 160,000
Furniture and fittings 24,000
Additional information
i. Outstanding as at 31st December 2015:
- stationery N400
- general expenses 1,200
ii. Salaries of l0,600 paid including 1,000 owed since 2014.
iii. Depreciate clubhouse by 10% and furniture and fittings by 15%
You are required to prepare:
(a) Income and Expenditure Account for the year ended 31st December 2015
(b) Balance Sheet as at that date.
The books of Omiye Social Club showed the following information for the year ended 31st December 2015
| Balance 3000subscription 130,000proceeds from concert 9,000interest on deposit 2,400income from dance 7,200 151,600 | salaries 10,600maintenance 13,000stationary 1200postage 600Dance expense 4,000general expenses 5,400balance c/d 116,800 151,600 |
Balances as at 1st January 2015 were as follows:
Accumulated fund 266,000
Bank deposit 80,000
Clubhouse 160,000
Furniture and fittings 24,000
Additional information
i. Outstanding as at 31st December 2015:
- stationery N400
- general expenses 1,200
ii. Salaries of l0,600 paid including 1,000 owed since 2014.
iii. Depreciate clubhouse by 10% and furniture and fittings by 15%
You are required to prepare:
(a) Income and Expenditure Account for the year ended 31st December 2015
(b) Balance Sheet as at that date.
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Correct Answer: Option
Explanation:
(a) Omiye social club
Income and expenditure account for the year ended 31st December 2015
N N N
Income-
Subscriptions 130,000
Proceeds from concert 9,000
Interest on deposit 2,400
Income from dance 7,200
148,600
Less Expenditure:
Maintenance 13,000
Salaries 10,600
Less: owing 1,000 9,600
General expenses 5,400
Add: outstanding 1,200 6,600
Postage 600
Stationery 1,200
Add outstanding 400 1,600
Dance expenses 4,000
Depreciation:
Club house(10%x160000) 16,000
Funiture & fittings
(15%x24,000) 3,600 19,600 55,000
Surplus 93,600
(b) Balance sheet as at 31st December 2015
Fixed/non-current assets:
Clubhouse 160,000
Less: depreciation 16,000 144,000
Furniture & fittings 24,000
Less: Depreciation 3,600 20,400
164,400
Current assets:
Bank deposit 80,000
Cash 116,800
196,800
Less: current liabilities
Accruals
Stationary 400
General exps 1200 1600
Working capital 195,200
capital employed 359,600
Financed by:
accumulated fund 266,000
Add: surplus 93,600
359,600
(a) Omiye social club
Income and expenditure account for the year ended 31st December 2015
N N N
Income-
Subscriptions 130,000
Proceeds from concert 9,000
Interest on deposit 2,400
Income from dance 7,200
148,600
Less Expenditure:
Maintenance 13,000
Salaries 10,600
Less: owing 1,000 9,600
General expenses 5,400
Add: outstanding 1,200 6,600
Postage 600
Stationery 1,200
Add outstanding 400 1,600
Dance expenses 4,000
Depreciation:
Club house(10%x160000) 16,000
Funiture & fittings
(15%x24,000) 3,600 19,600 55,000
Surplus 93,600
(b) Balance sheet as at 31st December 2015
Fixed/non-current assets:
Clubhouse 160,000
Less: depreciation 16,000 144,000
Furniture & fittings 24,000
Less: Depreciation 3,600 20,400
164,400
Current assets:
Bank deposit 80,000
Cash 116,800
196,800
Less: current liabilities
Accruals
Stationary 400
General exps 1200 1600
Working capital 195,200
capital employed 359,600
Financed by:
accumulated fund 266,000
Add: surplus 93,600
359,600