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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education