Receipt and Payment Account for the year ended 31.12.2011
\begin{tabular}{|c|c|c|c|}
\hline Receipts & TZS. & Payments & TZS. \\
\hline Balance b/d & & Salaries & \( 3,000,000 \) \\
\hline Cash & \( 1,000,000 \) & Printing \& Stationery & \( 4,000,000 \) \\
\hline Bank & \( 4,000,000 \) & Rent & \( 8,000,000 \) \\
\hline Subscriptions & & Honorarium & \( 5,000,000 \) \\
\hline \( 2010-5,000,000 \) & & Postage & 100,000 \\
\hline 2011 - 20,000,000 & & Sports Materials & \( 2,900,000 \) \\
\hline \( 2012-1,000,000 \) & \( 26,000,000 \) & Investments & \( 5,000,000 \) \\
\hline Legacies & \( 4,000,000 \) & Transport Expenses & \( 1,000,000 \) \\
\hline \begin{tabular}{l}
Sale of old sports \\
material
\end{tabular} & \( 1,000,000 \) & Furniture & \( 6,000,000 \) \\
\hline Interest on investment & \( 1,500,000 \) & Balance c/d & \\
\hline \multirow[t]{2}{*}{ Sundry income } & 500,000 & Cash & \( 1,500,000 \) \\
\hline & & Bank & \( 1,500,000 \) \\
\hline
\end{tabular}
Illustration Question 2
Adjustments:
- 1. Subscription still outstanding for 2011 TZS.2,000,000 and subscription received in advance in 2010 for 2011 TZS.800,000
- 2. Interest on investments includes TZS.500,000 relating to 2010 and sundry income still accrued TZS.700,000
- 3. Rent pre-paid TZS.2,000,000 and stationery outstanding TZS. \( 1,000,000 \)
- 4. Depreciate buildings and Furniture by \( 10 \% \)
- 5. The ledger account balances as on 1.1.2011 were:
- Building - TZS.40,000,000
- Furniture - TZS.10,000,000
- Sports materials - TZS.5,000,000
ILLUSTRATION QUESTION TWO
Required:
- From the above information relating to Dar Young African Sports Club prepare statement of income and expenditure and statement of financial position for the year ending 31.12.2011.
