How to do subscription fee account INFORMATION:A.Accrued income (subscription fees) eceIncome received in advance (subscription fees)BankSports equipmentTuck shop's trading inventory on handAccumulated fundsLoanBALANCES ON 1 APRIL 20181 3509002 02010 000CF6 64012 95016 000 Pncom* BortXpseВ.STATEMENT OF RECEIPTS AND EXPENDITURE ON 31 MARCH 2019RECEIPTSRRPAYMENTS13 200Gate takingsTuck shop salesEntrance feesSubscription fees: 20186 760 Purchases of the tuck shop250l2078212782 Stationery1 0502 300 Water and electricity900 Honorarium execnse7005 850 Subscription fees refunded2 700 Creditors1 8003 20020192020Interest on fixed deposit1 500130 Salaries370029422ADDITIONAL INFORMATION AND ADJUSTMENTS:C.33720clOsing Stocs1.The tuck shop's trading inventory on hand amounted to R4 200.COCh otherBunc & A CCored2.Subscription fees still outstanding for 2018 must be written off.3.Each member must contribute R450 per year to the club as joining fees.4.Five members must still pay their subscription fees for 2019. 5.2Purchase account(1QUESTION 6The following information was taken from the accounting records of Lutande SportsCentre on 31 July 2019.REQUIRED:Complete the following ledger accounts and balance/close off the accounts:6.1Tuck shop trading account6.2Subscription fees accountClubs6.3Prepare the statement of profit and lossCopyright reserved10610725-215Q1J210420-2728

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Answered: How to do subscription fee account

Business

Accounting

How to do subscription fee account

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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Concept explainers

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

Question

How to do subscription fee account

INFORMATION:
A.
Accrued income (subscription fees) ece
Income received in advance (subscription fees)
Bank
Sports equipment
Tuck shop's trading inventory on hand
Accumulated funds
Loan
BALANCES ON 1 APRIL 2018
1 350
900
2 020
10 000CF
6 640
12 950
16 000 P
ncom
* Bort
Xpse
В.
STATEMENT OF RECEIPTS AND EXPENDITURE ON 31 MARCH 2019
RECEIPTS
R
R
PAYMENTS
13 200
Gate takings
Tuck shop sales
Entrance fees
Subscription fees: 2018
6 760 Purchases of the tuck shop
250
l2078212782 Stationery
1 050
2 300 Water and electricity
900 Honorarium execnse
700
5 850 Subscription fees refunded
2 700 Creditors
1 800
3 200
2019
2020
Interest on fixed deposit
1 500
130 Salaries
3700
29422
ADDITIONAL INFORMATION AND ADJUSTMENTS:
C.
33720
clOsing Stocs
1.
The tuck shop's trading inventory on hand amounted to R4 200.
COCh other
Bunc & A CCored
2.
Subscription fees still outstanding for 2018 must be written off.
3.
Each member must contribute R450 per year to the club as joining fees.
4.
Five members must still pay their subscription fees for 2019.

5.2
Purchase account
(1
QUESTION 6
The following information was taken from the accounting records of Lutande Sports
Centre on 31 July 2019.
REQUIRED:
Complete the following ledger accounts and balance/close off the accounts:
6.1
Tuck shop trading account
6.2
Subscription fees account
Clubs
6.3
Prepare the statement of profit and loss
Copyright reserved
10610725-215Q1J210420-2728

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