Question 6The Mount Rugby Club provided the following information.1 May 2016$30 April 2017Subscriptions owingSubscriptions in advance770600480585InventoryTrade payables1 9603 6402 6304 820During the year ended 30 April 2017.$11 935 was received from members. This included $550 from those in arrears at 1 May 2016, theremaining balance of $220 is to be written off.Payments made to suppliers by cheque $29 375Cash purchases $1 490Discount received $225The shop made a 20% gross profit margin.Prepare the subscriptions account for the year ended 30 April 2017. Balance the account on thisdate and bring the balance down on 1 May 2017.(a)) Prepare the trade payables ledger control account for the year ended 30 April 2017. Balance theaccount on this date and bring the balance down on 1 May 2017.(b)(ii) Calculate the total purchases for the year ended 30 April 2017,(iii) Prepare the trading section of the income statement for the year ended 30 April 2017.

So this question relates to the Club Accounting and the details are provided Particulars 1 May…

Question 6 The Mount Rugby Club provided the following information. 1 May 2016 30 April 2017 Subscriptions owing Subscriptions in advance Inventory Trade payables 770 600 480 585 1960 2 630 3 640 4 820 During the year ended 30 April 2017. $11 935 was received from members. This included $550 from those in arrears at 1 May 2016, the remaining balance of $220 is to be written off. Payments made to suppliers by cheque $29 375 Cash purchases $1 490 Discount received $225 The shop made a 20% gross profit margin. (a) Prepare the subscriptions account for the year ended 30 April 2017. Balance the account on this date and bring the balance down on 1 May 2017. ) Prepare the trade payables ledger control account for the year ended 30 April 2017. Balance the account on this date and bring the balance down on 1 May 2017. (b) (i) Calculate the total purchases for the year ended 30 April 2017. (iii) Prepare the trading section of the income statement for the year ended 30 April 2017.

Question 6 The Mount Rugby Club provided the following information. 1 May 2016 30 April 2017 Subscriptions owing Subscriptions in advance Inventory Trade payables 770 600 480 585 1960 2 630 3 640 4 820 During the year ended 30 April 2017. $11 935 was received from members. This included $550 from those in arrears at 1 May 2016, the remaining balance of $220 is to be written off. Payments made to suppliers by cheque $29 375 Cash purchases $1 490 Discount received $225 The shop made a 20% gross profit margin. (a) Prepare the subscriptions account for the year ended 30 April 2017. Balance the account on this date and bring the balance down on 1 May 2017. ) Prepare the trade payables ledger control account for the year ended 30 April 2017. Balance the account on this date and bring the balance down on 1 May 2017. (b) (i) Calculate the total purchases for the year ended 30 April 2017. (iii) Prepare the trading section of the income statement for the year ended 30 April 2017.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 75APSA: Note Payable and Accrued Interest Fairbome Company borrowed $60,000 on an 8%, interest-bearing note...

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