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Final Accounts and Balance Sheet

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






The Goofy Golf Club

Bar Trading Account for the year ended 31 December 20X2



$

$
Bar sales



7,100
Less Cost of goods sold:




Stock as at 1 Jan 20X2

1,110


Add Purchases

5,500









6,610


Less Stock as at 31 Dec 20X2

1,300

5,310





Gross Profit



1,790
Less Bar expenses

350


Barman's wages

650

1,000





Net profit to income and expenditure account



790






The Goofy Golf Club

Income and Expenditure Account for the year ended 31 December 20X2


$

$

$
Income





Subscriptions for 20X2




1,450
Profit from the bar




790
Interest on Fixed Deposit




140











2,380
Less: Expenditure





Cleaner's wages


120


General expenses


230


Rent paid


600


Committee expenses


80


Printing and stationery


110











1,140


Depreciation:





Furniture
300




Equipment
180

480

1,620






Surplus of income over expenditure




760







The Goofy Golf Club

Assets and liabilities at the beginning and end of the year as drawn from the above accounts:



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
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

Note: No depreciation is to be charged to additions to fixed assets.


The Goofy Golf Club

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 Goofy Golf Club

Balance Sheet as at 31 December 20X2



$

$

$
Fixed Assets






Furniture



3,000


Additions



370













3,370


Less Depreciation



300

3,070














Equipment



1,800


Additions



260









Less Depreciation



2,060






180

1,880













4,950
Current Assets






Stock (bar supplies)



1,300


Subscriptions - due



110


Cash at bank



1,270













2,680


Less Current Liabilities






Creditors (bar supplies)

640




Bar expenses - outstanding

70




Rent - due

50




Subscriptions received in advance

50

810

1,870













6,820







Financed by:






Accumulated fund - balance as at 1.1.20X2





6,060
Add Surplus of income over expenditure




760













6,820








Last Updated (Tuesday, 12 October 2010 17:18)