The following balances were extracted from the books of Widows and Orphans Fund for the year ended 30 April 2000:
|
Sh.
|
|
Payments to widows and orphans
Refund to bachelors
Management expenses
Members contributions
Interest on investments
Provision for exchange losses on foreign investments (30 April 1999)
Investment account
Employers contributions
Fund account 30 April 1999
|
2,910,000
150,000
70,000
2,012,000
6,000,000
2,000,000
80,000,000
40,000
76,000,000
|
|
Sh.
|
Sh.
|
|
Cash
J.M. Fund
C.S.F. Corporation
P.M.G
|
1,000,000
1,600,000
322,000
|
2,922,000
|
The following information is also available:
1. A sum of Sh.80,000 was due to be paid to Widows and Orphans, but claims were not received until May 2000.
2. Interest on investments amounting to Sh.800,000 was to be paid to the fund in March 2000, but the cheque was not received until May the same year.
3. The employer contributions for the year should not be less than 3% of the total members contribution for the year.
4. Thirty members of the Fund were late in paying the contribution for the year ended 30 April 2000 amounting to Sh.3,000 each.
5. Provision in case of loss on foreign investments should be adjusted to Sh.1,600,000
Required:
(a) A trial balance of the Fund after taking all the above adjustments into account.
(b) Income and expenditure account for the year ended 30 April 2000.
(c) A balance sheet as at 30 April 2000.