Fund Accounting - Two Funds
Fund Accounting - Two Funds
Fund Accounting - Two Funds
Once we have divided up the opening net asset balance, we can present the two funds for SpringTime in two separate trial balances. We can also combine these two trial balances to form one trial balance comprised of two funds, see attached page. Presenting the funds separately as two distinct trial balances, we see that each fund is a self- balancing set of accounts.
SpringTime
Operating Fund
Trial Balance
December 31, 1999
| Dr | Cr | |
|---|---|---|
| Bank - operating account | 350 | |
| Accounts receivable | 100 | |
| Flower Pin inventory | 300 | |
| Accounts Payable | 100 | |
| Deferred contributions - Spring Fling | 200 | |
| Operating Fund - opening balance | 15 | |
| Flower Pin revenue | 450 | |
| Flower Pin cost of sales | 150 | |
| Spring Fling contributions recognized | 500 | |
| Unrestricted contributions | 100 | |
| Administration | 65 | |
| Spring Fling expenses | 400 | |
| 1365 | 1365 |
SpringTime
Capital Fund (Deferral Method)
Trial Balance
December 31, 1999
| Dr | Cr | |
|---|---|---|
| Bank - capital account | 150 | |
| Capital assets - cost | 2000 | |
| Accumulated amortization | 800 | |
| Bank loan - current portion | 130 | |
| Bank loan | 500 | |
| Deferred capital contributions | 400 | |
| Capital fund - opening balance | 435 | |
| Capital contributions recognized | 50 | |
| Amortization | 100 | |
| Interest expense | 65 | |
| 2315 | 2315 |