The treasurer of Kakeldadi’S Club has presented the following Information to you on 31st December, 2018. Cash transactions for the year ended 31st December, 2018 were as follows: Cash -balance (1st Jan, 2018) GH¢9,300 Insurance expenses GH¢27,900 Members’ subscription GH¢26,500 Bar stock supplies GH¢80,000 Bar Purchases GH¢60,000 Bar expenses GH¢16,300 Bar sales GH¢154,000 Additional Information: 1. The insurance covers one and a half years to 30/03/2019. 20% depreciation is charged on cost of fixed asset. 2. Other assets and liabilities were: 01/01/2018 31/12/ 2018 GH¢ GH¢ Bar inventory 6,800 9,650 Owings to bar stock suppliers 6,000 7,750 Subscription in arrears 4,000 5,200 Subscription received in advance 800 1,000 Old Office Equipment 24,000 ------ 3. The bar keeper who had handled bar sales all for cash had disappeared taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit margin of 25%. The cash stolen should be credited to Bar Trading Account and debited to the Income and Expenditure Account. 4. The old office equipment was disposed on 31/08/2018 for GH¢ 21,000 cash and new office equipment was purchased by GH¢ 12,000 cash on 30/09/2018. 5. The treasurer is entitled to 10% of the surplus after considering all expenses and her entitlement. Kakeldadi’S Club paid the treasurer all her entitlements before 1/01/2019. Required: (Note: all decimals should be converted to a whole number) a. Prepare a Bar Trading Account for the year ended 31 December 2018. b. Prepare an Income and Expenditure Account for the year ended 31 December 2018. c. Prepare a Statement of Financial Position as at 31 December 2018
The treasurer of Kakeldadi’S Club has presented the following Information to you on 31st December, 2018.
Cash transactions for the year ended 31st December, 2018 were as follows:
Cash -balance (1st Jan, 2018) GH¢9,300 Insurance expenses GH¢27,900
Members’ subscription GH¢26,500 Bar stock supplies GH¢80,000
Bar Purchases GH¢60,000 Bar expenses GH¢16,300
Bar sales GH¢154,000
Additional Information:
1. The insurance covers one and a half years to 30/03/2019. 20%
2. Other assets and liabilities were:
01/01/2018 31/12/ 2018
GH¢ GH¢
Bar inventory 6,800 9,650
Owings to bar stock suppliers 6,000 7,750
Subscription in arrears 4,000 5,200
Subscription received in advance 800 1,000
Old Office Equipment 24,000 ------
3. The bar keeper who had handled bar sales all for cash had disappeared taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit margin of 25%. The cash stolen should be credited to Bar Trading Account and debited to the Income and Expenditure Account.
4. The old office equipment was disposed on 31/08/2018 for GH¢ 21,000 cash and new office equipment was purchased by GH¢ 12,000 cash on 30/09/2018.
5. The treasurer is entitled to 10% of the surplus after considering all expenses and her entitlement. Kakeldadi’S Club paid the treasurer all her entitlements before 1/01/2019.
Required: (Note: all decimals should be converted to a whole number)
a. Prepare a Bar Trading Account for the year ended 31 December 2018.
b. Prepare an Income and Expenditure Account for the year ended 31 December 2018.
c. Prepare a
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