Transcript Clubs & Societies

Clubs & Societies
Done by: Koh Ngin Lan Edna
Preparation of Final Accounts
Recap: What have we learnt ?

Sole Proprietorship
– Trading & Profit &
Loss Account
– Balance Sheet

Partnership
– (see sole
proprietorship)
– Profit & Loss &
Appropriation A/c
•
•
•
•
Interest on drawings
Interest on capital
Salary
Share of profits
– Balance Sheet
• Capital A/c
• Current A/c
What do they have in common?

They are business organisations:
– involved in trading activities, ie. the buying
& selling of goods or services
– operate solely to make a profit for their
owners
Topic for Today … …
Clubs & Societies
Lesson Objectives

At the end of the lesson, you should be
able to:
– state the difference between a trading and
non-trading organisation
– distinguish between the different accounts
kept by a trading and non-trading
organisation
Non-Trading Organisations
What are they?

Clubs, societies and associations

formed to cater and promote

the sporting, cultural and recreational
interests of its members.
They are not formed with the
purpose of making profits.
Clubs & Societies
School
Clubs & Societies
School
Guitar Club
Mathematics
Society
social, music
Swimming
Club
social, maths puzzles
sports, outdoor activities
What are the sources of income & expenses?
Clubs & Societies

What are some of the non-trading
organisations in Singapore?
– Purpose of existence?
– Sources of income?
– Expenses incurred?
In Singapore … …
Non-Profit Organisations:

CDAC, Mendaki, Sinda
– Purpose:
• To provide tuition schemes at affordable rates
• To assist low-income, low-skilled workers to upgrade
their skills
• To enhance the well-being of the community
– Income:
• Donations, grants from the Govt.
– Expenses:
• Day-to-day activities, scholarships, training
programmes
In Singapore … …

National Kidney Foundation (NKF)
– Purpose:
• To provide kidney patients with dialysis
treatment & drugs at affordable cost.
– Income:
• Donations only
– Expenses:
• Day-to-day activities, dialysis machines,
research.
In Singapore … …
Recreational Activities:

Chinese Swimming Club
– Purpose:
• To provide facilities & activities that cater to the sports,
recreation & social needs of the family & individual
– Income:
• Entrance fees, subscriptions fees, restaurant & karaoke
operations, fruit machines & video games
– Expenses:
• Day-to-day activities, eg. repairs & maintenance, utilities
Clubs & Societies
Compare the income of a trading & non-trading organisation:

Trading Concern
1.
2.
3.
4.
5.
6.
7.
8.
Sale of goods
Receipts from services
Rent received
Commission received
Discount received
Interest received
Bad debts recovered
Profits from the sale of
fixed assets

Non-Trading
1. Subscriptions
2. Entrance fees
3. Profit from sale of
refreshments
4. Interest received
5. Donations
6. Fun fair
7. Life membership
subscriptions
8. Grants from the
Govt.
Clubs & Societies
Do you remember?
Receipts
Revenue
Capital
Expenditure
Revenue
Capital
Clubs & Societies
Revenue Receipts

Trading Concern
– Sale of goods
– Other income:
• Cash discount
received for prompt
payment
• Commission revenue
• Rent revenue
• Interest on deposit

Clubs & Societies
– Membership
subscriptions
– Donations
– Proceeds from social
activities
– Receipts from sale
of refreshments in
bar/restaurant
– Rental fees for
courts, lockers
Clubs & Societies
Revenue Expenditure

Trading Concern
– Cost of goods sold
– Administrative
expenses, staff
wages, stationery,
utilities, rental
– Distributive
expenses:
• Transport,
commission, bad
debts
– Depreciation of fixed
assets

Clubs & Societies
– Entertainment
expenses
– Competition prizes
– Repairs & maintenance
– Sundry expenses:
• Utilities, staff wages
– Honorarium
– Depreciation of fixed
assets
– Bar/ Restaurant
expenses
Clubs & Societies
Capital Receipts

