Preparation of Receipts And Payment Account - SS2 Accounting Lesson Note
Question
The following transactions were recorded for Ademi Club for the year ended 31 December 2020. You are required to prepare a receipts and payments account.
|
₦ |
|
|
Sales |
35000 |
|
Purchases |
8300 |
|
Rent of building |
4000 |
|
Purchase of equipment |
8000 |
|
Wages and salaries |
13040 |
|
Bank interest |
2000 |
|
Electricity bill |
1500 |
|
Insurance |
6700 |
|
Printing and branding |
2670 |
|
Repayment of bank loan |
8500 |
|
Loan from Ada |
7900 |
|
Subscription received |
13350 |
|
General expenses |
1150 |
|
Loan from bank |
3300 |
Answer:
Receipts/Payments accounts
For the year ended December 31, 2020
|
Receipts (₦) |
Payments (₦) |
||
|
Sales Subscription Bank loan Loan (Ada) Balance b/d |
35000 13350 3300 7900 59550 3690 |
Purchases Rent Equipment Wages and salaries Insurance Printing Bank interest Electricity bill Bank loan repaid General expenses Balance c/d |
8300 4000 8000 13040 6700 2670 2000 1500 8500 1150 3690 59550
|