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Homework answers / question archive / QUESTION 1) The information below was extracted from the books of Havoc Netball Club
QUESTION 1)
The information below was extracted from the books of Havoc Netball Club.
A. The following balances and totals were extracted on 1 January 2019:
|
R |
Bank (Dr balance) |
28440 |
Stock on hand: Tuck shop |
3720 |
Loan: VBS Bank (20% p.a.) |
45000 |
Membership fees in arrears |
1800 |
Accrued expenses: Stationery |
1200 |
Saving account (15% p.a.) |
12000 |
Income received in advance: Membership fees |
9000 |
Vehicle at cost |
73350 |
B. The following was extracted from the receipts and payments records for the year ending 31 December 2019:
RECEIPTS |
PAYMENTS |
||
R |
R |
||
Tuckshop sales |
74220 |
Rent expense |
8000 |
Donations from members |
6000 |
Membership fees refund |
1350 |
Membership fees: 2018 |
1350 |
Interest on loan |
7500 |
2019 |
45000 |
Refreshments |
10800 |
2020 |
900 |
Water and electricity |
3000 |
Interest on saving account |
1000 |
Stationery |
1500 |
|
|
Purchases: Tuckshop |
34680 |
ADDITIONAL INFORMATION AND ADJUSTMENTS:
REQUIRED:
Draw up the following accounts in the general ledger:
NOTE: Close off the membership fees and trading accounts only.