You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding. You already have the following information: Receipts and payments account as at 30 June 2020 2$ Balance b/d Subscription Entrance fees 120,000 320,000 37,600 Canteen creditors 145,600 Fixtures & fittings 46,000 22,300 68,000 Independence fair expenses Wages for canteen staff Laundry expenses Prizes and trophies Rental of hall 18,000 Rental of lockers 8500 7600 345 200 8,800 9500 Canteen debtors Independence fair 172,300 Utilities Honorarium -Admin staff 28000 Repairs Balance c/d 4200 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 $ 500,000 64,000 50,000 105,000 66,000 12,000 11,500 2,000 30 June 2020 Club house 500,000 100,000 Fixtures and Fittings Sports equipment Canteen debtors 45000 85,000 59,000 24,000 6,700 3,400 2,000 500 Canteen creditors Canteen stock Subscription on arrears Subscription in advance Accrued hall rental Repairs paid in advance Proceeds from the independence fair are to be utilized for construction of a tennis court. 700 The following accounts are required: a. Trading Account for the Canteen for the year ended 30, June 2020.
You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding. You already have the following information: Receipts and payments account as at 30 June 2020 2$ Balance b/d Subscription Entrance fees 120,000 320,000 37,600 Canteen creditors 145,600 Fixtures & fittings 46,000 22,300 68,000 Independence fair expenses Wages for canteen staff Laundry expenses Prizes and trophies Rental of hall 18,000 Rental of lockers 8500 7600 345 200 8,800 9500 Canteen debtors Independence fair 172,300 Utilities Honorarium -Admin staff 28000 Repairs Balance c/d 4200 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 $ 500,000 64,000 50,000 105,000 66,000 12,000 11,500 2,000 30 June 2020 Club house 500,000 100,000 Fixtures and Fittings Sports equipment Canteen debtors 45000 85,000 59,000 24,000 6,700 3,400 2,000 500 Canteen creditors Canteen stock Subscription on arrears Subscription in advance Accrued hall rental Repairs paid in advance Proceeds from the independence fair are to be utilized for construction of a tennis court. 700 The following accounts are required: a. Trading Account for the Canteen for the year ended 30, June 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the
financial statements for 2020 as he will need the information to apply for some grant funding.
You already have the following information:
Receipts and payments account as at 30 June 2020
2$
120,000
320,000
37,600
Balance b/d
Canteen creditors
145,600
46,000
22,300
Fixtures & fittings
Independence fair expenses
Wages for canteen staff
Laundry expenses
Prizes and trophies
Subscription
Entrance fees
Rental of hall
18,000
68,000
Rental of lockers
8500
7600
8,800
9500
Canteen debtors
345 200
Independence fair
172,300
Utilities
Honorarium -Admin staff
28000
Repairs
Balance c/d
4200
681,600
1,021,600
1,021,600
Additional information:
1 July 2019
30 June 2020
2$
500,000
100,000
Club house
500,000
64,000
50,000
105,000
66,000
12,000
11,500
2,000
Fixtures and Fittings
Sports equipment
45000
Canteen debtors
85,000
59,000
24,000
6,700
3,400
| 2,000
Canteen creditors
Canteen stock
Subscription on arrears
Subscription in advance
Accrued hall rental
Repairs paid in advance
Proceeds from the independence fair are to be utilized for construction of a tennis court.
700
500
The following accounts are required:
a. Trading Account for the Canteen for the year ended 30, June 2020.
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