Listed below are the financial statements of Swingles (a social club) for the year ended 30 June 20x3:

Additional information:

1. The bar operates on a coupon and credit basis.

2. Coupons not used within one year of purchase become invalid and may not be returned for refund.

3. Coupons with a face value of R14 000 were surrendered at the bar during the current year, and credit sales totalled R24 000.

You are required to:

Prepare the statement of receipts and payments for the year ended 30 June 20x3.

Transcribed Image Text:

Assets Equity & Liabilities Furniture at carrying value| 15 200 00 14 400 00 Accumulated funds Crockery Bar inventory Bar receivables Fixed deposit Swingles STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 20x3 20x2 20x3 20x2 Membership subscription fees owing Rent prepaid Bank 1 800 00 3 200 00 9 200 00 0 00 2 400 00 5 800 00 3 700 00 10 000 00 12% loan Opening balance Entrance fees Surplus for the year 300 00 Bar payables 000 Unredeemed coupons 200 00 480 00 8 400 00 7 280 00 Rent accrued 38 480 00 43 880 00 Membership subscription fees prepaid 20x3 15 000 00 24 780 00 9 000 00 15 000 00 580 00 640 00 5 360 00 9 200 00 20 000 00 15 000 00 1 800 00 1 600 00 000 2 200 00 1 300 00 ........ 480 00 80 00 120 00 38 480 00| 43 880 00