The Receipts and Payments Account of Queens Social Club for the year ended 31st December 2021 is as follows:
Receipts and Payments Account for the year ended 31st December 2021
| $ | $ | ||
| Balance b/d | 20,000 | Expenses on diner | 105,000 |
| Subscriptions | 280,000 | Donations to hospital | 190,000 |
| Bat sales | 221,400 | Affiliation fees | 6,000 |
| Donations | 50,000 | Bar supplies | 140,000 |
| End of the year dinner | 170,000 | General expenses | 183,000 |
| Club equipment | 24,000 | ||
| Bar expenses | 71,000 | ||
| Balance c/d | 24,400 | ||
| 743,400 | 743,400 | ||
| Balance b/d | 24,400 |
Additional information:
1/1/2021
$
Club equipment (cost $ 50,000) 45,000
Bar stocks 6,000
Subscriptions
In arrears 30,000
In advance 50,000
Creditors for bar supplies 15,000
Furniture and fittings 28,000
Provide depreciation of 10% on cost for club's equipment. You are required to prepare
(a) Statement of Affairs as at 1/1/2021;
(b) Bar Trading Account for the year ended 31/12/2021; (c) Subscriptions Account for the year;
(d) Income and Expenditure Account for the year ended 31/12/2021.
(a) Statement of Affairs as at 01/01/2021
| Assets | ¢ | ¢ |
| Club equipment | 45,000 | |
| Bar stocks | 6,000 | |
| Subscription in arrears | 30,000 | |
| Furniture and fittings | 28,000 | |
| Bank | 20,000 | |
| 129,000 | ||
| Less liabilities | ||
| Subscription in advance | 50,000 | |
| Creditors | 15,000 | (65,000) |
| Accumulated fund | 64,000 |
(b) Bar trading account for the year ended 31/12/2021
| ¢ | ¢ | ||
| Bar stocks 0/01/2021 | 6,000 | Bar sales | 221,400 |
| Bar supplies | 140,000 | ||
| 146,000 | |||
| Bar gross profit | 75,400 | ||
| 221,400 | 221,400 | ||
| Less: Bar expenses | 71,000 | Bar gross profit | 75,400 |
| Bar net profit | 4,400 | ||
| 75,400 | 75,400 |
(c) Subscription Account
| ¢ | ¢ | ||
| Balance b/d | 30,000 | Balance | 50,000 |
| Income and exp | 300,000 | Cash | 280,000 |
| 330,000 | 330,000 |
(d) Income and expenditure account for the year extend 31/12/2021
| $ | $ | ||
| Expenses on dinner | 105,000 | Subscription | 300,000 |
| Donation to hospital | 190,000 | Donations | 50,000 |
| Affiliation fees | 6,000 | End of the year dinner | 170,000 |
| General expenses | 183,000 | ||
| Depreciation: | |||
| equipment (10% x £50,000) | 5,000 | ||
| Fur and fittings (10% x 28,000) | 2,800 | ||
| Surplus | 28,200 | ||
| 520,000 | 520,000 |
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