ABC sports and Social Club's financial year ends on 31st March. The assets and liabilities of the club at dates stated were as follows : At 31-3-2015 $ At 31-3-2014 $ Equipment Subscriptions in arrears Subscription in advance Creditors for Bar Stocks 25,000 2,000 1,300 3,500 8,000 1,050 28,000 1,800 1,100 4,300 6,000 1,400 Bar stocks Electricity owing Raffle (Lottery) Fund Bank Balance 500 ? 7,230 ? For the year ending 31 March 2015, cash receipts and payments made were : $ $ 1,000 8,000 20,500 7,500 14,400 3,000 600 Affiliation fees (for four years) Subscriptions (including $ 600 of arrears from previous year) Bar takings Annual dinner/dance sale of tickets Sale of raffle tickets 21,000 Purchases of Equipment 41,000 Bar Stocks 24,000 Barman's Wages 1,800 Catering (dinner/dance) Hire of Band (dinner/dance) Raffle Prizes Rent of Hall Printing and Postage Eļectricity 15,000 2,000 5,810 1,220 3,000 Honorary Secretary's Expenses Repairs to Equipment Note. Subscription arrears of previous year written off $ 400. Prepare (i) A Bar Trading Account; (i) Income and Expenditure Account for the year ending 31st March 2015;

ABC sports and Social Club's financial year ends on 31st March. The assets and liabilities of the club at dates stated were as follows : At 31-3-2015 $ At 31-3-2014 $ Equipment Subscriptions in arrears Subscription in advance Creditors for Bar Stocks 25,000 2,000 1,300 3,500 8,000 1,050 28,000 1,800 1,100 4,300 6,000 1,400 Bar stocks Electricity owing Raffle (Lottery) Fund Bank Balance 500 ? 7,230 ? For the year ending 31 March 2015, cash receipts and payments made were : $ $ 1,000 8,000 20,500 7,500 14,400 3,000 600 Affiliation fees (for four years) Subscriptions (including $ 600 of arrears from previous year) Bar takings Annual dinner/dance sale of tickets Sale of raffle tickets 21,000 Purchases of Equipment 41,000 Bar Stocks 24,000 Barman's Wages 1,800 Catering (dinner/dance) Hire of Band (dinner/dance) Raffle Prizes Rent of Hall Printing and Postage Eļectricity 15,000 2,000 5,810 1,220 3,000 Honorary Secretary's Expenses Repairs to Equipment Note. Subscription arrears of previous year written off $ 400. Prepare (i) A Bar Trading Account; (i) Income and Expenditure Account for the year ending 31st March 2015;

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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