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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

Accounting

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:

  • Membership fees are R450 per member.
  • Four members must still pay their membership fees for 2019.
  • Membership fees still outstanding for 2018 must be written off.
  • The club has decided that half the donations must be capitalised.
  • Provision must be made for the outstanding interest on loan.
  • Interest received on fixed deposit is for 10 months. Make provision for the outstanding interest.
  • Stock on hand for the tuckshop for 2019 amounts to R7680.

REQUIRED:

Draw up the following accounts in the general ledger:

NOTE: Close off the membership fees and trading accounts only.

    1. Tuckshop Trading account
    2. Membership fees
    3. Statement of income and Expenditure  

 

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