Hockey Sporting Club had 92 members each of whom paid $150 for monthly subscriptions. On April 1,
Question:
Hockey Sporting Club had 92 members each of whom paid $150 for monthly subscriptions.
On April 1, 2020 the club owned fixtures valued at $15,500. Cash balance amounted to $6600 and 25 members were in arrears for March 31, 2020 subscriptions. Bar Stock was valued at $4000 and $2000 was owed for rent.
The following relates to the Club’s affairs during the month of April 2020.
Subscriptions received (including arrears for March 31, 2020) 11 750
Cash purchases for bar 2 750
Cash sales for bar 5 800
Rent paid (arrears for March 31, 2020 included) 8 000
Secretary’s salary 5 000
Cash paid for repairs to premises 2 900
Cash purchase of an office chair 6 350
Donations received 6 000
Telephone bill paid 1 500
Sale of raffle tickets 4 800
Bar stocks on April 30, 2020 2 750
The fixtures were depreciated at the rate of 25% per annum.
You are required to prepare for the month ended April 30, 2020:
- A statement showing the computation of the Accumulated Fund on April 1, 2020.
- A Receipts and Payment accounts (6 marks)
- A Bar Trading Account (4 marks)
- An Income & Expenditure Account (9 marks)
- A Balance sheet as at 30 April 2020 (8 marks)
Expert Answer:
