The RPANVERY Club has a financial year ends on 31 October 2021. In the year ended...

 

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The RPANVERY Club has a financial year ends on 31 October 2021. In the year ended 31 October 2021, the cash receipts and payments were: TOTAL RECEIPTS Subscription Bar sales Loans from members Bank Subscription in arrears Subscription in advance Bar stock Bar creditors 17,600 62,100 Equipment 60,000 Annual dance cost owing Clubhouse at cost TOTAL PAYMENTS Clubhouse Building Their assets and liabilities of the club at the dates stated were as follows: Equipment at cost Loan from members Accumulated depreciation - equipment Bar staff - Wages Clubhouse staff - Wages Equipment Repairs Bar Supplier Annual Dance General Expense 5,950 550 100 6,390 4,235 50 At 1 November 2020 At 31 October 2021 8,000 2,000 860 650 450 7,520 4,785 125 65,000 15,400 60,000 ? 65,000 7,400 3,400 20,000 4,320 35,500 Required: a) Prepare Subscription A/C. b) Prepare Restaurant Trading Account for the year ended 31 October 2021. c) Prepare Income and Expenditure account for the year ended 31 October 2021. d) Prepare Statement of financial position as at 31 October 2021. e) Briefly explain the application of prudence concept on subscription account. 3,750 5,420 Additional information: i. The clubhouse building is depreciated at RM2,000 and the equipment is depreciated at RM1,000. (4 marks) (4 marks) (5 marks) (8 marks) (4 marks) The RPANVERY Club has a financial year ends on 31 October 2021. In the year ended 31 October 2021, the cash receipts and payments were: TOTAL RECEIPTS Subscription Bar sales Loans from members Bank Subscription in arrears Subscription in advance Bar stock Bar creditors 17,600 62,100 Equipment 60,000 Annual dance cost owing Clubhouse at cost TOTAL PAYMENTS Clubhouse Building Their assets and liabilities of the club at the dates stated were as follows: Equipment at cost Loan from members Accumulated depreciation - equipment Bar staff - Wages Clubhouse staff - Wages Equipment Repairs Bar Supplier Annual Dance General Expense 5,950 550 100 6,390 4,235 50 At 1 November 2020 At 31 October 2021 8,000 2,000 860 650 450 7,520 4,785 125 65,000 15,400 60,000 ? 65,000 7,400 3,400 20,000 4,320 35,500 Required: a) Prepare Subscription A/C. b) Prepare Restaurant Trading Account for the year ended 31 October 2021. c) Prepare Income and Expenditure account for the year ended 31 October 2021. d) Prepare Statement of financial position as at 31 October 2021. e) Briefly explain the application of prudence concept on subscription account. 3,750 5,420 Additional information: i. The clubhouse building is depreciated at RM2,000 and the equipment is depreciated at RM1,000. (4 marks) (4 marks) (5 marks) (8 marks) (4 marks)

Answer rating: 100% (QA)

Subscription account For the year ended 31 Oct 2021 Particular Debit RM Particular Credit RM Subscription in arrear balance 1 Nov 2020 550 Subscriptio... View the full answer