Answer to Question #157057 in Accounting for Doris Megan

Question

The treasurer of the Plumpton leisure centre has produced the following receipts and payment for year ended 31 December 2019

Receipts

Balance at bank 1 January 2019 $3900

Subscription received profits from dances $45060

Profits from exhibitions $890

Profits on dances $4116

Refreshment takings $16290

Sale of equipment $340

Tottal $70596

Payments

Refreshment supplies bought $4320

Wages of attendant and cleaner $31400

Rent of building $8700

New equipment bought $18200

Travelling expenses of teams $1500

Balance at bank 31st December 2019 $6076

Tottal $70596

Notes

1. Refreshment stock were valued 31st December 2018 : $680, 31st December 2019 $920

There was nothing owing for refreshments stock as at these dates.

2. On January 2019, the club's equipment was valued at $32400. Includedin this figure valuede at 420

Was the equipment sold during the year for $340

3. The amount to be charged for depreciation of equipment for the year is $5200. This is in addition to the loss on equipment sold during the year

4. Subscriptions owing by members at 31st December 2019 is $860

Required

Draw up refreshment trading account and charge $4680 of wages to this account and the remainder to the income and expenditure account

Calculate the accumulated fund as at 1st January 2019

Draw the income and expenditure account and a balance sheet as at 31 December 2019

Answer 1

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