KZN Tennis Club presents you with the following information for the year ended 31 March 2015: 1. Cash received during the year: R Members fees 12 300 Sale of tennis balls 2 400 Hiring out tennis courts 4 020 Sale of refreshments 10 500 Entrance fees 300 2. Cash payments for the year: Wages 4 500 Purchases of tennis balls 8 700 Purchases of tennis balls 2 100 Repairs to the tennis courts 1 260 Construction of tennis court 9 000 Nets purchased 2 100 3. Current assets and current liabilities as at: 31 March 2014 31 March 2015 R R Cash in the bank 6 900 8 760 Inventories: Tennis balls 540 960 Refreshments 600 780 Payables for refreshments 480 660 Membership fees receivable 720 600 Membership fees received in advance _ 300 4. The carrying amount of the tennis courts was R21 000 on 31 March 2014. The new tennis court was completed on 30 September 2014. Depreciation at 10% per annum on the carrying amount of the nets. 5. The nets were purchased on 1 April 2014. The carrying amount of the old nets was R1 200 on that date. Depreciation must be written off at 20% per annum on the carrying amount of the nets. 6. According to the founding agreement, members have decided that entrance fees should be capitalized. REQUIRED: 6.1 Prepare the Statement of Income and Expenditure of KZN Tennis Club for the year ended 31 March 2015
QUESTION SIX
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KZN Tennis Club presents you with the following information for the year ended 31 March 2015: 1. Cash received during the year: R Members fees 12 300 Sale of tennis balls 2 400 Hiring out tennis courts 4 020 Sale of refreshments 10 500 Entrance fees 300
2. Cash payments for the year: Wages 4 500 Purchases of tennis balls 8 700 Purchases of tennis balls 2 100 Repairs to the tennis courts 1 260 Construction of tennis court 9 000 Nets purchased 2 100 |
3. Current assets and current liabilities as at:
31 March 2014 31 March 2015
R R
Cash in the bank 6 900 8 760
Inventories: Tennis balls 540 960
Refreshments 600 780
Payables for refreshments 480 660
Membership fees receivable 720 600
Membership fees received in advance _ 300
4. The carrying amount of the tennis courts was R21 000 on 31 March 2014. The new tennis court was completed on 30 September 2014.
5. The nets were purchased on 1 April 2014. The carrying amount of the old nets was R1 200 on that date. Depreciation must be written off at 20% per annum on the carrying amount of the nets.
6. According to the founding agreement, members have decided that entrance fees should be capitalized.
REQUIRED:
6.1 Prepare the Statement of Income and Expenditure of KZN Tennis Club for the year ended 31 March 2015
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