On 1 January 20x4, these balances appeared in the records of EWR Rugby Club: Adjustments and other information: 1. On
On 1 January 20x4, these balances appeared in the records of EWR Rugby Club:
Adjustments and other information:
1. On 31 December 20x4, the amount owed to bar payables amounted to R326.
2. The accrued expenses on 1 January 20x4 was for salaries, while the prepaid expenses on 1 January 20x4 was for stationery on hand.
3. On 1 January 20x5, the secretary’s salary (R80) for December 20x4 was paid.
4. On 31 December 20x4:
– The inventory of alcohol was valued at R600 and glassware at R390.
– The value of stationery on hand amounted to R60, and accounts for stationery (R100) and insurance (R20) were still outstanding.
5. Depreciation on sports equipment amounted to R228.
6. Membership subscription fees in arrears at 31 December 20x4 amounted to R68. The balance of the membership subscription fees in arrears for 20x3 are irrecoverable.
7. The debentures were bought by the club on 1 July 20x4.
8. Entrance fees must be capitalised.
You are required to:
Prepare a bar trading account, an income and expenditure account, and a statement of financial position for the year ended 31 December 20x4.
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