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 fundin You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair Canteen creditors Fixtures & fittings Independence fair expenses 120,000 145,600 320,000 46,000 37,600 22,300 18,000 Wages for canteen staff 68,000 Laundry expenses Prizes and trophies 8500 7600 345 200 8,800 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 500,000 Club house 500,000 Fixtures and Fittings Sports equipment 64,000 100,000 50,000 45000 Canteen debtors 105,000 85,000 Canteen creditors 66,000 59,000 Canteen stock 12,000 24,000 Subscription un arrears 11,500 6,700 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. 2,000 3,400 2,000 s00 700 The following accounts are required: a. Trading Account for the Independence Fair for the year ended 30, June 2020. b. Income and Expenditure Account for the year ended 30 June 2020. c. Balance sheet as at 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 fundin You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair Canteen creditors Fixtures & fittings Independence fair expenses 120,000 145,600 320,000 46,000 37,600 22,300 18,000 Wages for canteen staff 68,000 Laundry expenses Prizes and trophies 8500 7600 345 200 8,800 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 500,000 Club house 500,000 Fixtures and Fittings Sports equipment 64,000 100,000 50,000 45000 Canteen debtors 105,000 85,000 Canteen creditors 66,000 59,000 Canteen stock 12,000 24,000 Subscription un arrears 11,500 6,700 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. 2,000 3,400 2,000 s00 700 The following accounts are required: a. Trading Account for the Independence Fair for the year ended 30, June 2020. b. Income and Expenditure Account for the year ended 30 June 2020. c. Balance sheet as at 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
Balance b/d
120,000
Canteen creditors
145,600
Subscription
320,000
Fixtures & fittings
46,000
Entrance fees
37,600
Independence fair expenses
22,300
Rental of hall
18,000
Wages for canteen staff
68,000
Rental of lockers
8500
Laundry expenses
7600
Canteen debtors
345 200
Prizes and trophies
8,800
Independence fair
172,300
Utilities
9500
Honorarium -Admin staff
28000
Repairs
4200
Balance c/d
681,600
1,021,600
1,021,600
Additional information:
1 July 2019
30 June 2020
Club house
500,000
500,000
Fixtures and Fittings
64,000
100,000
Sports equipment
50,000
45000
Canteen debtors
105,000
85,000
Canteen creditors
66,000
59,000
Canteen stock
12,000
24,000
Subscription un arrears
11,500
6,700
Subscription in advance
2,000
3,400
Accrued hall rental
2,000
Repairs paid in advance
700
500
Proceeds from the independence fair are to be utilized for construction of a tennis court.
The following accounts are required:
a. Trading Account for the Independence Fair for the year ended 30, June 2020.
b. Income and Expenditure Account for the year ended 30 June 2020.
c. Balance sheet as at 30 June 2020.
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