The following trial balance of The Shire Golf Club was extracted from the books as on 31 December 2020: Dr Cr £ £ Clubhouse 142,000 Equipment 18,600 Profits from raffles 6,508 Subscriptions received 183,400 Wages of bar staff 29,200 Bar stocks 1 January 2020 9,400 Bar purchases and sales 41,300 84,600 Green-keepers’ wages 21,500 Golf professional’s salary 37,000 General expenses 910 Cash at bank 3,924 Accumulated fund at 1 January 2020 29,326 303,834 303,834 Notes: (i) Bar purchases and sales were on a cash basis. Bar stocks at 31 December 2020 were valued at £6,410. (ii) Subscriptions paid in advance by members at 31 December 2020 amounted to £1,870. (iii) Provide for depreciation of equipment £2,400. You are required to: (a) Draw up the bar trading account for the year ended 31 December 2020. (b) Draw up the income and expenditure account for the year ended 31 December 2020 (c) Balance sheet as at 31 December 2020
The following
31 December 2020:
Dr Cr
£ £
Clubhouse 142,000
Equipment 18,600
Profits from raffles 6,508
Subscriptions received 183,400
Wages of bar staff 29,200
Bar stocks 1 January 2020 9,400
Bar purchases and sales 41,300 84,600
Green-keepers’ wages 21,500
Golf professional’s salary 37,000
General expenses 910
Cash at bank 3,924
Accumulated fund at 1 January 2020 29,326
303,834 303,834
Notes:
(i) Bar purchases and sales were on a cash basis. Bar stocks at 31 December 2020 were valued at £6,410.
(ii) Subscriptions paid in advance by members at 31 December 2020 amounted to £1,870.
(iii) Provide for
You are required to:
(a) Draw up the bar trading account for the year ended 31 December 2020.
(b) Draw up the income and expenditure account for the year ended 31 December 2020
(c)
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