Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information pertains to All STARS Tennis Club. ALL STARS TENNIS CLUB Extract from the list of balances as at 31 December 2019: Accumulated

image text in transcribed

The following information pertains to All STARS Tennis Club. ALL STARS TENNIS CLUB Extract from the list of balances as at 31 December 2019: Accumulated fund (1 January 2019) Fixed deposit.. Entrance fees. Donations received Interest on fixed deposit... Membership fees. R 16 320 80 000 3 000 38 600 4 000 37 440 Additional information Entrance fees must be capitalized. If it is assumed that the membership fees that needs to be transferred to the income and expenditure account amounted to R37 440 and that the profit on refreshments amounted to R20 000. What will the total income amount in the income and expenditure statement for the year ended 31 December 2019 be? A. R61 440 B. R100 040 . C. R96 040 D. R80 040 E. R62 600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions

Question

What are the organizations reputation goals on this issue?

Answered: 1 week ago

Question

What change do you need to make to achieve the desired position?

Answered: 1 week ago