Trading Concern
– Bank loans
– Owner’s contribution

Clubs & Societies
– Legacies
– Entrance fees (if
capitalised)
– Life membership fees
Clubs & Societies
Capital Expenditure

Trading Concerns
– Purchase of fixed
assets

Clubs & Societies
– Purchase of fixed
assets:
• Office equipment
• Sports equipment
• Furniture, billiard
tables
– Extension of club
houses, including
legal fees
Clubs & Societies

Similar to trading concerns, clubs & societies
need to keep accounts according to
accounting concepts & principles

Financial statements are presented to
members during the Annual General Meeting
(AGM)

Also submitted to the Registrar of Societies
How are the accounts of clubs & societies
different from trading concerns?
Clubs & Societies
Recall that …

Trading Concern
– Trading Account
• Gross Profit =
Net Sales – Cost of Sales
Difference …

Clubs & Societies
– Bar Trading A/c
• Trading profit =
Trading Revenue-Trading
Expenses
Clubs & Societies
Recall that …

Trading Concern
– Cash or Bank
Account:
• Records cash inflows
& outflows
Difference …

Clubs & Societies
– Receipts &
Payments
Account:
• Is actually a cash
book by another
name
Clubs & Societies
Recall that …

Trading Concern
– Profit & Loss A/c:
• Records net profit or
loss
Difference …

Clubs & Societies
– Income &
Expenditure A/c:
• Same principle as
Profit & Loss A/c
• Records surplus or
deficit
Clubs & Societies
Recall that …

