Sport Fitness Club is a scuba diving and kayaking club operating in Pulau Pangkor, Perak, Malaysia....
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Sport Fitness Club is a scuba diving and kayaking club operating in Pulau Pangkor, Perak, Malaysia. The main activity of the club to generate additional funds is selling of scuba diving equipment. The following information has been taken from the club's financial book at 31 March 2021: (a) Assets and liabilities balances: Kayak Fittings Debtors Inventory of scuba diving equipment Accrued membership fee Membership fee received in advanced Bank Prepaid magazines and newspapers 31 March 2020 31 March 2021 RM RM 22,000 22,000 1,960 3,780 3,120 4,680 2,805 3,416 160 - 4,726 - 340 22,769 80 (b) Summary of receipts and payments for the year ended 31 March 2021 are as follows: Receipt Membership fee RM Payment 12,460 Kayak repair 2,000 Fittings Subscription fee Debtors Cash sales of scuba diving 1. 2. 3. 4. equipment Kayak rent Kayaking competition revenue 16,808 Family Day expense 5,000 Purchase of scuba diving equipment Required: 9,920 Salaries 15,125 Magazines and newspapers Kayaking competition expense Donation Prizes for Kayaking competition RM 510 1,820 2,400 14,373 Additional information: 1/3 of salaries are wages for staff that sells the scuba diving equipment. Fittings and Kayak are depreciated at 10% annually using the straight-line method. Entrance fee is considered as revenue income. Sales return amounted RM813 has not been recorded. 4,200 185 3,100 400 9,000 For Sport Fitness Club, prepare: a) Fee account. b) Debtors control account. c) Trading account for Scuba Diving Equipment for the year ended 31 March 2021. Income and expenditure statement for the year ended 31 March 2021. d) TIP Sport Club was established by the society of Taman Impian Putra, Kajang. The club opens a craft shop as a main activity of the club to generate funds. The following information is related to TIP Sport Club: a) Assets and liabilities balances Bank Creditors-Craft Shop Club's Building Fittings Stock-Craft Shop Accrued membership fee Stationery Accrued utilities Prepaid insurance Receipt Membership fee Subscription fee Sales-Craft Shop 1 July 2020 RM b) Summary of receipts and payments for the year ended 30 June 2021 RM Payment Utilities 25,200 8,250 10,500 80,000 16,300 5,000 255 130 30 June 2021 RM 1,500 Stationery 20,800 Insurance Creditors -Craft Shop Magazines and newspapers Purchases - Craft Shop Donation Fittings Salary-Craft Shop ? 9,300 80,000 ? 6,200 120 150 53 80 RM 250 120 800 7,215 258 450 152 8,700 5,200 Additional information: 1. Fittings are depreciated 10% annually at cost. 2. Subscription fee is considered as revenue income. Required: Prepare: a) Fee Account. b) Creditors Control Account. c) Trading Account for Craft Shop for the year ended 30 June 2021. d) Statement of Income and Expenditure for TIP Sport Club for the year ended 30 June 2021. Sport Fitness Club is a scuba diving and kayaking club operating in Pulau Pangkor, Perak, Malaysia. The main activity of the club to generate additional funds is selling of scuba diving equipment. The following information has been taken from the club's financial book at 31 March 2021: (a) Assets and liabilities balances: Kayak Fittings Debtors Inventory of scuba diving equipment Accrued membership fee Membership fee received in advanced Bank Prepaid magazines and newspapers 31 March 2020 31 March 2021 RM RM 22,000 22,000 1,960 3,780 3,120 4,680 2,805 3,416 160 - 4,726 - 340 22,769 80 (b) Summary of receipts and payments for the year ended 31 March 2021 are as follows: Receipt Membership fee RM Payment 12,460 Kayak repair 2,000 Fittings Subscription fee Debtors Cash sales of scuba diving 1. 2. 3. 4. equipment Kayak rent Kayaking competition revenue 16,808 Family Day expense 5,000 Purchase of scuba diving equipment Required: 9,920 Salaries 15,125 Magazines and newspapers Kayaking competition expense Donation Prizes for Kayaking competition RM 510 1,820 2,400 14,373 Additional information: 1/3 of salaries are wages for staff that sells the scuba diving equipment. Fittings and Kayak are depreciated at 10% annually using the straight-line method. Entrance fee is considered as revenue income. Sales return amounted RM813 has not been recorded. 4,200 185 3,100 400 9,000 For Sport Fitness Club, prepare: a) Fee account. b) Debtors control account. c) Trading account for Scuba Diving Equipment for the year ended 31 March 2021. Income and expenditure statement for the year ended 31 March 2021. d) TIP Sport Club was established by the society of Taman Impian Putra, Kajang. The club opens a craft shop as a main activity of the club to generate funds. The following information is related to TIP Sport Club: a) Assets and liabilities balances Bank Creditors-Craft Shop Club's Building Fittings Stock-Craft Shop Accrued membership fee Stationery Accrued utilities Prepaid insurance Receipt Membership fee Subscription fee Sales-Craft Shop 1 July 2020 RM b) Summary of receipts and payments for the year ended 30 June 2021 RM Payment Utilities 25,200 8,250 10,500 80,000 16,300 5,000 255 130 30 June 2021 RM 1,500 Stationery 20,800 Insurance Creditors -Craft Shop Magazines and newspapers Purchases - Craft Shop Donation Fittings Salary-Craft Shop ? 9,300 80,000 ? 6,200 120 150 53 80 RM 250 120 800 7,215 258 450 152 8,700 5,200 Additional information: 1. Fittings are depreciated 10% annually at cost. 2. Subscription fee is considered as revenue income. Required: Prepare: a) Fee Account. b) Creditors Control Account. c) Trading Account for Craft Shop for the year ended 30 June 2021. d) Statement of Income and Expenditure for TIP Sport Club for the year ended 30 June 2021.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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