Question
The following are the Assets and Liabilities of Tabua Sports Club at 30th June 2021: Assets $ Cash at bank 3400 Subs due 216 Sports
The following are the Assets and Liabilities of Tabua Sports Club at 30th June 2021:
Assets $
Cash at bank 3400
Subs due 216
Sports equipment 480
Stock of stationery 80
Furniture 1200
Sports pavilion 4000
Liabilities:
Subs in advance 576
Accumulated funds ??
An analysis of the treasurers cash book reveals the following information in respect of the year ended 30th June 2021.
Receipts $ Payments $
Subs: Wages caretaker 1600
Current year 2800 Electricity 96
Previous year 180 Purchase of sports equipment 200
Next year 80 Affiliation fees 60
Sale of dance tickets 560 Match expenses 88
Sale of furniture (Cost $200) 380 Hire of hall for dance 260
Hire of band 128
Refreshments at dance 64
Purchase of investment 2000
Stationery 192
Additional Information:
a. Stock of stationery at 30th June 2021 is $100.
b. Repairs to pavilion invoiced but not paid $156.
c. Hire of band unpaid at balance day $ 72.
d. Depreciation on pavilion to be provided at 10% per annum on cost.
e. Subscription in arrears $52.
You are required to prepare the following:
1. Subs Account (5 marks)
2. Income and Expenditure Account (10 marks)
3. Balance Sheet as at 30th June 2021 (10 marks)
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