Trading Concern
– Balance Sheet:
Difference …

Clubs & Societies
– Balance Sheet:
• Assets =
• Assets =
Owner’s Equity +
Accumulated Fund
Liabilities
+ Liabilities
Clubs & Societies
What have we learnt today?
1.
Distinguish between trading & nontrading concerns – profit motive?
2.
Different accounts used:
 Receipts & Payments A/c
 Bar Trading A/c
 Income & Expenditure A/c
 Accumulated Fund
Clubs & Societies
End of Lesson 1:
2 periods (70 min)
Do you know ?
What are the differences between the
Receipts & Payments A/c
and
the Income & Expenditure A/c ?
Differences…
Receipts & Payments A/c
Income & Expenditure A/c
1. Summary of total
1. Summary of the operating
receipts and payments of
expenses and revenue
cash and cheques.
items.
 Equivalent to a summarised
 Equivalent to a Profit and
form of a Cash Book of a
Loss Account of a trading
trading concern.
concern.
Differences…
Receipts & Payments A/c
Income & Expenditure A/c
2. Contains both capital and
2. Contains only revenue
revenue expenditure as
expenditure and revenue
well as capital and
receipt items only.
revenue receipts.
Differences…
Receipts & Payments A/c
Income & Expenditure A/c
3. Includes those revenue
3. Includes only revenue
and capital items that
items incurred or earned
are actually paid for and
during the current
received.
accounting period.
 Items which may refer to
 Excludes prepaid expenses,
preceding or succeeding
periods are also included.
unearned revenue.
 Includes accrued expenses,
accrued revenue.
Differences…
Receipts & Payments A/c
Income & Expenditure A/c
4. Final balance is the
4. Final balance shows either
balance of cash in hand,
a surplus or a deficit for
or cash at bank.
the period.
 Is a current asset in the
 Surplus is added to the
Balance Sheet.
 Overdraft is a current
liability.
accumulated fund in the
Balance Sheet.
 Deficit is deducted from
accumulated fund.
Presentation …
Receipts and Payments Account
Debit all receipts
(both capital
& revenue
receipts)
Credit all payments
(both capital &
revenue
expenditure)
Income and Expenditure Account
Debit all current
year revenue
expenditure
Credit all current
year revenue
receipts
Prepare
the Receipts and Payments
Account
for Weekend Football Club.
Weekend Football Club provided you with the following
information regarding the cash movements of its club:
$
Cash at bank as at 1 January 1999
Receipts for the year:
• Subscriptions
• Entrance Fees
• Collections at Matches
• Sale of Refreshments
Payments for the year:
• Football Equipment
• Cost of Refreshments
• Sundry Expenses
• Maintenance of Clubhouse
2,000
1,000
400
600
350
250
200
150
500
Weekend Football Club
Receipts and Payments Account
$
$
1999
1999
2,000 Dec 31 Football Equipment 250
Jan 1 Balance b/d
1,000
Cost of Refreshments 200
Dec 31 Subscriptions
Entrance Fees
400
Sundry Expenses
150
Collections at Matches 600
Maintenance of
Sale of Refreshments 350
Clubhouse
500
Balance c/d
3,250
4,350
4,350
2000
3,250
Jan 1 Balance b/d
Weekend Football Club
Receipts and Payments Account
$
$
1999
1999
2,000 Dec 31 Football Equipment 250
Jan 1 Balance b/d
1,000
Cost of Refreshments 200
Dec 31 Subscriptions
Entrance Fees
400
Sundry Expenses
150
Collections at Matches 600
Maintenance of
Sale of Refreshments 350
Clubhouse
500
Balance c/d
3,250
4,350
4,350
2000
3,250
Jan 1 Balance b/d
Can you prepare the Income and Expenditure Account
for the year ended 31 December 1999?
