Leaving Cert Accounting Club Accounts: Club Accounts
Included in the as

Question

Club Accounts
Included in the assets and liabilities of St. Patrick's football club on 1/1/2006 were the following: Clubhouse and Pitches €620,000, Equipment €28,000, Bar Stock €2,900, Members Subscriptions due €300, Building Society Deposits €800, Expenses due €1,000.
The following is a summary of the club's receipts and payments for the year ended 31/12/2006.

Receipts and Payments Account for year ended 31/12/2006

Receipts                                                       €               Payments                                                         €
Cash Balance - 1/1/06                       5,900   General Expenditure                                     16,600
Subscriptions                                        22,400   Bar Expenditure                                             8,200
Interest                                                       1,600   Competition prizes                                         2,700
Competition entry fees                          1,600   Purchase of equipment                                 3,800
Cash Balance - 31/12/06                       6,300

The treasurer also supplied the following information as at 31/12/2006.
(i) Bar Stock was €1,800.
(ii) Bar creditors were €900.
(iii) Expenses due were €1,500.
(iv) Assets were €62,600.
(v) Investments were past due and dividends pay 2% of cost.
(vi) Equipment as at 31/12/2006 is to be depreciated by 10%.

You are required to:
(a) Prepare a statement showing the club’s Accumulated Fund on 1/1/2006. (15)
(b) Prepare a Bar Trading Account for the year ended 31/12/2006. (9)
(c) Prepare the club’s Income and Expenditure Account for the year ended 31/12/2006. (30)
(d) Briefly explain the entry ‘sponsorship’ in the above Receipts and Payments account. (6)

Club Accounts Included in the assets and liabilities of St - Leaving Cert Accounting - Question 4 - 2007

Worked Solution & Example Answer:Club Accounts Included in the assets and liabilities of St - Leaving Cert Accounting - Question 4 - 2007

Prepare a statement showing the club’s Accumulated Fund on 1/1/2006.

Assets

Total Assets

Liabilities

Accumulated Fund Calculation

Prepare a Bar Trading Account for the year ended 31/12/2006.

Bar Trading Account

Bar Sales

Less: Cost of Sales

Calculation of Cost of Sales

Bar Profit Calculation

Prepare the club’s Income and Expenditure Account for the year ended 31/12/2006.

Income/Expenditure Account

Income

Total Income

Less Expenses

Total Expenses Calculation

Surplus Calculation

Briefly explain the entry ‘sponsorship’ in the above Receipts and Payments account.

Join the Leaving Cert students using SimpleStudy...