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  3. The assets and liabilities of the Music Club on 1 January 2002 were as follows: ＄ Clubhouse 1,375,000 Music Equipment (Cost) 300

The assets and liabilities of the Music Club on 1 January 2002 were as follows: ＄ Clubhouse 1,375,000 Music Equipment (Cost) 300

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问题 The assets and liabilities of the Music Club on 1 January 2002 were as follows:
＄
Clubhouse 1,375,000
Music Equipment (Cost) 300,000
Music Equipment (Book Value) 175,000
Bank & Cash 533,500
Bar Stock 145,500
Bar Debtors 15,500
Rates Prepaid 34,000
Subscriptions-in Arrear 5,500
Subscriptions-in Advance 23,500
Bar Creditor 63,500
Loan to Club 540,000
Accruals-Electricity 19,000
Accruals- Miscellaneous Expenses 37,500
Accruals-Loan Interest 16,500
Accruals-Rent of Music Ground 11,000
The receipts and payments account for the year ended 31 December 2001 shown below was prepared by the honorary treasurers.
Receipts ＄ ＄
Bar Sales 2,015,000
Telephone 2,000
Hire of Music Facilities 890,000
Christmas Party 88,500
Miscellaneous 43,000
Subscriptions 170,000 3,208,500
Payments
Bar Purchases 1,468,500
Loan Repayment 85,000
Rent of Music Ground 49,000
Rates 160,000
Electricity 153,000
Equipment Repairs 163,000
Expenses of Christmas Party 33,500
Maintenance 66,500
Wages 70,000
Telephone 6,500
Bar Sundries 72,000
Loan Interest 48,500
Miscellaneous 81,500 2,457,000
Increase in Bank 751,500
Bank Balance 1 January 2002 533,500
Bank Balance 31 December 2002 1,285,000
Additional Information:
(1)Balances on 31 December 2002
＄
Bar Stock 197,000
Bar Debtors 25,000
Bar Creditors 150,500
Music Ground Rent Prepaid 8,000
Electricity Owing 17,500
Subscriptions-In Arrear 9,500
Subscriptions-in Advance 30,000
Rates Prepaid 38,000
(2)Included in subscriptions in arrears on 31 December 2002 is ＄2,500, which has been outstanding for 5 years, and the management committee wish to write off as a bad debt.
(3)Depreciation is to be provided at the following rates:
Clubhouse 5% by reducing balance method
Music Equipment 5% by straight line method
(4)Incorrectly included in repairs to equipment was ＄100,000 for the purchase of a full set of weight training equipment which was installed in the club house in January 2002, and which has an estimated life of 10 years.
Required:
Prepare the Club’s Income and Expenditure Account for the year ended 31 December 2002.
选项
答案The Music Club Income and Expenditure Account for the year ended 31 December 2002 ＄ ＄ Income Subscriptions (workings 1) 170,000 Bar Profits (working 2) 448,500 Hire of Music Facilities 890,000 Income from Christmas party (net) 55,000 (88,500 - 33,500) Miscellaneous 43,000 1,606,500 Expenditure Rent (49,000-11,000-8,000) 30,000 Rates ( 160,000 + 34,000 - 38,000) 156,000 Electricity (153,000 - 19,000 + 17,500) 151,500 Equipment Repair 63,000 Maintenance 66,500 Wages 70,000 Telephone 4,500 Loan Interest (48,500 - 16,500) 32,000 Miscellaneous (81,500 - 37,500) 44,000 Bad Debt Written Off 2,500 Depreciation Expenses —Clubhouse 137,500 —Equipment 20,000 777,500 Excess of Income over Expenditure 829,000 (Workings 1) [*] (Workings 2) Bar Trading for the year ended 31 December 2002 ＄ ＄ Sales (Workings 3) 2,024,500 less: Cost of sales Opening stock 145,500 Purchases (workings 4) 1555,500 1,701,000 less: Closing stock 197000 1,504,000 520,500 Less: Sundries expenses 72,000 Profit for the year 448,500 (Workings 3) Sales = Bar sales (cash) + Bar creditors ending balance - Bar debtors opening balance = 2,015,000 + 25,000 - 15,500 = 2,024,500 (Workings 4) Purchases = Bar purchases (Cash) + Bar creditors ending balance - Bar creditors opening = 1,555,500+63,500-150,500 = 1,468,500
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