Weekend Football Club
Receipts and Payments Account
$
$
1999
1999
2,000 Dec 31 Football Equipment 250
Jan 1 Balance b/d
1,000
Cost of Refreshments 200
Dec 31 Subscriptions
Entrance Fees
400
Sundry Expenses
150
Collections at Matches 600
Maintenance of
Sale of Refreshments 350
Clubhouse
500
Balance c/d
3,250
4,350
4,350
2000
3,250
Jan 1 Balance b/d
Weekend Football Club
Income and Expenditure Account for the year ended 31 December 1999
Expenditure
$
Income
$
Weekend Football Club
Receipts and Payments Account
$
$
1999
1999
2,000 Dec 31 Football Equipment 250
Jan 1 Balance b/d
1,000
Cost of Refreshments 200
Dec 31 Subscriptions
Entrance Fees
400
Sundry Expenses
150
Collections at Matches 600
Maintenance of
Sale of Refreshments 350
Clubhouse
500
Balance c/d
3,250
4,350
4,350
2000
3,250
Jan 1 Balance b/d
Weekend Football Club
Income and Expenditure Account for the year ended 31 December 1999
Expenditure
Cost of Refreshments
Sundry Expenses
Maintenance of Clubhouse
Surplus
$
200
150
500
1,500
2,350
Income
Subscriptions
Entrance Fees
Collections at Matches
Sale of Refreshments
$
1,000
400
600
350
2,350
End of lesson 2:
1 period (35 min)
Trading Account
• Clubs and societies are not formed with a view to
make profit.
• Clubs may operate a restaurant or bar selling
refreshment and food to members.
• A Trading Account is prepared to determine the
profit or loss.
• Records of stock of refreshment, refreshment
debtors and creditors will be needed.
• Adjustments to find out the exact amount of sales,
purchases and other expenses will be required to
prepare the Trading Account.
Preparing the
Refreshment Trading Account
for Weekend Golf Club…
Weekend Golf Club provided the following information:
Receipts and Payments Account for the year ended 31 June 2000
Refreshment debtors
Sale of refreshment
$
4,000
8,000
$
Refreshment creditors
1,000
Wages for the preparation
of refreshments
3,000
Cost of refreshment
5,000
Additional Information:
Refreshment stock
Refreshment debtors
1 July 1999
$
2,000
500
Refreshment creditors
Accrued wages for the
preparation of refreshments
31 June 2000
$
3,500
6,500
900
3,000
700
1,000
Step 1: Calculate Credit Sales of Refreshments
Weekend Golf Club provided the following information:
Receipts and Payments Account for the year ended 31 June 2000
Refreshment debtors
Sale of refreshment
$
4,000
8,000
$
Refreshment creditors
1,000
Wages for the preparation
of refreshments
3,000
Cost of refreshment
5,000
Additional Information:
Refreshment stock
Refreshment debtors
1 July 1999
$
2,000
500
Refreshment creditors
Accrued wages for the
preparation of refreshments
31 June 2000
$
3,500
6,500
900
3,000
700
1,000
Step 1: Calculate Credit Sales of Refreshments
Refreshment Debtors’ Account
1999
$ 2000
$
Jul 1 Balance b/d
500 Jun 30 Cash or Bank 4,000
Sales
10,000
Balance c/d
10,500
2000
Jul 1 Balance c/d
6,500
Credit sales $10,000 is the balancing figure.
6,500
10,500
Step 2: Calculate Total Sales of Refreshments
Step 2: Calculate Total Sales of Refreshments
$
Credit Sales of Refreshments
Cash Sales of Refreshments
10,000
8,000
Total Sales of Refreshments
18,000
$18,000 is transferred to the Trading Account
Step 3: Calculate Credit Purchases of Refreshments
Weekend Golf Club provided the following information:
Receipts and Payments Account for the year ended 31 June 2000
Refreshment debtors
Sale of refreshment
$
4,000
8,000
$
Refreshment creditors
