The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the
Question:
The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the year ended 31 December 20X4:
Notes:
(i ) Refreshment stocks were valued: 31 December 20X3 £680; 31 December 20X4 £920. There was nothing owing for refreshment stocks on either of these dates.
(ii ) On 1 January 20X4 the club’s equipment was valued at £32,400. Included in this figure, valued at £420, was the equipment sold during the year for £340.
(iii ) The amount to be charged for depreciation of equipment for the year is £5,200. This is in addition to the loss on equipment sold during the year.
(iv ) Subscriptions owing by members at 31 December 20X3 nil; at 31 December 20X4 £860.
You are required to:
(a) Draw up the refreshment trading account for the year ended 31 December 20X4. For this purpose £4,680 of the wages is to be charged to this account; the remainder is to be charged in the income and expenditure account.
(b) Calculate the accumulated fund as at 1 January 20X4.
(c) Draw up the income and expenditure account for the year ended 31 December 20X4, and a balance sheet as at 31 December 20X4.
Step by Step Answer:
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster