Prepare a statement showing the club’s Accumulated Fund on 01/01/2013. Included in the assets and liabilities of the Superfast Rugby Club on the 01/01/2013 were the following: Clubhouse/Pitches €430,000; Equipment €37,000; Investments €15,000; Bar Stock €5,200; Bar Creditors €400; Members Subscription prepaid €900; Cash in hand €19,500.

Leaving Cert Accounting Club Accounts: Prepare a statement showing the

Prepare a statement showing the club’s Accumulated Fund on 01/01/2013 - Leaving Cert Accounting - Question 6(a) - 2014

Question 6(a)

Prepare a statement showing the club’s Accumulated Fund on 01/01/2013. Included in the assets and liabilities of the Superfast Rugby Club on the 01/01/2013 were the... show full transcript

Worked Solution & Example Answer:Prepare a statement showing the club’s Accumulated Fund on 01/01/2013 - Leaving Cert Accounting - Question 6(a) - 2014

Step 1

Prepare a statement showing the club’s Accumulated Fund on 01/01/2013.

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Answer

To prepare the Accumulated Fund statement, we need to list the assets and liabilities of the club as of 01/01/2013.

Assets

Clubhouse/Pitches: €430,000
Equipment: €37,000
Investments: €15,000
Bar Stock: €5,200
Cash in Hand: €19,500

Total Assets Calculation

Total Assets = €430,000 + €37,000 + €15,000 + €5,200 + €19,500 = €506,700

Liabilities

Bar Creditors: €400
Subscriptions Prepaid: €900

Total Liabilities Calculation

Total Liabilities = €400 + €900 = €1,300

Capital/Net Worth Calculation

Capital/Net Worth = Total Assets - Total Liabilities Capital/Net Worth = €506,700 - €1,300 = €505,400

Conclusion

The club’s Accumulated Fund on 01/01/2013 is:

Description	Amount (€)
Total Assets	506,700
Total Liabilities	(1,300)
Capital/Net Worth	505,400