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CHAPTER 45 Club Accounts

CHAPTER 45 Club Accounts. One Ordinary Level Type Q One Trading A/C with an Income and Expenditure A/C Type Q One Income and Expenditure A/C with a Balance Sheet Type Q. Q1 Page 238 Workbook (OL). Date. Details. Bank. Comp. Lotto Fees. Date. Details. Chq. Bank. Comp.

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CHAPTER 45 Club Accounts

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  1. CHAPTER 45 Club Accounts One Ordinary Level Type Q One Trading A/C with an Income and Expenditure A/C Type Q One Income and Expenditure A/C with a Balance Sheet Type Q

  2. Q1 Page 238 Workbook (OL) R. Delaney Date Details Bank Comp Lotto Fees Date Details Chq Bank Comp Lotto Wages Others 2013 € € € € 2013 € € € € € 01-Jul Balance 500 02-Jul Prizes 1 400 08-Jul Membs’ Fees 3,300 3,300 10-Jul Advertising 2 150 150 14-Jul Entry fees 850 850 11-Jul Caretaker 3 900 900 15-Jul Membs’Fees 3,850 3,850 20-Jul Prizes 4 450 450 18-Jul Lotto cards 2,600 2,600 24-Jul Lotto winner 5 2,500 2,500 21-Jul Lotto cards 3,500 3,500 25-Jul Caretaker 6 900 900 23-Jul Entry fees 850 850 29-Jul Repairs 7 560 560 31-Jul Balance c/d 9,590 15,450 1,700 6,100 7,150 15,450 450 2,650 1,800 560 01-Aug Balance b/d 9,590

  3. Q16 Page 431 Textbook (HL) R. Delaney Bar Trading Account 31/12/09 € € € Sales 13,500 Cost of sales Opening stock 600 Purchases 8,500 Cost of goods available for sale 9,100 Less closing stock 575 Cost of goods sold 8,525 Bar profit 4,975

  4. Q16 (cont) R. Delaney Income and Expenditure Account at 31/12/09 Income € € € Bar profit 4,975 Membership fees 5,500 Less fees prepaid 180 5,320 Club lotto income 8,300 Annual sponsorship 4,000 22,595 Less Expenditure Light and heat 2,100 Administration expenses 4,200 Stationery 3,200 Less closing stock of stationery 2,000 1,200 Telephone 500 Plus bill due 75 575 Depreciation of equipment 15% 1,050 9,125 Surplus of Income over Expenditure 13,470

  5. Q18 Page 432 Textbook R. Delaney INCOME AND EXPENDITURE ACCOUNT AT 31/12/09 € € € Income Annual Fundraiser 94,400 Membership Fees 12,500 Less amount prepaid 1,500 11,000 Raffle Income 7,700 113,100 (Continued on next slide)

  6. Q18 (cont) R. Delaney Less Expenditure € € Maintenance of grounds 4,500 Stationery 2,460 Light and heat 15,200 Plus amount due 4,500 19,700 Travelling expenses 8,200 Insurance 2,500 Less amount prepaid 500 2,000 General expenses 35,000 Depreciation Clubhouse 2% 3,000 Equipment 15% 14,250 17,250 89,110 Surplus of I over E 23,990

  7. Q18 (cont) R. Delaney BALANCE SHEET AS AT 31/12/09 € € € Fixed Assets Cost Dep Net Clubhouse 150,000 3,000 147,000 Equipment 95,000 14,250 80,750 245,000 17,250 227,750 Current Assets Insurance prepaid 500 Bank 18,000 18,500 Less Current Liabilities Membership Fees prepaid 1,500 Light and heat due 4,500 6,000 Working Capital 12,500 NET ASSETS 240,250 Financed by: Accumulated Fund 216,260 Plus Surplus of I over E 23,990 CAPITAL EMPLOYED 240,250

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