Financial Accounting and ReportingFull description
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Teori Akuntansi Ch 2Deskripsi lengkap
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advanced accounting beamsDeskripsi lengkap
IFRSFull description
Financial Accounting
FinAccFull description
Workshop: Financial Reporting for School Organizations The finance office has just granted you with a P50,000 fund allocation for the year 2017. During the year, you have undertaken different activities and programs that are in line with your organization’s objectives. Below is a timeline and the details of the different transactions: January 6 6 - Bought food from Jollibee totalling P2,500. The food was intended for a planning meeting to be held on the same day. February 5 – Accepted 10 new members in the organization. February 20 – Bought office supplies for P3,000. March 3 – Borrowed P5,000 from a member. The amount will be used as emergency fund. The debt will be paid next year. April 6 – Purchased an electric fan for the office. The electric fan was bought for P2,000 from KCC. June 10 – Project 1: Organization Fare Booth construction – P5,000 o o Food and water – P2,000 Miscellaneous items – P1,000 o July 6 – Bought food for an emergency org meeting. Total cost was P1,500. October 15 – Collected the required yearly fees from the organization members. This will be used for team-building activities and special gatherings. Each member contributed P150. It was agreed that any excess will be used for the year-end Christmas Party. As of this date, the organization has 70 members. Only 50 members paid the yearly fee. October 21 – Outing in La Vista Transportation – P500 o o Entrance – P1,000 Food – P1,500 o November 30 –Ordered 50 “org shirts” from a local printing shop. Each t -shirt -shirt has a cost of P250. 50% was given as down-payment while the balance will be paid next year upon delivery. December 3 – Project 2: Ateneo Fiesta Open Mic o Rental of sound system – P4,000 o Food and water – P1,500 Advertisement – P500 o o Transportation from promotion – P200 Miscellaneous – P500 o December 18 – Christmas party, party, “White Walker” themed o Venue – P1,500 o Food – P2,000 Prizes – P1,500 o At the end of the year, the organization had P20,500 remaining cash. The organization’s cash is managed and held by Dany. Other than managing the cash, Dany is also in-charge of maintaining all supporting documents of the organization and recording the transactions.
Requirements: Prepare the necessary financial reports needed to account for the above items.