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Question 1 Following are the details of Fire Golf Club: Clubhouse Equipment Vehicle (Cost: RM40,000) Furniture (Cost: RM10,000 Refreshment supplier Refreshment receivables Refreshment inventory Subscription
Question 1 Following are the details of Fire Golf Club: Clubhouse Equipment Vehicle (Cost: RM40,000) Furniture (Cost: RM10,000 Refreshment supplier Refreshment receivables Refreshment inventory Subscription in arrears Subscription in advance Accrued salaries Bank 1 January 2019 500000 0 36,000 9,000 4,200 8,000 2,300 800 300 8.000 18,500 31 December 2019 300,000 8,000 ? 7,000 3,750 7,300 2,050 1,560 500 7,000 7 Total receipts during the year 2019: Subscription fees received Refreshment receivables Refreshment sales Rental RM76,450 RM42,300 RM5,000 RM8.400 I Total payments during the year 2019: Payment to refreshment suppliers RM24,600 Entertainment expense RM760 Furniture RM2,500 Maintenance fees RM15,320 Training expense RM14,800 Equipment RM8,000 Salaries RM42.000 Utilities RM7,200 Additional information: a. 1/3 of the salaries are for the restaurant b. Discount Allowed - RM 300_Discount received - RM500, Sales return - RM200, Purchase return - RM600 & Bad Debts - RM180 c. Equipment and vehicle are depreciated at 20% each per annum on cost. There was an equipment acquired on 1 July 2019 at 8,000 which was paid by cheque and recorded in the books of account. Required: a. Show all relevant working b. Refreshment Trading account for the year ended 31 December 2016 c. Subscription account d. Income and expenditure account for the year ended 31 December 2016
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