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

2. 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

3. 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..