1,000
Wages for the preparation
of refreshments
3,000
Cost of refreshment
5,000
Additional Information:
Refreshment stock
Refreshment debtors
1 July 1999
$
2,000
500
Refreshment creditors
Accrued wages for the
preparation of refreshments
31 June 2000
$
3,500
6,500
900
3,000
700
1,000
Step 3: Calculate Credit Purchases of Refreshments
Refreshment Creditors’ Account
2000
$ 1999
Jun 30 Cash or Bank 1,000 Jul 1 Balance b/d
$
900
Purchases
3,100
Balance c/d
3,000
4,000
4,000
2000
Jul 1
Balance c/d
3,000
Credit purchases $3,100 is the balancing figure.
Step 4: Calculate Total Purchases of Refreshments
$
Credit Purchases of Refreshments
Cash Purchases of Refreshments
3,100
5,000
Total Purchases of Refreshments
8,100
$8,100 is transferred to the Trading Account
Step 5: Calculate wages for the preparation
of refreshment
Weekend Golf Club provided the following information:
Receipts and Payments Account for the year ended 31 June 2000
Refreshment debtors
Sale of refreshment
$
4,000
8,000
$
Refreshment creditors
1,000
Wages for the preparation
of refreshments
3,000
Cost of refreshment
5,000
Additional Information:
Refreshment stock
Refreshment debtors
1 July 1999
$
2,000
500
Refreshment creditors
Accrued wages for the
preparation of refreshments
31 June 2000
$
3,500
6,500
900
3,000
700
1,000
Step 5: Calculate wages for the preparation
of refreshment
Wages Account
2000
$ 1999
Jun 30 Cash or Bank 3,000 Jul 1
Balance c/d
1,000
4,000
Balance b/d
Trading A/c
$
700
3,100
4,000
2000
Jul 1
Balance c/d
1,000
Wages $3,100 incurred for the year is the balancing figure.
Step 6: Prepare the Refreshment Trading Account
Weekend Golf Club
Refreshment Trading Account for the year ended 30 June 2000
$
Opening Stock
Add Purchases
Less Closing Stock
2,000 Sales
8,100
10,100
(3,500)
6,600
11,400
18,000
Wages for preparation of
Gross Profit
refreshment
3,100
Net Profit
8,300
11,400
$
18,000
Cost of Sales
Gross Profit
18,000
11,400
11,400
Step 7: Transferring refreshment net profit
to the Income and Expenditure Account
Weekend Golf Club
Income and Expenditure Account for the year ended 30 June 2000
Debit all current
year revenue
expenditure
Credit all current
year revenue
receipts
Step 7: Transferring refreshment net profit
to the Income and Expenditure Account
Weekend Golf Club
Income and Expenditure Account for the year ended 30 June 2000
$
$
Net Profit from Refreshments 8,300
End of lesson 3: 2 periods (70 min)
Balance Day Adjustments
• Most records of clubs are kept using
the single- entry system.
• Balance day adjustments are needed to
get the necessary data to prepare the
accounts.
Balance Day Adjustments
Adjustments are usually made to the
following:
• Subscription Account – to find exact
subscription for the year.
• Trading Account – to find sales, purchases,
expenses incurred for the year.
• Other revenue generating activities – to find
net gain or loss from the event.
• Disposal of new assets and acquisition of
new assets – to record a gain or loss on disposal.
Balance Day Adjustments
Adjustments are usually made to the
following:
• Subscription Account – to find exact
subscription for the year.
• Trading Account – to find sales, purchases,
expenses incurred for the year.
• Other revenue generating activities – to find
net gain or loss from the event.
• Disposal of new assets and acquisition of
new assets – to record a gain or loss on disposal.
Subscription Account

