Question

The following are the transactions of the Goodrow Athletic Club for the six months ended 30 June 2000. The only assets and liabilities of the club at 1 January 2000. Cash in hand Furniture 112 700 96 730 Creditors Subscriptions due for the six months Subscriptions received in cash (including R50 in advance for July) Amount paid for purchase of sports ground Refreshments purchased by club for cash Cash received on loan Paid creditors 640 400 1 312 Ground man's wages for six months amount to R120, of which 100 has been paid. Sales of refreshments for cash Stock on refreshment on hand, 30 June 2000 56 General expenses paid in cash 64 Furniture is to be depreciated at the rate of 20% per annum. Required (a) Cash receipts and payments. (b) Income and expenditure account for the six months with balance sheet.

Answer 1

cash receipts and payments ake of Goodrow Athletic Clueles from 1 Jan 2000 to 30 June 2000 Receipts L Ramon payments To balance bld 112 | By purchase of sports ground 400 To subscriptions received By Refreshments 756 To Loan all 600 By creditors To sale of refreshment By Ground man wages 100 To balance cld 11,248 | By General expenses 640 1312 64 2664 2,664 b) Income and expenditure account of Goodrow Athletic Club for six months ended 30 June 2000. Amount In come Arnouint CR) 730 120 64 Expenditure To Ground man's wages. To General expenses To Depreciation on furniture [700 X 2017.x,&] To surplus (Transferred to Capital Fund) By subscription (due for 6 months) By Income from sale of nefreshment (1312 + 56 - 756] 612 70 Sales purchaser 1,088 (loling Jhce I 1,342 1,342 Scanned with CamScanner

Amount 02 Working Note = Opening balance sheet as on 01 Jan, 2000 - To find out opening capital fund - Liabilities Amount Assets Capital Fund C G16) Cash in hand 112 (balancing figure) Furniture 700 Creditors 812 96 812 c) Amount (B) a) Balance sheet as on 30 June, 2000 - Amount Liabilities Assets Capital Fund 716 Cash in hand 1, 804 (t) surplus Furniture 1,248 1088 700 630 (-) Depreciation (70) Creditors [96-96] subscriptions received in advance (July month) 50 140 Subscriptions yet to be received ¥ ( 730 - [40 - 50]} Loan 600 20 Duefort months Received for 6 months Outstanding Groundman wages 400 sports Ground Refreshment Stock 2,474 12,474 Scanned with CamScanner