Back to Course

SS2: FINANCIAL ACCOUNTING - 2ND TERM

0% Complete
0/0 Steps



  • Do you like this content?

  • Follow us

Lesson Progress
0% Complete

Illustration 4

The receipts and payments accounts of Lion Club for the year ended 31st December, 1999 were as follows:

Screen Shot 2020 12 30 at 11.39.24 AM

You are required to prepare:

(a) Statement of affairs

(b) Income and Expenditure accounts

(c) Balance sheet as at 31st December, 1999.

Solution

Screen Shot 2020 12 30 at 11.42.30 AM
Screen Shot 2020 12 30 at 11.43.01 AM
Screen Shot 2020 12 30 at 11.47.06 AM
Screen Shot 2020 12 30 at 11.47.41 AM

Workings

Furniture and Fitting

1,500 + 1,300 = N2,800

2,800 x 10% = N280

Premises:

5,000 x 10% = N500

Responses

Your email address will not be published. Required fields are marked *

back-to-top
error: