Exam 25: The Final Financial Statements of Clubs

A club's membership fees account shows a debit balance of £300 and a credit balance of £180 at 1 January 20X1. During the year ending 31 December 20X1, subscriptions received amounted to £3,750. Subscriptions overdue from the year ended 31 December 20X0, of £80, are to be written off. At 31 December 20X1, subscriptions paid in advance amount to £150. The amount to be transferred to the income and expenditure account for the year ending 31 December 20X1 is

A receipts and payments account is:

A debit balance on an income and expenditure account prepared for a club is dealt with by:

Calculate the subscription income for the North Social Club using the following data. Arrears 01/01/X0 £1,400. Prepaid in advance 01/01/X0 £3,000 Arrears 31/12/X0 £2,400 Paid in advance 31/12/X0 £6,400 Cash received in year £28,400

A receipts and payments account is similar to:

The accumulated fund represents:

An income and expenditure account is:

Calculate the subscription income for the South Social Club using the following data. Arrears 01/06/X0 £1,680, prepaid in advance 01/06/X0 £3,600, arrears 31/05/Y1, £2,880, paid in advance 31/05/Y1 £7,680, and cheques received in year £34,080

How is the gift of a computer worth £1,500 from GI Jane posted to the financial statement of a club?

I & E a/c 200 x 50 = £10,000 A social club has 200 members; each should pay £50 for their yearly subscription. At the start of the year - 20 members' owed subscriptions, at the end of the year 5 members had prepaid subscriptions. You are informed that 3 members' annual subscriptions from the previous year remained unpaid at the end of this year and these are to be written off. The cash receipts for the year are as follows:

Which of the following is correct?

Which of the following is typically treated as deferred income and released to the income and expenditure account in a systematic manner?

The club had an excess of income over expenditure in the period of £2,500. It had an opening accumulated fund balance of £26,000. During the year a member passed away bequeathing £5,000 to the club. In addition, a member gave the club an old snooker table worth £50. What is the closing balance on the accumulated fund likely to be?

The Culture Club has an accounting year ending on 31 December. At the 31 December 20X0 its accounts contained a balance on the life membership subscriptions fund of £4,650. At this date there were 120 life members of which 30 had joined more than 9 years previously. The life membership subscription has always been £100. The Club has a policy of crediting the income and expenditure account with life membership subscriptions over a period of 10 years including the year in which the money is received. During the year ended 31 December 20X1 there were five new life members, and one member, who joined in 20W8, died. The balance on the life membership subscriptions fund at 31 December 20X1 after the transfer to the income and expenditure account will be:

A club received subscriptions during 20X2 totalling £6,250. This figure included £400 for 20X1 and £200 for 20X3. There were subscriptions in arrears at the end of 20X2 of £125. The subscriptions to be included in the income and expenditure account for 20X2 are:

Which of the following is the correct treatment of life membership subscriptions paid on joining?