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  • Fa2 Assingment

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    alia humairah
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    The Ayer Molek Professional College Youth Club had a deficit of RM60,627 for the year ended 31st December 2022. Total income was RM65,354 while total expenditures were RM124,981. As of 31st December 2022, the club had non-current assets of RM236,500 and current assets of RM164,200, financed by an accumulated fund of RM246,660 and current liabilities of RM4,040.

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    FA2 ASSINGMENT

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    The Ayer Molek Professional College Youth Club had a deficit of RM60,627 for the year ended 31st December 2022. Total income was RM65,354 while total expenditures were RM124,981. As of 31st December 2022, the club had non-current assets of RM236,500 and current assets of RM164,200, financed by an accumulated fund of RM246,660 and current liabilities of RM4,040.

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    3 views6 pages

    Fa2 Assingment

    Uploaded by

    alia humairah
    The Ayer Molek Professional College Youth Club had a deficit of RM60,627 for the year ended 31st December 2022. Total income was RM65,354 while total expenditures were RM124,981. As of 31st December 2022, the club had non-current assets of RM236,500 and current assets of RM164,200, financed by an accumulated fund of RM246,660 and current liabilities of RM4,040.

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    of 6

    Ayer Molek Professional College Youth Club

    Income and Expenditure Account for the year ended 31st December 2022

    INCOME : RM

    Net profit 29 406


    Subscriptions 16 400
    Profit Annual Dinner (32 500 - 14 950) 17 550
    Donation 1 998

    EXPENDITURES :

    Miscellaneous expenses 1 155


    Salaries 26 736
    Depreciation Club 4 000
    Salary for Club Manager 17 650
    Maintenance cost of club house 12 400
    Printing Machine rent 3 000
    Stationery and printing 2 340
    Postage 1 750
    Utility bills (34 500 x 80%) 27 600
    Interest on Loan 2 000
    Depreciation Club Office Furniture (85 000 + 17 850) - 75 500 27 350

    DEFICIT ( Expenditure over Income)


    RM

    65 354

    (124 981)
    (60 627)
    Ayer Molek Professional College Youth Club
    Statement Of financial Position as at 31st December 2022
    COST
    NON-CURRENT ASSETS : RM
    Souvenir Shop 100 000
    Club House 80 000
    Club Office Furniture 102 850

    CURRENT ASSETS :
    Bank
    Inventory
    Accrued Subscriptions
    Prepaid Insurance

    FINANCED BY:
    Opening Accumulated Fund
    (-) Deficit
    Donations (9 990 x 80%)
    Closing Accumulated Fund

    CURRENT LIABILITIES :
    Accrued Worker Souvenir Salaries
    Prepaid Subscriptions
    Accrued Interest On Loan ( 150 000x0.08x3/12)

    NON-CURRENT LIABILITIES :
    Loan from bank
    ACCUMULATED DEP CARRY VALUE
    RM RM
    (15 000) 85 000
    (4 000) 76 000
    (27 350) 75 500
    236 500

    161 660
    2 050
    240
    250
    164 200
    400 700

    299 295
    (60 627)
    238 668
    7 992
    246 660

    320
    720
    3 000
    4 040

    150 000
    400 700
    Ayer Molek Professional College Youth Club for the year ended 31st December 2022
    Receipts and Payment Account

    ITEM RM ITEM
    Balance b/d 43 050 Purchase souvenir shop
    Subscriptions 16 640 Maintenance cost of club house
    Cash sale 89 600 Carriage Inwards
    Donations 9 990 Salary for club manager
    Loan from bank 150 000 Insurance
    Collections Annual Dinner 32 500 Decorations & Repair shop
    Printing Machine rent
    Stationery and Printing
    Postage
    Utility bills
    Miscellaneous expenses
    Salaries
    Club Office Furniture
    Payment Annual Dinner

    Balance c/d
    341 780
    RM
    35 500
    12 400
    640
    17 650
    3 320
    1 550
    3 000
    2 340
    1 750
    34 500
    1 250
    33 420
    17 850
    14 950

    161 660
    341 780

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