Members’ subscriptions make up the main
source of a club or society’s income.

Club needs to know its exact subscription
income to find out if it is able to finance its
normal operations.
Problem: Not every member will pay on time.
Subscription Account

Subscription is a revenue receipt and
recorded in the Subscription Account.

Subscription owed by members is known as
subscription due or subscription in arrears.

Subscription paid by members in the current
financial year for the next financial year is
known as subscription in advance.
Subscription Account

When an arrears or advance payment happens,

adjustments in the preparation of the Subscription
Account have to be made

so that only the amount of revenue earned during
the current year

is included in the current year’s Income and
Expenditure Account

according to the matching principle.
Dr
Subscriptions Account
$
Cr
$
Subscription in arrears b/d
(not collected during the
previous year)
Subscription received in
advance b/d (collected in
the previous year)
Income & Expenditure
Account (exact amount of
Subscription revenue
for the current year)
Total cash received as
subscription during the
current year
Subscription in advance c/d
(collected for subsequent year)
Subscription in arrears c/d
(not yet received for the
current year)
Weekdays Country Club has the following in the
books:
Receipts and Payments Account for the year ended 31 Jun 2000
$
$
Subscription
5,500
Additional information:
1 Jul 1999
$
Subscription in arrears
1,500
Subscription in advance
600
31 Jun 2000
$
850
900
Question:
What would the Subscription Account look like?
Subscriptions Account
1999
Jul 1
$
Balance b/d
1,500
1999
Jul 1
2000
2000
Jun 30 Income and
Jun 30
Expenditure A/c 4,550
Balance c/d
$
Balance b/d
Bank
Balance c/d
5,500
850
900
6,950
2000
Jul 1
600
Balance b/d
In this example,
the subscription for the
current year is the
balancing figure.
2000
850 Jul 1
6,950
Balance b/d
900
Subscriptions Account
1999
Jul 1
$
Balance b/d
1,500
1999
Jul 1
2000
2000
Jun 30 Income and
Jun 30
Expenditure A/c 4,550
Balance c/d
2000
Jul 1
$
Balance b/d
Bank
Balance c/d
5,500
850
900
6,950
Balance b/d
600
850
6,950
2000
Jul 1
Balance b/d
900
Income and Expenditure Account for the year ended 30 June 2000
$
$
Subscriptions Account
1999
Jul 1
$
Balance b/d
1,500
1999
Jul 1
2000
2000
Jun 30 Income and
Jun 30
Expenditure A/c 4,550
Balance c/d
$
Balance b/d
Bank
Balance c/d
600
5,500
850
900
6,950
6,950
2000
2000
850
900
Jul 1 Balance b/d
Jul 1 Balance b/d
Income and Expenditure Account for the year ended 30 June 2000
$
$
Subscription
4,550
Subscriptions Account
1999
Jul 1
$
Balance b/d
1,500
1999
Jul 1
2000
2000
Jun 30 Income and
Jun 30
Expenditure A/c 4,550
Balance c/d
$
Balance b/d
Bank
Balance c/d
Balance b/d
850
850
6,950
2000
Jul 1
Balance b/d
Balance Sheet as at 30 June 2000
$
Current Assets
5,500
900
6,950
2000
Jul 1
600
Current Liabilities
900
$
Subscriptions Account
1999
Jul 1
$
Balance b/d
1,500
1999
Jul 1
2000
2000
Jun 30 Income and
Jun 30
Expenditure A/c 4,550
Balance c/d
$
Balance b/d
Bank
Balance c/d
5,500
850
900
6,950
6,950
Balance Sheet as at 30 June 2000
$
Current Assets
Subscription in arrears
600
$
Current Liabilities
850
Subscription in advance 900
Balance Day Adjustments
Adjustments are usually made to the
following:
• Subscription Account – to find exact
subscription for the year.
• Trading Account – to find sales, purchases,
expenses incurred for the year.
• Other revenue generating activities – to find
net gain or loss from the event.
• Disposal of new assets and acquisition of
new assets – to record a gain or loss on disposal.
Balance Day Adjustments
Adjustments are usually made to the
following:
• Subscription Account – to find exact
subscription for the year.
• Trading Account – to find sales, purchases,
expenses incurred for the year.
• Other revenue generating activities – to find
net gain or loss from the event.
• Disposal of new assets and acquisition of
new assets – to record a gain or loss on disposal.
Other Revenue Generating Activities

