From the following, taken from the books of Bingo Club, prepare: (a) The income and expenditure...

  

  

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From the following, taken from the books of Bingo Club, prepare: (a) The income and expenditure account for the period ended 31 December 2002; (b) The subscriptions account (balanced property); and (c) The refreshments account in order to determine the profit or loss to be transferred to the income and expenditure account. Balances at 1 January 2002: R Accumulated funds 18 570 Loan from West Bank (15%) 10 000 Club equipment (cost) 16 000 Accumulated depreciation on club equipment 2 400 Stock on hand: Refreshments 1 400 Stationery 420 Income received in advance : Subscriptions 140 Income receivable: subscriptions in arrears 90 Bank balance 4 860 Petty cash balance 250 Buildings, at cost 8 090 Statement of receipts and payments for the year ended 31 December 2002: Receipts R Balances (1/1/2002) Bank 4 860 Petty cash 250 Subscriptions: 2001 60 2002 8 760 2003 220 Refreshments sales 12 680 Entrance fees 380 Donations 1 800 29 010 Payments Interest on loan 750 Stationery 350 Affiliation fees 200 Refreshments purchases 7 860 Honorarium 100 water and electricity 480 Wages 3 600 Postage 20 Balance (31/12/2002) Bank 15 400 Petty cash 250 29 010 Adjustments: 1. Stock on hand: adjustments, R1 420 Stationery, R170 2. Subscriptions still outstanding for 1991 should be written off. From the following, taken from the books of Bingo Club, prepare: (a) The income and expenditure account for the period ended 31 December 2002; (b) The subscriptions account (balanced property); and (c) The refreshments account in order to determine the profit or loss to be transferred to the income and expenditure account. Balances at 1 January 2002: R Accumulated funds 18 570 Loan from West Bank (15%) 10 000 Club equipment (cost) 16 000 Accumulated depreciation on club equipment 2 400 Stock on hand: Refreshments 1 400 Stationery 420 Income received in advance : Subscriptions 140 Income receivable: subscriptions in arrears 90 Bank balance 4 860 Petty cash balance 250 Buildings, at cost 8 090 Statement of receipts and payments for the year ended 31 December 2002: Receipts R Balances (1/1/2002) Bank 4 860 Petty cash 250 Subscriptions: 2001 60 2002 8 760 2003 220 Refreshments sales 12 680 Entrance fees 380 Donations 1 800 29 010 Payments Interest on loan 750 Stationery 350 Affiliation fees 200 Refreshments purchases 7 860 Honorarium 100 water and electricity 480 Wages 3 600 Postage 20 Balance (31/12/2002) Bank 15 400 Petty cash 250 29 010 Adjustments: 1. Stock on hand: adjustments, R1 420 Stationery, R170 2. Subscriptions still outstanding for 1991 should be written off.

Answer rating: 100% (QA)

In the books of Bingo Club Income and Expenditure account for the year ended 31... View the full answer