The following Football is the summary of the cash book of Mbedodo Club for the year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following Football is the summary of the cash book of Mbedodo Club for the year ended 30 June Receipts $000 Payments Bank balance (1 July 2010). 2340 Casual wages Members subscription 49 850 Bar supplies Entrance fees 33 060 Bates 60 840 Rent Bar sales Competition receipts 25 820 Secretary's basic salary. lighting and water 170 910 Competition prizes. Stationery and postage Repairs to gymnasium Ground up keep... $ Bar manager's salary Deposit with SACCO Bank balance Additional information. 1. The assets of the club on I July 2010 were $"000" 650 000 250 000 10 800 7,200 43,300 1200 24, 600 18000 5040 14400 3.840 3.300 4500 5.400 35 000 as follows. 6130 170 910 Land Gymnasium and equipment Bar inventory Prizes in hand 4800 2. Bar supplies owsing amounted to $4200 000 on 1 July 2010 3. On 30 June 2011 the bar inventory was $ 9 600 000, prizes in hand $2.400.000 and $ 5.640 000 for bar supplies was owing The Secretary is to receive a leave allowance of 5°10 of his basic salary. It was also agreed that the bar manager Should receive a $500.000 bonus for increased sales during the. year. 5. From the register of members, it appeared that unpaid Subscriptions as at 30 June 2011 tolaled $5100 000, Subscriptions received during the year included $2.550.000 in respect of the previous year and $1700 000 in respect the year starting 1 July 2011 6. Interest earned of on the deposit with the SACCO for amounted to $1750 000 the year ended 30 June 2011. 7. The rent paid was for fifteen months up to 30th September 2011. 18. The gymnasium and equipment are to be depreciated at the rate of 10⁰% per annum on straight line method: Required a) Income and expenditure account for the year ended 30 June 2011 b) Statement of Financial position as at 30 june 2011. The following Football is the summary of the cash book of Mbedodo Club for the year ended 30 June Receipts $000 Payments Bank balance (1 July 2010). 2340 Casual wages Members subscription 49 850 Bar supplies Entrance fees 33 060 Bates 60 840 Rent Bar sales Competition receipts 25 820 Secretary's basic salary. lighting and water 170 910 Competition prizes. Stationery and postage Repairs to gymnasium Ground up keep... $ Bar manager's salary Deposit with SACCO Bank balance Additional information. 1. The assets of the club on I July 2010 were $"000" 650 000 250 000 10 800 7,200 43,300 1200 24, 600 18000 5040 14400 3.840 3.300 4500 5.400 35 000 as follows. 6130 170 910 Land Gymnasium and equipment Bar inventory Prizes in hand 4800 2. Bar supplies owsing amounted to $4200 000 on 1 July 2010 3. On 30 June 2011 the bar inventory was $ 9 600 000, prizes in hand $2.400.000 and $ 5.640 000 for bar supplies was owing The Secretary is to receive a leave allowance of 5°10 of his basic salary. It was also agreed that the bar manager Should receive a $500.000 bonus for increased sales during the. year. 5. From the register of members, it appeared that unpaid Subscriptions as at 30 June 2011 tolaled $5100 000, Subscriptions received during the year included $2.550.000 in respect of the previous year and $1700 000 in respect the year starting 1 July 2011 6. Interest earned of on the deposit with the SACCO for amounted to $1750 000 the year ended 30 June 2011. 7. The rent paid was for fifteen months up to 30th September 2011. 18. The gymnasium and equipment are to be depreciated at the rate of 10⁰% per annum on straight line method: Required a) Income and expenditure account for the year ended 30 June 2011 b) Statement of Financial position as at 30 june 2011.
Expert Answer:
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
Students also viewed these accounting questions
-
The following information relates to Sydney Computer Services. Income Statement for the year ended 30 June 2013 Additional Information: The Owner withdrew $20,000 through the year for her own use....
-
The trial balance for Eureka Ltd as at 30 June 2012 (before calculation of income tax) is as follows: Note: this is the first year of operation of Eureka Ltd. DR CR $000 $000 Sales Revenue 1235 Cost...
-
If you were advising a legal team on how to prepare for a discovery conference, what would you recommend or include? What issues should a legal team and its client consider? What are some of the...
-
A group of particles is traveling in a magnetic field of unknown magnitude and direction. You observe that a proton moving at 1.50 km/s in the +x-direction experiences a force of 2.25 X l0-16 N in...
-
Consider a 238U nucleus to be made up of an alpha particle (4He) and a residual nucleus (234Th). Plot the electrostatic potential energy U(r), where r is the distance between these particles. Cover...
-
Which of the following is an example of an output control? a. size check c. cross-footing balance check b. encryption d. forms design
-
An apartment building in your neighborhood is for sale for $140,000. The building has four units, which are rented at $500 per month each. The tenants have long-term leases that expire in 5 years....
-
4. (10 marks) Consider the returns on two stocks over a period of five years: Return Return Return Year Stock A Stock B 1 14% 11% 2 14 9.5 3 14.25 12 4 14.5 12.5 5 15 17 average return 14% 14% The...
-
You are a financial analyst at a firm that has been returning cash to shareholders through stock repurchases. You want to determine how the level of repurchases will vary as a function of the sales...
-
An investment project provides cash inflows of $1,125 per year for eight years. a. What is the project payback period if the initial cost is $3,800? b. What is the project payback period if the...
-
If a firm produces 20 units of output and incurs a total cost of $1,000 and a variable cost is $700, calculate the firm's average fixed cost of production if it expands output to 25 units.
-
A particular mathematics textbook measures 8.5 inches by 11 inches by 1.5 inches. How many of these textbooks can be placed into a shipping box that measures 12 inches by 12 inches by 6 inches? How...
-
The mean weight of a collection of potatoes in a shipment to a fruit market is 1.3 lb, with a standard deviation of 0.35 lb. The distribution of weights is approximately Normal. What percentage of...
-
"It's "Virtually" the Same Game?! The business of sports is growing tremendously and it is fueled in part by athletes that take on celebrity status. None typifies this better than Tiger Woods. Tiger...
-
https://hbr.org/2012/06/pricing-to-create-shared-value the main theme of the article the main concepts discussed in the article the key points/facts presented in the article the...
-
Hana is the manager for an electronics retail store. She advertises a computer for a very low price, but when customers come in to buy the computer, she instructs the salespeople to disparage the...
-
Given that all the choices are true, which one concludes the paragraph with a precise and detailed description that relates to the main topic of the essay? A. NO CHANGE B. Decades, X-ray C. Decades...
-
Explain the differences and/or interrelationship between: (a) Changes in specific price levels; (b) Changes in general price levels; (c) Inflation; (d) The retail price index (RPI).
-
The outline statements of financial position of the Nantred Trading Co. Ltd were as shown below: Additional information The only other information available is that the revenue for the years ended 30...
-
The directors of J. Kitchens Ltd were pleased when their accountants informed them that the company had made a profit of 24,000 during the year ended 31 December 20X9. However, their pleasure was...
-
Department 2 of Kapp Company has a gross profit of \($100,000,\) representing 40% of net departmental sales. Traceable departmental expenses are \($75,000.\) Management believes that an increase of...
-
Department A of Racine Company has a gross profit of \($140,000,\) representing 35% of net departmental sales. Management believes that an increase of \($36,000\) in advertising will increase volume...
-
What is the maximum amount that one division should pay to another division of the same company for a component needed in manufacturing its product?
Study smarter with the SolutionInn App