Question
In: Accounting
The Evergreen Golf Club offers life membership at an annual subscription fee of $3600 per person.The...
The Evergreen Golf Club offers life membership at an annual subscription fee of $3600 per person.The following information is available for the Evergreen Golf Club for the year ended 31 March 2018.
| cash balance at 1 April 2017 | 1750 |
| Administered expenses | 12775 |
| For the annual social evening,800 tickets were sold at a price of $250each.However,payment has not yet been received for 30 tickets. | |
| Social evening costs | 60895 |
| Ground maintenance | 39430 |
| staff costs | 46900 |
| The club has a total of 120 members.Ten of them each had $600 outstanding in subscription fees at year end.The remaining members were all fully paid up for the year. | |
| Bar takings | 54600 |
| Bar costs | 28300 |
Required:
Prepare the Receipts and Payments Account for the Evergreen Golf Club for the year ended 31 March 2018.
Solutions
Expert Solution
| cash balance at 1 April 2017 | 1750 |
| Add: Annual social evening tickets (800-30) *250 | 192500 |
| Add: Annual membership (120*3600-10*600) | 426000 |
| Less: Administered expenses | 12775 |
| Social evening costs | 60895 |
| Ground maintenance | 39430 |
| staff costs | 46900 |
| Bar takings | 54600 |
| Bar costs | 28300 |
| Cash balance on March 31, 2018 | $377,350 |
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