Question
SECTION A [60 MARKS] Answer ALL the questions in this section. Financial Statements of a Club (20 Marks) The following information, supplied by Stardom Club,
SECTION A [60 MARKS]
Answer ALL the questions in this section.
Financial Statements of a Club (20 Marks)
The following information, supplied by Stardom Club, is available for the year ended 31 December 2021 1.
Cash receipts for the year: R
Membership Fees : 26 500
2020: R 1 650
2021: R 24 450
2022: R 400
Entrance fees 700
Sale of tennis balls 6 600
Hire of tennis courts 9 160
Sale of refreshments 23 000
- Cash payments for the year
Wages 11 000
Creditors for refreshments 18 600
Purchases for tennis balls 5 650
Tennis courts repairs 3 560
Tennis court built 22 000
Purchase of tennis nets 6 500
- Current assets and current liabilities as at:
31 Dec 2021 31 Dec 2020
R R
Cash in the bank 13 150 14 500 Inventories:
Tennis balls 1 870 1 150
Refreshments 1 660 1 300
Creditors for refreshments 1 410 1 050
Membership fees receivable 1 600 1 650
Membership fees received in advanced 400 -
Required
Prepare the following:
1Statement of Receipts and Payments for the year ended 31 December 2021..
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing Oracle E Business Suite Common Issues
Authors: Jeffrey T. Hare
1st Edition
1329529766, 978-1329529762
