Financial Statement of Accounting for CLUB and Society

The following is the receipt and payment account for UPM Rugby Club for the year ended 31st December 2016.

Receipts

Subscriptions 18,550

Donations 8,000

Sale of ‘Rugby Tea’ tickets 13,800

Interest on bank account 2,100

Rugby Café Sales 200,500

Payments

Insurance 3,800

Repairs 1,500

National Rugby Membership 15,000

Wages 6,000

Comedian Fees 1,500

Catering costs 3,000

Admin costs 2,880

Shirts of players 15,000

Café stocks 8,500

Additional information:

(i) Opening stocks is a quarter of its closing value.

(ii) Subscription fee is RM350 per annum. As at 31/12/2016, 5 members have yet to pay their fees, whilst another 8 paid extra for the next year.

(iii) The committee has set up a special fund called Rugby Fund which the aim to provide funding to members. 80% of the donation received and 40% of accumulated fund are allocated to this fund.

(iv) The ‘Rugby Tea’ is a yearly event held at the UPM Rugby Café operated by the club to raise fund. The fees paid for Comedian and catering costs are related to this event.

(v) The ratio of costs sharing are given below:

clubhouse% cafe%

Insurance 80 20

Repairs 70 30

Wages 40 60

Depreciation 80 20

(vi) The balances of other accounts are as below:

Clubhouse (cost) (200,000)

Accumulated fund 263,850

Rugby Café debtor 27,500

Rugby Café stocks 20,200

(vii) This financial year is the third time the clubhouse is depreciated which rate is 10% per annum.

(viii) The opening balances for cash and bank accounts are RM58,000.

Required:

(a) Prepare the trading and profit loss

(b) Prepare the income and expenditure statement 

(c) Prepare the statement of financial position