On 1 January 20-2 the Adelmead Tennis Club had the following assets and liabilities: equipment 9,000, cash

Question:

On 1 January 20-2 the Adelmead Tennis Club had the following assets and liabilities: equipment £9,000, cash at bank £850, cash in hand £270, unpaid electricity bill £45.

During the year, receipts and payments were:

Subscriptions 4,250 Postage and stationery 45 Fees received for tournament 660 Prizes for tournament 215 Electricity 150 Wages of groundsman 1,450 Rent 935 Purchase of new equipment 411 Insurance 387 On 31 December 20-2 the following information is available:

Tournament fees not paid 40 Rent owing 85 Insurance prepaid 67 Cash in hand 237 You are required to:

(a) Prepare a receipts and payments account for the year ended 31 December 20-2.

(b) Prepare an income and expenditure account for the year ended 31 December 20-2.

(c) Prepare a balance sheet as at 31 December 20-2.

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