5 CLUB ACCOUNTS


Question 2 Included among the assets and liabilities of Kilkee Squash Club on 01/01/2012 were the following: clubhouse and courts €150,000, equipment (cost) €35,000, bar stock €4,000, bar debtors €500, bar creditors €250, life membership €45,000, levy reserve fund €20,000, rent due €250, subscriptions prepaid €1,500, 5% government investments €55,000, investment income due €500.


The club treasurer has supplied the following account of the club’s activities during the year ended 31/12/2012:


Receipts Balance


Govt. Investment Interest


Subscriptions Bar Receipts Catering


Balance € 20,000 Payments Bar Purchases 1,375 General Expenses


Sale of equipment (cost €15,000) 10,000 Equipment Sponsorship


40,000 45,000


145,375 43,225


5,000 Repayment of €36,000 loan on 30/09/2012 together with 1¼ years interest


24,000 Catering Cost Balance


€


23,000 15,000 12,000


48,150 4,000


43,225 145,375 5


Additional information given by the treasurer of Kilkee Squash Club on 31/12/2012 was as follows: 1 Bar stock on 31/12/2012 of €13,500. 2 Equipment owned on 31/12/2012 depreciates at the rate of 10% of cost per annum. 3 Bar debtors and creditors on 31/12/2012 were €450 and €150 respectively. 4 Clubhouse and courts owned on 31/12/2012 are to be depreciated at 2% of cost. 5 Subscriptions include: (i) Two life memberships of €5,500 each. (ii) Levy of €100 on 200 members for 2012. (iii) Levy of €100 due since 2011. (iv) Subscriptions paid in advance by members for 2013 amounted to €4,000. 6 Life Membership was to be written off over an 8-year period commencing in 2012.


You are required to: (a) Show the club’s Accumulated Fund (capital) on 01/01/2012. (b) Show the Income and Expenditure Account for the year ended 31/12/2012.


Check whether you made a profit or a loss on the sale of equipment.


58


TIP


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