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FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

Question

The following items normally feature in the statement of financial position of a club EXCEPT:

A. Current year’s subscription
B. Salary in arrears
C. Rental income received in advance
D. Advance subscription in respect of a coming year
E. Subscription in arrears.

Answer

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Tags: Club Accounting, Rental Income, Salary, Subscription
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2012

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

Question

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

Membership subscriptions: N255,000
Donation: N22,500
Income from Christmas party: N12,750
Bar takings: N405,000

Payments:

Rates: N13,500
General expenses: N393,000
Bar purchases: N277,500
Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item	Nov 1, 2018	Oct 31, 2019
Subscription due	N13,500	N9,000
Subscription paid in advance	N750	N1,500
Rates owing	N6,750	N7,500
Bar inventory	N30,000	N37,500
Club premises (cost N750m)	N300,000	N270,000
Furniture & fittings (cost N150m)	N45,000	N30,000
Bank balance	N24,000	N33,000

Required:

a. The club bar’s statement of profit or loss for the year ended October 31, 2019. (3 Marks)
b. The income and expenditure account for the year ended October 31, 2019. (8 Marks)
c. Statement of financial position as at October 31, 2019. (9 Marks)

(Show workings)
(Total: 20 Marks)

Answer

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Tags: Financial Statements, Income and Expenditure, Not-for-profit organizations, Receipts and Payments, Subscription
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2020

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

Question

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

Balance b/f 1 January 2011: N40,000
Balance b/f 1 January 2011: (N30,000)
Subscriptions received during the year: N160,000
Balance c/f 31 December 2011: N60,000
Balance c/f 31 December 2011: (N50,000)

How would the figure in brackets at 31 December 2011 be classified in the Statement of Financial Position?

Answer

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Tags: Classification, Financial Statements, Statement of Financial Position, Subscription
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

Question

In which of the following segments of the statement of financial position of the Institute of Professional Accountants is students’ subscription received in advance recognized?

A. Non-current assets
B. Fictitious assets
C. Current assets
D. Current liabilities
E. Intangible assets

Answer

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Tags: Current Liabilities, Prepayments, Subscription
Level: Level 1

Topic: Accruals and Prepayments
Series: NOV 2019

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

Question

Which of the following items is a current liability in the financial statements of Institute of Chartered Administrators?
A. Subscription in arrears
B. Prepaid salaries
C. Depreciation
D. Accounts receivables
E. Subscription in advance

Answer

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Tags: Current Liability, Financial Statements, Subscription
Level: Level 1

FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

Question

The following items normally feature in the statement of financial position of a club EXCEPT:

A. Current year’s subscription
B. Salary in arrears
C. Rental income received in advance
D. Advance subscription in respect of a coming year
E. Subscription in arrears.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Club Accounting, Rental Income, Salary, Subscription
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2012

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

Question

The following is a summary of the receipts and payments of Surulere Social Club for the period ended October 31, 2019:

Receipts:

Membership subscriptions: N255,000
Donation: N22,500
Income from Christmas party: N12,750
Bar takings: N405,000

Payments:

Rates: N13,500
General expenses: N393,000
Bar purchases: N277,500
Christmas party expenses: N2,500

Other relevant information for the period is as follows:

Item	Nov 1, 2018	Oct 31, 2019
Subscription due	N13,500	N9,000
Subscription paid in advance	N750	N1,500
Rates owing	N6,750	N7,500
Bar inventory	N30,000	N37,500
Club premises (cost N750m)	N300,000	N270,000
Furniture & fittings (cost N150m)	N45,000	N30,000
Bank balance	N24,000	N33,000

Required:

(Show workings)
(Total: 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Income and Expenditure, Not-for-profit organizations, Receipts and Payments, Subscription
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2020

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

Question

The balances extracted from the accounting records of Disney Social Club in respect of its subscriptions are as follows:

Balance b/f 1 January 2011: N40,000
Balance b/f 1 January 2011: (N30,000)
Subscriptions received during the year: N160,000
Balance c/f 31 December 2011: N60,000
Balance c/f 31 December 2011: (N50,000)

How would the figure in brackets at 31 December 2011 be classified in the Statement of Financial Position?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Classification, Financial Statements, Statement of Financial Position, Subscription
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

Question

In which of the following segments of the statement of financial position of the Institute of Professional Accountants is students’ subscription received in advance recognized?

A. Non-current assets
B. Fictitious assets
C. Current assets
D. Current liabilities
E. Intangible assets

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Liabilities, Prepayments, Subscription
Level: Level 1

Topic: Accruals and Prepayments
Series: NOV 2019

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Liability, Financial Statements, Subscription
Level: Level 1

Question Tag: Subscription

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FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

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FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

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FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

You're reporting an error for "FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities"

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts"

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-"

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)"

FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements

Identifying the item that does not belong in the statement of financial position of a club.

You're reporting an error for "FA – May 2012 – L1 – SA – Q1 – Elements of Financial Statements"

FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities

Prepare bar’s statement of profit or loss, income and expenditure account, and statement of financial position for Surulere Social Club.

You're reporting an error for "FA – Nov 2020 – L1 – SB – Q4 – Accounts of Not-for-Profit Entities"

FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts

Classify the figure in the statement of financial position as current liabilities or otherwise.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q31 – Partnership Accounts"

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-"

FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)

Identifying a current liability in a financial statement

You're reporting an error for "FA – Mar/July 2020 – L1 – SA – Q19 – Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)"

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