Below is the receipts and payments account of the Reygersdal Soccer Club for the period 1 July 20x6 to 30 June 20x7, and their statement of financial position as at 30 June 20x6:

Additional information:

1. The accounts payable as at 30 June 20x6 were:

2 The accounts payable as at 30 June 20x7 were:

In addition, certain membership subscription fees had been paid in advance.

3. An examination of the membership list revealed:

4. The members wish soccer and ground equipment to remain at a nominal value of R1 000 each on the statement of financial position.

5. Included in the sundry trade receivables as at 30 June 20x7 is an amount of R20 owing by a member for old soccer balls he bought from the club.

You are required to:

Prepare a statement of income and expenditure and a statement of financial position for the year ended 30 June 20x7.

Transcribed Image Text:

Dr. 20x6 Jul. 20x7 Jun. 1 Total Nominal Accounts Section RECEIPTS AND PAYMENTS b/d Membership subscription fees and 30 entrance fees GJ Gate collections Donations received Soccer equipment Grounds equipment Pavilion at cost GJ GJ 20x6 200 00 Jun. Property Accounts receivable (membership subscription fees) Cash 1 200 00 300 00 50 00 Soccer 30 equipment Additions to pavilion Grounds equipment Stationery General expenses Total 1 000 00|| Accumulated fund 1 000 00 750 00 1 500 00 Balance as at 1 July 20x5 Add: Entrance fees Surplus N 50 00 200 00 Accounts payable 4 500 00 GJ GJ GJ GJ GJ c/d 1 750 00 Reygersdal Soccer Club ABRIDGED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 20x6 Cr. 230 00 1 000 00 150 00 90 00 160 00 120 00 1 750 00 4 050 00 150 00 200 00 4 400 00 100 00 4 500 00