You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant fundin You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair Canteen creditors Fixtures & fittings Independence fair expenses 120,000 145,600 320,000 46,000 37,600 22,300 18,000 Wages for canteen staff 68,000 Laundry expenses Prizes and trophies 8500 7600 345 200 8,800 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 500,000 Club house 500,000 Fixtures and Fittings Sports equipment 64,000 100,000 50,000 45000 Canteen debtors 105,000 85,000 Canteen creditors 66,000 59,000 Canteen stock 12,000 24,000 Subscription un arrears 11,500 6,700 Subscription in advance Accrued hall rental Repairs paid in advance Proceeds from the independence fair are to be utilized for construction of a tennis court. 2,000 3,400 2,000 s00 700 The following accounts are required: a. Trading Account for the Independence Fair for the year ended 30, June 2020. b. Income and Expenditure Account for the year ended 30 June 2020. c. Balance sheet as at 30 June 2020.
You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant fundin You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair Canteen creditors Fixtures & fittings Independence fair expenses 120,000 145,600 320,000 46,000 37,600 22,300 18,000 Wages for canteen staff 68,000 Laundry expenses Prizes and trophies 8500 7600 345 200 8,800 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 500,000 Club house 500,000 Fixtures and Fittings Sports equipment 64,000 100,000 50,000 45000 Canteen debtors 105,000 85,000 Canteen creditors 66,000 59,000 Canteen stock 12,000 24,000 Subscription un arrears 11,500 6,700 Subscription in advance Accrued hall rental Repairs paid in advance Proceeds from the independence fair are to be utilized for construction of a tennis court. 2,000 3,400 2,000 s00 700 The following accounts are required: a. Trading Account for the Independence Fair for the year ended 30, June 2020. b. Income and Expenditure Account for the year ended 30 June 2020. c. Balance sheet as at 30 June 2020.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 9DQ
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