Examples are charging for the use of club facilities
or holding dances and socials.

Expenses incurred from these activities must be
deducted from the related revenue obtained to
show a GAIN or LOSS.

The net proceeds from such activities are part of the
current operating revenue and recorded in the
Income and Expenditure Account.
Example:
Everyday Dance Club held a dance competition for its
members. Registration fees collected was $330. Prizes
and refreshments for the competitors amounted to
$200. What is the gain or loss from this event?
Everyday Dance Club
Income and Expenditure Account for the year ended 31 Jun 2000
$
$
Gain from dance
competition ($330-$200) 130
Balance Day Adjustments
Adjustments are usually made to the
following:
• Subscription Account – to find exact
subscription for the year.
• Trading Account – to find sales, purchases,
expenses incurred for the year.
• Other revenue generating activities – to find
net gain or loss from the event.
• Disposal of new assets and acquisition of
new assets – to record a gain or loss on disposal.
Disposal of Old Asset and
Acquisition of New Asset

Whenever a non-trading organisation disposes an
asset, it can make a “gain” or “loss” due to previous
under-provision or over-provision of depreciation.

“Gain” or “loss” is usually treated as a revenue item.

“Gain” or “loss” is normally not capitalised.

“Gain” or “loss” is recorded in the Income and
Expenditure Account.
Weekdays Football Club has the following in the
books:
Receipts and Payments Account for the year ended 31 Jun 2000
$
$
New football
Sale of surplus
equipment
300
football equipment
(book value $200)
150
Additional information:
Football equipment
at valuation
1 Jul 1999
$
500
31 Jun 2000
$
550
Questions: - Is there a GAIN or LOSS on disposal?
-What is the DEPRECIATION for the year?
Weekdays Football Club has the following in the
books:
Receipts and Payments Account for the year ended 31 Jun 2000
$
$
New football
Sale of surplus
equipment
300
football equipment
(book value $200)
150
Additional information:
Football equipment
at valuation
1 Jul 1999
$
500
31 Jun 2000
$
550
Questions: - Is there a GAIN or LOSS on disposal?
Is there a GAIN or LOSS on disposal?
Sale of surplus football equipment
$150
Book value of equipment sold
$200
Loss on sale of football equipment
$50
Weekdays Football Club
Income and Expenditure Account for the year ended 31 Jun 2000
$
$
Loss on sale of football
Equipment ($150-$200)
50
Weekdays Football Club has the following in the
books:
Receipts and Payments Account for the year ended 31 Jun 2000
$
$
New football
Sale of surplus
equipment
300
football equipment
(book value $200)
150
Additional information:
Football equipment
at valuation
1 Jul 1999
$
500
31 Jun 2000
$
550
Questions: -What is the DEPRECIATION for the year?
What is the DEPRECIATION for the year?
2 methods to arrive at the answer ….
Method 1:
Balance as at 1 Jul 1999
Add Purchases
Less Sale of equipment
500
300
800
(200)
600
Depreciation = $600 - $550 = $50
What is the DEPRECIATION for the year?
2 methods to arrive at the answer ….
Method 2:
Football Equipment Account
Balance b/d
Purchases
$
500 Depreciation
300 Disposal
Balance c/d
800
$
50
200
550
800
What is the DEPRECIATION for the year?
Remember to show your working for calculating
depreciation whatever method you use ….
Weekdays Football Club
Income and Expenditure Account for the year ended 31 Jun 2000
$
Depreciation of football
equipment
50
Loss on sale of football
equipment
50
$
End of lesson 4: 2 periods (70 min)
Accumulated Fund
What is it?

Equivalent to the Capital Account of a trading concern.
Recall:
For a trading concern:
CAPITAL = ASSETS - LIABILITIES
For a non-trading concern:
ACCUMULATED FUND = ASSETS - LIABILITIES
Accumulated Fund
What affects it?
 Legacy
Money collected for capital
purpose, eg. construction of

clubhouse
Surplus of income over
expenditure
Deficit of income over
expenditure is DEBITED to
the ACCUMULATED FUND

These will increase the
accumulated fund
and are CREDITED to the
ACCUMULATED FUND.
Final balance of the
accumulated fund represents
the NET VALUE of the club
at the end of the accounting
year.
Weekend Rollarblading Club has the following in its books:
Receipts and Payments Account
2000
$ 2000
2,000 Dec 31 Rent
Jan 1 Balance b/d
Extension
Dec 31 Locker fees
500
to clubhouse
Subscription:
Sundry exp
• 1999
100
• 2000
300
• 2001
150
$
1,500
1,900
120
On 1 Jan 2000, the club had the following assets:
Rollarblading equipment
$600
Clubhouse
$12,000
Additional information:
• Rent paid included $500 for accrued rent from the previous year.
• As at 31 Dec 2000, accrued locker fees was $210.
What information would I need
to calculate the Accumulated
Fund as at 1 Jan 2000?
Weekend Rollarblading Club has the following in its books:
Receipts and Payments Account
2000
$ 2000
2,000 Dec 31 Rent
Jan 1 Balance b/d
Extension
Dec 31 Locker fees
500
to clubhouse
Subscription:
Sundry exp
• 1999
100
• 2000
300
• 2001
150
$
1,500
1,900
120
On 1 Jan 2000, the club had the following assets:
Rollarblading equipment
$600
Clubhouse
$12,000
Additional information:
• Rent paid included $500 for accrued rent from the previous year.
• As at 31 Dec 2000, accrued locker fees was $210.
Calculation of Accumulated Fund as at 1 Jan 2000:
Assets
Cash at Bank
Subscription in arrears
Rollarblading equipment
Clubhouse
$
2,000
100
600
12,000
14,700
Less: Liabilities
Accrued rent
(500)
Accumulated fund as at
1 Jan 2000
14,200
Receipts and
Payments A/c as
at 1 Jan 2000
Presentation …
Weekend Rollarblading Club
Balance Sheet as at 31 December 2000
Accumulated Fund
Balance as at 1/1/2000
Add Surplus
$
14,200
XXX
Balance as at 31/12/2000 XXX
End of lesson 5: 1 period (35 min)