40 MARKS OUESTION 3 The treasurer of Manchester United Football Club has prepared a receipts and payments statement. Manchester United Football Club Receipts and Payments Statement for the year ended 31 December 2016 Receipts Payments Bank balance 01.01.2016 1 000 Payment for bar supplies 5 250 Subscription: Wages: Groundsman 2450 2015 (Arrears) 350 Wages: Barman 2 100 2016 18 450 Bar Expense 1 720 2017 (in advance) 220 Repairs to Stand seat 1 125 Bar Sales 10 500 Ground Maintenance 1 360 Donation Received 480 Secretary's Expenses 1 520 Transport Expense Telephone Expense 2640 3 650 Bank balance 31.12.2016 9 185 31 000 31 000 Notes: 1. Bar Inventory Bar Supplies -Owing Bar Expense - Owing Transport Cost - Owing 31.12.2015 31.12.2016 NS NS 2 550 3 250 1950 1 880 120 180 Dai 195 2. The land and football stands were valued at 31 December 2015 at: Land N$ 22 100; Football stands NS 14 500; the stands are to be depreciated by 10 per cent per annum. Furniture and fittings at 31 December 2015 was valued at NS13 500 and is to be depreciated at 10 per cent per annum. 3 Subscription owing by members amounted to N$ 350 on 31 December 2015, and N$420 On 31 December 2016. Required: a) Prepare a statement of affairs as at 31 December 2015. b) Draw up a Bar Trading Statement. c) Income and Expenditure Statement for the year ended 31 December 2016. d) Prepare Statement of Financial Position as at 31 December 2016. 02 Marks 09 Marks 12 Marks 17 Marks TOTAL MARKS: 100 Page 10 of 10 40 MARKS OUESTION 3 The treasurer of Manchester United Football Club has prepared a receipts and payments statement. Manchester United Football Club Receipts and Payments Statement for the year ended 31 December 2016 Receipts Payments Bank balance 01.01.2016 1 000 Payment for bar supplies 5 250 Subscription: Wages: Groundsman 2450 2015 (Arrears) 350 Wages: Barman 2 100 2016 18 450 Bar Expense 1 720 2017 (in advance) 220 Repairs to Stand seat 1 125 Bar Sales 10 500 Ground Maintenance 1 360 Donation Received 480 Secretary's Expenses 1 520 Transport Expense Telephone Expense 2640 3 650 Bank balance 31.12.2016 9 185 31 000 31 000 Notes: 1. Bar Inventory Bar Supplies -Owing Bar Expense - Owing Transport Cost - Owing 31.12.2015 31.12.2016 NS NS 2 550 3 250 1950 1 880 120 180 Dai 195 2. The land and football stands were valued at 31 December 2015 at: Land N$ 22 100; Football stands NS 14 500; the stands are to be depreciated by 10 per cent per annum. Furniture and fittings at 31 December 2015 was valued at NS13 500 and is to be depreciated at 10 per cent per annum. 3 Subscription owing by members amounted to N$ 350 on 31 December 2015, and N$420 On 31 December 2016. Required: a) Prepare a statement of affairs as at 31 December 2015. b) Draw up a Bar Trading Statement. c) Income and Expenditure Statement for the year ended 31 December 2016. d) Prepare Statement of Financial Position as at 31 December 2016. 02 Marks 09 Marks 12 Marks 17 Marks TOTAL MARKS: 100 Page 10 of 10
