In addition to providing sports facilities for members, the HJ Club also has a shop selling sports
Question:
In addition to providing sports facilities for members, the HJ Club also has a shop selling sports clothing to members and guests. All purchases are made on credit terms and all sales are made for cash.
The sports equipment is being depreciated at the rate of 20% per annum using the straight line method. A full year’s depreciation is charged in the year of purchase.
a. Prepare the shop income statement for the year ended 30 June 20–5.
b. Prepare the income and expenditure account for the year ended 30 June 20–5.
Transcribed Image Text:
The following information is available: 1 July 20-4 30 June 20-5 Shop inventory 1030 1680 Subscriptions owing by members 200 Subscriptions prepaid by members 300 Rent payable accrued 450 Amounts owing to credit suppliers 920 870 Sports equipment at cost 18200 ? Provision for depreciation of sports equipment 7280 ? During the year ended 30 June 20-5: Receipts Subscriptions 15500 Receipts from shop sales 14 100 Competition entrance fees 1350 Payments New sports equipment 2000 Credit suppliers to shop 8520 Rent 3150 Competition prizes 1220 Wages - shop assistant 4500 sports trainer 3630 General expenses 5470
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a Shop Income Statement for the Year Ended 30 June 205 Sales revenue cash sales 14...View the full answer
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Related Book For
Cambridge IGCSE And O Level Accounting Coursebook
ISBN: 9781316502778
2nd Edition
Authors: Catherine Coucom
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