The Riding and Archery Club (RAC) is an archery and horse riding club operated in Bukit...

 

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The Riding and Archery Club (RAC) is an archery and horse riding club operated in Bukit Ulu Temberang for more than 25 years. A summary of receipts and payments for the year ended 31 December 2020 is as follows. Receipts Annual fee Entrance fee Gift & Souvenir sales RM 75,600 Rent 4,500 62,400 Stationery Insurance Bank Gift & souvenir creditors Building Accumulated depreciation Building Horses Equipment Accumulated depreciation Equipment Cift & souvenir inventory Accrued fee Stationery Accrued rent Prepaid Insurance Additional information: Gift & souvenir creditors Archery & horse magazine Gift & souvenir purchases Utility Equipment Salary for gift & souvenir staff The RAC account balances for the year ended 31 December 2020 are as follows. 1 Jan 2020 (RM) 24,750 31,500 240,000 72,000 120,000 54,000 5,400 15,000 765 390 Payment 950 1800 31 Dec 2020 (RM) 7 27,900 240,000 2 ? 2 ? 18,600 360 450 1,590 2,000 RM 2,750 360 6,000 21,645 274 1,350 3,456 26,100 15,600 1. The annual depreciation rate for all non-current assets is 10% of the cost. However, the club's policy set the horses are not depreciated. 2. The entrance fee is considered as revenue income. Required: For the Riding and Archery Club, prepare: a) b) Fee account Creditor's control account. (2 marks) (2 marks) c) Gift and Souvenirs Shop trading account for the year ended 31 December 2020. d) Income and Expenditure Statement for the year ended 31 December 2020. e) Determine accumulated fund at 31 December 2020. (4 marks) (7 marks) (5 marks) The Riding and Archery Club (RAC) is an archery and horse riding club operated in Bukit Ulu Temberang for more than 25 years. A summary of receipts and payments for the year ended 31 December 2020 is as follows. Receipts Annual fee Entrance fee Gift & Souvenir sales RM 75,600 Rent 4,500 62,400 Stationery Insurance Bank Gift & souvenir creditors Building Accumulated depreciation Building Horses Equipment Accumulated depreciation Equipment Cift & souvenir inventory Accrued fee Stationery Accrued rent Prepaid Insurance Additional information: Gift & souvenir creditors Archery & horse magazine Gift & souvenir purchases Utility Equipment Salary for gift & souvenir staff The RAC account balances for the year ended 31 December 2020 are as follows. 1 Jan 2020 (RM) 24,750 31,500 240,000 72,000 120,000 54,000 5,400 15,000 765 390 Payment 950 1800 31 Dec 2020 (RM) 7 27,900 240,000 2 ? 2 ? 18,600 360 450 1,590 2,000 RM 2,750 360 6,000 21,645 274 1,350 3,456 26,100 15,600 1. The annual depreciation rate for all non-current assets is 10% of the cost. However, the club's policy set the horses are not depreciated. 2. The entrance fee is considered as revenue income. Required: For the Riding and Archery Club, prepare: a) b) Fee account Creditor's control account. (2 marks) (2 marks) c) Gift and Souvenirs Shop trading account for the year ended 31 December 2020. d) Income and Expenditure Statement for the year ended 31 December 2020. e) Determine accumulated fund at 31 December 2020. (4 marks) (7 marks) (5 marks)

Answer rating: 100% (QA)

SOLUTION a Fee Account RM Annual Fee Receipts 75600 Accrued Fee Balance bd 1590 Total Receipts 77190 ... View the full answer