The assets and liabilities of the Springs Swimming club as at 1st June 2020 were: Balance at bank sh.58,000 Equipment sh.29,000 Sundry expenses owing sh. 1,500 Stock of refreshments sh.2,000 Rent prepaid sh.4,000 Accumulated fund sh.91,500 The following is a summary of the receipts and payments of the club for the year ended 31st May 2021. Receipts Sh. Payments Sh. Opening balance 1/6/2020 58,000 Expenses of Dance 52,900 Annual dance 91,700 Rent of clubroom 54,000 Subscriptions 62,400 Purchase of equipment 25,000 Locker rents 24,800 Prizes of competition 9,500 Sales of refreshments 26,800 Sundry expenses 11,000 Competition fees 14,200 Purchase of refreshments 16,000 Sale of swimming permits 6,000 License fees to council 9,000 The following information is also available: a) Stock of refreshment at 31st may 2021 was sh.1,000. b) Rent of club room prepaid 31st may 2021 sh.5,000 c) Sundry expenses owing 31st may 2021 sh.1,000. Required: i) Calculate the club’s bank balances as at 31st may 2020; and ii} Prepare an Income and Expenditure account for the year ended 31st May 2021 showing the sale of refreshments and a Statement of Financial as at the date.
The assets and liabilities of the Springs Swimming club as at 1st June 2020 were:
Balance at bank sh.58,000
Equipment sh.29,000
Sundry expenses owing sh. 1,500
Stock of refreshments sh.2,000
Rent prepaid sh.4,000
Accumulated fund sh.91,500
The following is a summary of the receipts and payments of the club for the year ended 31st May 2021.
|
Receipts |
Sh. |
Payments |
Sh. |
|
Opening balance 1/6/2020 |
58,000 |
Expenses of Dance |
52,900 |
|
Annual dance |
91,700 |
Rent of clubroom |
54,000 |
|
Subscriptions |
62,400 |
Purchase of equipment |
25,000 |
|
Locker rents |
24,800 |
Prizes of competition |
9,500 |
|
Sales of refreshments |
26,800 |
Sundry expenses |
11,000 |
|
Competition fees |
14,200 |
Purchase of refreshments |
16,000 |
|
Sale of swimming permits |
6,000 |
License fees to council |
9,000 |
The following information is also available:
a) Stock of refreshment at 31st may 2021 was sh.1,000.
b) Rent of club room prepaid 31st may 2021 sh.5,000
c) Sundry expenses owing 31st may 2021 sh.1,000.
Required:
i) Calculate the club’s bank balances as at 31st may 2020; and
ii} Prepare an Income and Expenditure account for the year ended 31st May 2021 showing the sale of refreshments and a Statement of Financial as at the date.
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