The following is the receipt and payment account for UPM Rugby Club for the year
ID: 2563060 • Letter: T
Question
The following is the receipt and payment account for UPM Rugby Club for the year ended 31 December 2016 Receipts Subscriptions Donations Sale of 'Rugby Tea' tickets Interest on bank account Rugby Café Sales RM 3,800 1,500 15,000 6,000 1,500 3,000 2,880 15,000 8,500 RM Payments 18,550 8,000 13,800 2,100 200,500 Insurance Repairs National Rugby Membership Wages Comedian Fees Catering costs Admin costs Shirts of players Café stocks Additional information (i) (ii) Opening stocks is a quarter of its closing value Subscription fee is RM350 per annum. As at 31/12/2016, 5 members have yet to pay their fees, whilst another 8 paid extra for the next year The committee has set up a special fund called Rugby Fund which the aim to provide funding to members. 80% of the donation received and 40% of accumulated fund are allocated to this fund The 'Rugby Tea' is a yearly event held at the UPM Rugby Café operated by the club to raise fund. The fees paid for Comedian and catering costs are related to this event. (iv) (v)The ratio of costs sharing are given below: Café Insurance Repairs Wages Depreciation Clubhouse 80 70 40 80 20 30 60 20Explanation / Answer
Trading and profit and loss account Particulars Amount Particulars Amount Opening Stock 5,050 Cash Sales 200,500 Café stock purchase 8,500 Closing stock 20,200 Gross profit 207,150 220,700 220,700 Insurance 760 Gross profit 207,150 Repairs 450 Wages 3,600 Depreciation 4,000 Net profit trasferred to accumulated fund 198,340 207,150 207,150 Income and expenditure account Expenditure Amount Income Amount Insurance 3,040 Subscription income 17,500 Repairs 1,050 Donation 8,000 Wages 2,400 Sale of Rugby tea ticket 13,800 Depreciation 16,200 Interest on bank account 2,100 National rugby membership 15,000 Comedian fees 1,500 Deficit 18,670 Catering fees 3,000 Admin cost 2,880 Shirts of players 15,000 60,070 60,070 Statement of financial position Liabilities Amount Assets Amount Accumulated fund 255,332 Club house 145,800 Rugby fund 180,888 Rugby café debtors 27,500 Advance subscription fees 2,800 Rugby café stock 20,200 Outstanding subscripton fees 1,750 Cash and bank balance 243,770 439,020 439,020 Calculation 1:- Subscription Income Subscription Income received 18,550 Add:- Outstanding subscripton fees 1,750 Less:- Advance subscription fees 2,800 Total income 17,500 Calculation 2:- Depreciation Cost of the clubhouse 200,000 Depreciation Year 1 20,000 Depreciation Year 2 18,000 Depreciation Year 3 16,200 Closing balance 145,800 Calculation 3:- Receipt and payment Account Receipts Amount Payments Amount Opening balance 58,000 Insurance 3,800 Subscription income 18,550 Repairs 1,500 Donation 8,000 National rugby membership 15,000 Sale of Rugby tea ticket 13,800 Wages 6,000 Interest on bank account 2,100 Comedian fees 1,500 Rugby café sales 200,500 carering cost 3,000 Admin costs 2,880 Shirts of players 15,000 Café stocks 8,500 Closing balance 243,770 300,950 300,950 Calculation 4:- Rugby fund 80% of the donation received 6,400 40 % of accumulated fund 174,488 180,888
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