TUT_1_club-1_a_.docx - TUTORIAL(Clubs and Societies 1 The...

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TUTORIAL (Clubs and Societies) 1. The following trial balance of Serene Country Club was extracted from the books as on 31 December 2007: Debit Credit RM RM Clubhouse 142,000 Equipment 18,600 Profit from raffles 6,508 Subscriptions received 183,400 Wages of bar staff 29,200 Bar inventory 1 January 2007 9,400 Bar purchases and sales 41,300 84,600 Greenkeepers’ wages 21,500 Golf professional’s salary 37,000 General expenses 910 Cash at bank 3,924 Accumulated fund at 1 January 2007 ------ 29,326 303,834 303,834 Notes: i. Bar purchases and sales were on a cash basis. Bar stocks at 31 December 2007 were valued at RM6,410. ii. Subscriptions paid in advance by members at 31 December 2007 amounted to RM1,870. iii. Provide for depreciation of equipment RM2,400. Required: a) Draw up the bar trading account for the year ended 31 December 2007 b) Draw up the income and expenditure account for the year ended 31 December 2007 and the SOFP as at that date. 2. The following is a summary of Receipts and Payments of Benji Tennis Club for the year ended 31 December 2009: Receipts Payments RM RM Bal b/d Subscriptions 174 800 Picnic and socials 340 Locker fees 100 Tennis balls 140 Sale of old tennis balls 20 Clubhouse maintenance 400 Picnics and socials 430 Sundry expenses 160 1,524 Bal c/d 484 1,524 On 1 January 2009, the club’s assets were: Clubhouse (at net book value) RM16,000 Equipment 400 Cash in hand and bank 174 Additional information : 1
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The club had a membership of 86 and the annual subscription fees was RM20 per member. Equipment is to be depreciated at 20% p.a. on cost. Clubhouse is to be depreciated at 10% p.a. based on reducing balance method The net cost of tennis balls is to be treated as revenue expenditure Sundry expenses amounting to RM30 were still owing as at 31 December 2009. Required: Prepare the Income and Expenditure Account for the year ended 31 December 2009 and a Statement of Financial Position as at 31 December 2009, showing as much detail as possible. 3. The Super Sports Club’s Receipts and Payments Account shows the following transactions for the year ended 30 April 2010: Receipts Payments RM RM Bal b/d 20,000 National club fees 3,000 Subscriptions 72,000 Restaurant supplies 51,000
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  • Fall '19
  • Depreciation, Expense, Generally Accepted Accounting Principles, 1920

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