In: Accounting
The following is the receipts and payments account for the year ended 31 December 2018:
Receipts: | Payments: | |||
Balance b/f | 2040 | Bar Purchases | 88680 | |
Entrance fees | 840 | Rent | 8320 | |
Subscriptions: 2017 | 500 | Wages | 3720 | |
2018 | 6100 | Printing expenses | 2560 | |
2019 | 700 | General expenses | 1940 | |
Bar Sales | 104540 | New Equipment | 9000 | |
Sales of investments | 15000 | Balance c/f | 15500 | |
129720 | 129720 |
(1)Additional information: | 01-Jan-18 | 31-Dec-18 |
Bar inventory | 5440 | 6300 |
Owing for bar purchases | 6120 | 7160 |
Rent due | 360 | 720 |
Heating and lighting due | 320 | 380 |
Subscription due | 500 | 800 |
General expenses paid in advance | 100 | 140 |
(2) On 31 December 2017 the club held investments which
cost $10000. During the year ended 31 December 2018, these were
sold for $15000.
(3) Equipment was valued at $6000 on 31 December 2017. On 30 June
2018, the club purchased additional equipment at a cost of $ 10400.
Depreciation is to be provided for at the rate of 10% per
annum.
(a) Prepare the trading section of the income statement
for the year ended 31 December 2018.
(b) Prepare the income and expenditure account for the year ended
31 December 2018.