5 CLUB ACCOUNTS Practice Questions


Question 5 Included among the assets and liabilities of Kileen Tennis Club on 01/01/2012 were the following: clubhouse and courts €150,000, equipment (cost) €30,000, bar stock €15,000, bar debtors €1,500, bar creditors €500, life membership €84,000, levy reserve fund €34,000, rent receivable due €450, subscriptions received in advance €1,400, 5% government investments €45,000, 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


Investment Income Entrance Fees Sponsorship


Fundraising Event Income Subscriptions


Bar Receipts Catering Receipts


Balance € Payments


2,000 Balance 4,000


Purchases (Bar)


24,000 General Expenses 16,000 Equipment


35,000 Repayment of €20,000 loan on 31/06/2012 together with 2½ years interest


25,000 15,000


4,760 Fundraising Expense


Transfer to Building Society with 2% return 31/12/2012


Catering Expenses 125,760 Balance €


35,000 2,000


10,000 14,000


25,760 4,000


25,000 10,000


125,760 4,760


5


Additional information given by the treasurer on 31/12/2012 was as follows: 1 Equipment owned on 31/12/2012 is to be depreciated at the rate of 20% of cost. 2 Life membership was to be written off over a 10-year period commencing in 2012. 3 Bar debtors and creditors on 31/12/2012 were €450 and €250 respectively. 4 The clubhouse bar had stock on 31/12/2012 of €3,500. 5 Subscriptions include: (i) Two life memberships, bringing total life memberships up to 30. (ii) Levy of €200 on 170 members for 2012 year end. (iii) Levy of €200 on 15 members for 2011. (iv) Subscriptions due on 31/12/2012 amounted to €17,000. 6 Wages due to employees on 31/12/2012 amounted to €1,000.


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. (c) Show the club’s Balance Sheet on 31/12/2012.


Transfer to Building Society should be included in the Balance Sheet as an asset.


64


TIP


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