The following trial balance of the Northern Golf Club was extracted from the books as on...
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The following trial balance of the Northern Golf Club was extracted from the books as on March 31, 2023. Clubhouse Equipment Annual subscriptions received for the year Life membership subscriptions received for the year Bar stocks as at April 1, 2022 Donations received for the year Bar purchases Bar return outwards Bar sales Creditors for bar supplies Greenkeepers' wages Golf professional salary Administration fee General expenses Depreciation Cash at bank Accumulated fund at April 1, 2022 Notes: 1. 2. 3. You are required to: (a) (b) (c) $ 20,000 4,500 12,000 6,000 4,500 5,000 23,200 200 35,000 680 1,500 4,000 2,200 1,000 400 1,200 3,620 (Note 2) (Note 3) Bar stocks, at March 31, 2023, were valued at $3,000. Annual subscriptions paid in advance by members on March 31, 2023, amounted to $300. Life membership subscription received assumes joining membership for 20 years. Compute bar gross profit for the year ended March 31, 2023. (8 marks) Draw up the Income and Expenditure Account for the year ended March 31, 2023, and a Balance Sheet as at March 31, 2023. (22 marks) Give comments on the performance and financial position of the Northern Golf Club in relation to the viability of the club. (20 marks) The following trial balance of the Northern Golf Club was extracted from the books as on March 31, 2023. Clubhouse Equipment Annual subscriptions received for the year Life membership subscriptions received for the year Bar stocks as at April 1, 2022 Donations received for the year Bar purchases Bar return outwards Bar sales Creditors for bar supplies Greenkeepers' wages Golf professional salary Administration fee General expenses Depreciation Cash at bank Accumulated fund at April 1, 2022 Notes: 1. 2. 3. You are required to: (a) (b) (c) $ 20,000 4,500 12,000 6,000 4,500 5,000 23,200 200 35,000 680 1,500 4,000 2,200 1,000 400 1,200 3,620 (Note 2) (Note 3) Bar stocks, at March 31, 2023, were valued at $3,000. Annual subscriptions paid in advance by members on March 31, 2023, amounted to $300. Life membership subscription received assumes joining membership for 20 years. Compute bar gross profit for the year ended March 31, 2023. (8 marks) Draw up the Income and Expenditure Account for the year ended March 31, 2023, and a Balance Sheet as at March 31, 2023. (22 marks) Give comments on the performance and financial position of the Northern Golf Club in relation to the viability of the club. (20 marks)
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To compute the bar gross profit for the year ended March 31 2023 we need to calculate the cost of goods sold COGS and subtract it from bar sales Heres ... View the full answer
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Posted Date:
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