Solution-Required to prepare the clubs

Required to prepare the clubs

Assignment Help Financial Accounting

Reference no: EM13513185

The following is a summary of the receipts and payments for the year ended 31 December, 2008 of Shadow Social Club:

Receipts:	N
Club subscriptions	3,825,000
Donations	337,500
Christmas dance	191,250
Bar takings	6,075,000

Payments:
Rates	202,500
General expenses	5,895,000
Bar purchases	4,162,500
Christmas dance expenses	33,750

Other relevant information at the beginning and end of the year are as follows:

	01/01/08	31/12/08
	N	N
Subscriptions due	200,500	135,000
Subscriptions paid in advance	11,250	22,500
Rates owing	101,250	112,500
Bar stock	450,000	562,500
Club premises (cost N11,250,000)	4,500,000	4,050,000
Furniture (cost N2,250,000)	675,000	450,000
Bank and cash in hand	360,000	495,000

You are required to prepare the Club's:

(a) Bar Trading Account for the year ended 31 December 2008.

(b) Income and Expenditure Account for the year ended 31 December 2008 and a Balance Sheet as at that date.

Reference no: EM13513185

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Required to prepare the clubs : Bar Trading Account for the year ended and income and Expenditure Account for the year ended 31 December 2008 and a Balance Sheet as at that date - Required to prepare the Club's - Bar Trading Account for the year ended 31 December 2008.

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Required to prepare the clubs

Reference no: EM13513185

Reference no: EM13513185

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