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Statement of affairs to determine accumulated fund

A statement of affairs is drawn up to determine the accumulated fund of the club so that the year-end balance sheet can be prepared. The accumulated fund at the beginning of the year is calculated by deducting the total of the opening liabilities from the total of the opening assets.

The receipts and payments account together with other accounts are presented below with the relevant information for the preparation of the statement.


The Goofy Golf Club

Receipts and Payments Account for the year ended 31 December 20X2

Receipts
$

Payments
$
Balance as at 1.1.20X1
810

Bar supplies
5,520
Subscriptions
1,485

Barman's wages
650
Bar sales
7,100
Bar expenses
325
Interest on fixed deposit 140
Furniture
370



Golfing accessories
260



Committee expenses
80



Printing and stationery
110



Cleaner's wages
120



General expenses
230



Rent paid
600



Balance as at 31.12.20X2
1,270






9,535


9,535






Subscriptions Account

Particulars
Amount

Particulars
Amount

$


$
Balance (outstanding) b/f
130

Balance (prepaid) b/f
35
Income & expenditure account
1,450

Cash - 20X1
125
Balance (prepaid) c/d
50

Cash - 20X2
1,310



Cash - 20X3
50



Balance (outstanding) c/d
110






1,630


1,630






Rent Account

Particulars
Amount

Particulars
Amount

$


$
Cash
600

Balance b/f
50
Balance c/d
50

Income & expenditure account
600






650


650






Bar Purchases Account

Particulars
Amount

Particulars
Amount

$


$
Cash
5,520

Balance b/f
660
Balance c/d
640

Bar trading account
5,500






6,160


6,160






Bar Expenses Account

Particulars
Amount

Particulars
Amount

$


$
Cash
325

Balance b/f
45
Balance c/d
70

Bar trading account
350






395


395






The following balances at the beginning and end of the year as drawn from the above accounts:



As at 31.12.20X1

As at 31.12.20X2


$

$
Creditors for bar supplies

660

640
Bar expenses

45

70
Subscriptions (owing)

130

110
Subscriptions (prepaid)

35

50
Rent

50

50
Bank account

810

1,270


Assets are assumed to be as follow:



As at 31.12.20X1

As at 31.12.20X2


$

$
Stock

1,110

1,300
Furniture

3,000

3,370
Equipment

1,800

2,060































Statement of affairs as at 31.12.20X1



$

$

$
Fixed Assets






Furniture





3,000
Equipment





1,800













4,800
Current Assets






Stock (bar supplies)



1,110


Subscriptions - due



130


Cash at bank



810













2,050


Less Current Liabilities






Creditors (bar supplies)

660




Bar expenses accrued

45




Subscriptions received in advance

35




Rent due

50








790








1,260













6,060







Financed by:






Accumulated fund*





6,060













6,060







* The accumulated fund is the balancing figure.

Last Updated (Wednesday, 27 October 2010 08:11)