Belfast Darts Club, though formed in 20W8, never maintained proper books of account. Their transactions, however, were
Question:
Belfast Darts Club, though formed in 20W8, never maintained proper books of account. Their transactions, however, were always recorded through the bank account. They have two types of membership: player members pay £40 per month and social members pay £30 per month. A non-refundable fee of £500, charged on joining, is regarded as part of the income for the year. The bank statements for the year ended 31.12.20X2 have been summarized as stated below.
You have gathered the following additional information:
1. £24,880 of player membership subscriptions and £9,500 of social membership subscriptions are to be written off in the year.
2. Regular till collections are made on match days for the benefit of those mentally handicapped.
3. The assets and liabilities of the club include the following:
4. The clubhouse is not depreciated; one-fifth of the year-end book value of furniture is written off as depreciation.
Required
Prepare the following for Belfast Darts Club, for the year ended 31 December 20X2:
a. the opening statement of financial position;
b. the bar income account;
c. the refreshments income account;
d. the income and expenditure account; and
e. the closing statement of financial position.
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas