IAL Accounting AS
Page 113
JUN 2010
SECTION B
SOURCE MATERIAL FOR USE WITH QUESTION 4
4.
White Lightning is a popular music band recording albums and performing at concerts. On 1 April
2009, the band started the White Lightning Fan Club with £1 000 cash which was paid into a bank
account.
The following is the summarised information for the year ended 31 March 2010.
(i) Fans were asked to register ‘on-line’ and were then sent a membership pack and an invoice for a
£10 subscription for the year. The number of fans registering ‘on-line’ was 2 000. At 31 March
2010, subscriptions from 400 fans were in arrears and 75 fans had paid their subscriptions in
advance for a second year.
(ii) The fan club decided not to write off any subscription debts as bad debts.
(iii) A fan club secretary was appointed on 1 April 2009 at a salary of £8 000 per annum. Other
expenses paid were: telephone and postage £3 600, rent £2 000 and general office expenses
£1 850. At 31 March 2010, £250 was owing for a telephone bill.
(iv) Office furniture and a second hand photocopier were purchased on credit on 1 April 2009 for
£4 000. During the year £3 000 was paid to the creditor. It is estimated that the office furniture
and the second hand photocopier will have a life of 5 years, and a residual value of £600.
(v) A monthly newsletter was circulated to all members at a cost of £1 080.
(vi) During the year the fan club raffled two tickets to a White Lightning concert. The cost of the
tickets was £280 and 400 fans entered the raffle each paying £1 for a raffle ticket.
(vii) The fan club offered autographed copies of the band’s latest album. The club purchased
300 albums at a cost of £12 each. During the year the club sold 280 of the autographed albums
at £15 each.
Required:
(a) Prepare for the White Lightning Fan Club the:
(i) receipts and payments account for the year ended 31 March 2010
(ii) income and expenditure account for the year ended 31 March 2010 showing clearly the
profit or loss made on the raffle of concert tickets and the sales of the band’s album
(12)
(iii) balance sheet as at 31 March 2010.
(8)
(8)
(b) Evaluate the decision of the fan club not to write off any bad debts.
(4)
(Total 32 marks)
Answer space for question 4 is on pages 24 to 28 of the question paper.
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Page 119
Jan 2011
SECTION A
SOURCE MATERIAL FOR USE WITH QUESTION 1
1.
The Worle Social Club offers a range of activities to members, and a cafeteria as a meeting place
for refreshments.
Each member pays a subscription of £40 per annum and membership of the club was 500 members
in 2010.
Receipts and Payments Account for the year ended 31 December 2010
£
1 720
Balance b/d
Membership subscriptions for the
year ended 31 December:
2009
640
2010
17 200
2011
1 680
Refreshment sales
55 940
8% Bank loan receipt
25 000
Sale of equipment
3 500
105 680
Refreshment purchases
Wages and salaries
Electricity
Rates
Sundry expenses
Loan interest paid
Building works
Equipment purchase
Balance c/d
£
15 200
30 000
1 500
2 850
6 250
800
20 000
8 700
20 380
105 680
Additional information:
(i) Subscriptions:
• On 31 December 2009, 20 members had not paid their membership subscriptions for
2009
• On 31 December 2009, 56 members had paid in advance for 2010
• All subscriptions for 2009 which were unpaid on 31 December 2010 are to be considered
irrecoverable and written off as bad debts
• On 31 December 2010, 14 members had not paid their membership subscriptions for
2010.
(ii) Expenses are to be apportioned to the cafeteria trading account at the rate of:
• 40% wages and salaries
• 20% electricity
• 20% rates.
(iii) The additional 8% Bank loan was taken out on 1 April 2010.
(iv) Building works were undertaken during the year. An extension to the clubhouse was built at a
cost of £15 000 and the existing clubhouse was redecorated at a cost of £5 000.
(v) The equipment sold in 2010 was purchased on 1 June 2007 at a cost of £6 400.
(vi) A full year’s depreciation is charged on all assets owned on 31 December at the following
rates:
• Clubhouse 2% per annum using the straight line method
• Equipment 25% per annum using the reducing balance method.
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Page 120
Jan 2011
(vii) Other balances:
Clubhouse (cost £50 000)
Equipment (cost £30 000)
Subscriptions in arrears
Subscriptions in advance
Stocks of refreshments
Creditors for refreshment purchases
Rates accrued
Rates prepaid
8% Bank loan
Accumulated fund
31 December 2009
£
35 000
15 000
?
?
8 600
1 400
200
–
10 000
47 280
31 December 2010
£
?
?
?
?
7 450
870
–
450
35 000
?
Required:
(a) Explain two differences between a receipts and payments account and an income and
expenditure account.
(4)
(b) Prepare for the year ended 31 December 2010, the:
(i) Subscriptions account
(7)
(ii) Cafeteria trading account
(7)
(iii) Income and expenditure account.
(16)
(c) Prepare the balance sheet at 31 December 2010.
(10)
Worle Social Club is considering offering a 10 year membership to existing members for £250,
starting in 2011.
(d) Evaluate, from the perspective of Worle Social Club, whether it should offer a 10 year
membership for £250.
(8)
(Total 52 marks)
Answer space for question 1 is on pages 2 to 6 of the question paper.
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Page 163
June 2012
SOURCE MATERIAL FOR USE WITH QUESTION 3
3.
The Treasurer of Sidly Tennis Club maintains a set of full double entry records. The following
information is available for the year ended 30 April 2012:
(i) Cash Book Summary
Subscriptions for previous year
for current year
for next year
6% Bank loan
Sale of tennis balls
Donations
Sales of annual dinner tickets
Balance c/d
£
300
3 700
700
25 000
1 550
4 800
2 900
9 710
£
Balance b/d
900
Leasehold purchase
30 000
Wages
5 200
Equipment
6 400
Sundry expenditure
3 800
Purchase of tennis balls
1 200
Rental of hall for annual dinner 560
Deposit for annual dinner
600
48 660
48 660
(ii) Balances at:
1 May 2011
£
12 200
2 400
750
500
1 400
1 150
-
Leasehold –15 years
Equipment
Equipment – provision for depreciation
Inventory of tennis balls
Subscriptions in arrears
Subscriptions in advance
Accrued sundry expenses
6% Bank loan
Trade payable
(caterer for annual dinner)
30 April 2012
£
30 000
?
?
630
900
700
2 650
25 000
1 950
(iii) On 30 April 2012 the following errors were found in the books:
1.
2.
3.
During the year equipment which had cost £1 200 on 1 April 2009 was sold for £900. No
record of the sale had been made in the books.
Wages, £300, had been credited to the wages account.
A deposit of £600 paid to the caterer for the annual dinner had been recorded correctly in
the cash book but had been recorded in the caterer’s account as £150.
(iv) The leasehold and the 6% bank loan were taken out on 1 May 2011.
(v) Subscription to the Sidly Tennis Club is £100 per annum. All subscriptions not received from
the previous year were considered irrecoverable and were written off.
(vi) Depreciation is charged on:
equipment at the rate of 15% per annum using the straight line method on all equipment
owned at the end of the year
the leasehold at an appropriate rate.
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June 2012
Required:
(a) (i) Explain the accounting concept of historic cost.
(2)
(ii) Give one example where the Sidly Tennis Club has applied this accounting concept.
(2)
(b) Prepare the trial balance at 1 May 2011 showing the value of the accumulated fund.
(5)
(c) Prepare the journal entries to correct the errors in (iii). Narratives are not required.
(9)
(d) Prepare for the year ended 30 April 2012 the:
(i) subscriptions account
(7)
(ii) income and expenditure account showing clearly the profit or loss on the annual dinner
and the sale of tennis balls.
(19)
(e) Evaluate the financial position of the Sidly Tennis Club.
(8)
(Total 52 marks)
Answer space for question 3 is on pages 13 to 17 of the question paper.
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Page 188
June 2013
SOURCE MATERIAL FOR USE WITH QUESTION 3
3.
The following balances remained in the books of Arena Sports Club after completion of the Income
and Expenditure Account for the year ended 30 April 2013:
Accumulated fund
Surplus of income over expenditure
Clubhouse (at cost)
Provision for depreciation of clubhouse
Equipment (at cost)
Provision for depreciation of equipment
Subscriptions in arrears
Subscriptions in advance
Trade payables
Inventory of refreshments
Bank
Other payables – sundry expenses
Suspense account
£
25 400
900
30 000
4 200
4 500
1 100
220
1 400
8 700
1 700
5 100 Dr
600
780 Dr
After completion of the Income and Expenditure Account the following were discovered:
1.
A payment of £790 to a creditor, Eastern Drinks, had been correctly recorded in the Bank
Account, but had been recorded as £610 in the Eastern Drinks Account.
2.
An entry for cash sales of refreshments, £1 850, had been correctly entered in the Revenue
(Sales) Account, but recorded as £1 250 in the Bank Account.
3.
A credit purchase of equipment from ESB Sports, £1 500, had been omitted from the books.
Depreciation of £300 would be chargeable at 30 April 2013 on this equipment.
4.
A cheque for £100 for a subscription paid in advance had been dishonoured by the Bank.
5.
An invoice from Mali Supplies for sundry expenses, £3 090, was received on 5 May 2013. The
sundry expenses related to the year ended 30 April 2013.
6.
A stock sheet of refreshments, £630, had been omitted from the inventory count (stock take)
on 30 April 2013.
Required:
(a) Prepare the Journal entries to correct items (1) to (6) above. Narratives are not required.
(14)
(b) Calculate the revised surplus/deficit for the year ended 30 April 2013.
(6)
(c) Prepare the Statement of Financial Position at 30 April 2013.
(15)
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June 2013
The Committee of Arena Sports Club has decided to offer a 10 year membership at the rate of £700
per member in the year ending 30 April 2014. The current annual membership subscription is £100
per member.
It is estimated that the offer will be accepted by 30 members, who have not yet paid their annual
subscriptions for the year ending 30 April 2014.
(d) Calculate the net effect that this proposal would have upon the:
(i) subscriptions recorded in the Income and Expenditure Account for the year ending
30 April 2014
(ii) bank balance recorded in the Statement of Financial Position at 30 April 2014.
(4)
(e) Prepare the 10 year Membership Subscription Account as it will appear for the year ending
30 April 2014.
(5)
(f) Evaluate the Committee of Arena Sports Club’s decision to offer a 10 year membership for
£700.
(8)
(Total 52 marks)
Answer space for question 3 is on pages 16 to 20 of the question paper.
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Page 208
Jan 2014 P1
SOURCE MATERIAL FOR USE WITH QUESTION 7
7.
The Treasurer of the Bourne Cricket Club extracted the following balances from the Club’s books
on the 31 December 2013, before completing the Income and Expenditure Account:
£
30 200
8 850
1 000
14 650
30 250
35 000
4 800
3 200
18 950
10 550
9 850
600
Accumulated fund
Subscriptions
Competition fees received
Purchases of refreshments
Sales of refreshments
Clubhouse (at cost)
Equipment (at cost)
Provision for depreciation – equipment
Wages and salaries
Other expenses
Trade payables
Bank overdraft
Additional information:
1.
The books contained the following errors and omissions:
(i) Donations received of £250 had been recorded as subscriptions
(ii) Equipment costing £1 800 with a carry over (net book value) of £700 was sold in December
for £800. The receipt was by cheque. No entries had been made in the books to record this
transaction.
Required:
(a) Prepare the Trial Balance of Bourne Cricket Club at 31 December 2013, after all adjustments
have been made.
(16)
Additional information:
Subscriptions paid in advance and in arrears at 31 December 2013:
Paid in advance £1 410
In arrears £1 360
(b) (i) Prepare the Subscriptions Account for the year ended 31 December 2013.
(8)
(ii) Explain why subscriptions require adjustment for sums paid in advance and in arrears.
(4)
The Committee of the Bourne Cricket Club has been considering offering a five-year membership
at a discount as an alternative to the current annual membership. The Treasurer informed members
at the Annual General Meeting that in his opinion the five-year discounted membership would bring
no benefits to the Club.
(c) Evaluate the Treasurer’s statement.
(4)
(Total 32 marks)
Answer space for question 7 is on pages 36 to 39 of the question paper.
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Page 236
SECTION A
SOURCE MATERIAL FOR USE WITH QUESTION 1
1 The following trial balance was extracted from the books of Tolbury Golf Club at
30 April 2015:
Dr
£
Revenue:
Restaurant Sales
Subscriptions
Interest receivable
Donations
Restaurant inventory 1 May 2014
7 000
Purchases of supplies for restaurant
57 500
Wages:
Restaurant
35 000
General
96 000
Salaries:
Restaurant
27 500
General
64 000
Electricity:
Restaurant
8 500
General
19 200
Insurance
5 750
Golf course maintenance
64 850
Bad debts: Subscriptions
11 000
Provision for doubtful debts on subscriptions
Clubhouse (at cost)
280 000
Equipment (at cost)
200 000
Fixtures and fittings (at cost)
100 000
Provisions for depreciation:
Clubhouse
Equipment
Fixtures and fittings
Trade receivables
1 450
Trade payables
Bank savings account
90 000
Cash and bank
26 200
Accumulated fund
1 093 950
Cr
£
175 000
225 000
4 200
12 000
2 500
84 000
120 000
50 000
21 250
400 000
1 093 950
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Additional information at 30 April 2015:
1. Restaurant inventory £6 500.
2. Insurance prepaid £2 500.
3. Interest receivable owing £1 200.
4. Subscriptions: paid in advance £16 500: in arrears £27 500.
5. Depreciation is charged as follows:
Clubhouse at the rate of 2% per annum straight line
Equipment at the rate of 20% per annum reducing balance
Fixtures and fittings at the rate of 10% per annum straight line.
6. One quarter of the depreciation on equipment and half of the depreciation on
fixtures and fittings are to be charged to the restaurant.
7. The provision for doubtful debts on subscriptions is to be increased to £3 000.
Required:
(a) Prepare the:
(i) Restaurant Trading Account for the year ended 30 April 2015
(10)
(ii) Income and Expenditure Account for the year ended 30 April 2015
(18)
(iii) Statement of Financial Position at 30 April 2015.
(16)
(b) Evaluate the usefulness of a provision for doubtful debts on subscriptions.
(8)
(Total for Question 1 = 52 marks)
Answer space for question 1 is on pages 2 to 7 of the question paper.
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Page 282
SOURCE MATERIAL FOR USE WITH QUESTION 5
5 The following information is available for the Topton Sports Club for the year ended
30 April 2016.
(1) Summary of receipts and payments:
£
24 900
8 550
1 100
690
70
3 400
1 700
8 500
Subscriptions received
Wages and salaries
Insurance
Electricity
Bank interest received
General expenses
Sale of sports equipment
Purchase of sports equipment
(2) Balances at:
Bank
Subscriptions in advance
Subscriptions in arrears
Wages and salaries accrued
Wages and salaries prepaid
Electricity accrued
Clubhouse (at cost)
Sports equipment (book value)
1 May 2015
£
1 600 Dr
2 100
560
880
40 000
20 000
30 April 2016
£
?
1 450
300
750
220
?
?
(3) £320 of the subscriptions in arrears on 1 May 2015 were collected. The remainder
of the subscriptions in arrears on 1 May 2015 were written off as irrecoverable.
(4) Depreciation is charged on all non-current assets owned at the end of the year on
the following basis:
Clubhouse
2% per annum using straight line
Sports equipment 25% per annum using reducing balance.
Required:
(a) Prepare, for the year ended 30 April 2016, the:
(i) Receipts and Payments Account
(6)
(ii) Subscriptions Account
(10)
(iii) Income and Expenditure Account.
(12)
Topton Sports Club is proposing to offer a five-year membership at a discounted rate.
(b) Evaluate the proposal to offer a five-year membership at a discounted rate.
(4)
(Total for Question 5 = 32 marks)
Answer space for Question 5 is on pages 25 to 29 of the question paper.
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Page 292
4 The following information is available for the Sandy Bay Social Club for the year
ended 31 August 2016.
(1) Annual subscriptions:
•
balances
subscriptions in advance
subscriptions in arrears
1 September
2015
£
350
900
31 August
2016
£
530
700
•
during the year annual subscriptions received and banked were £4 250
•
£630 of the subscriptions in arrears at 1 September 2015 were received, the
balance was irrecoverable.
(2) Life membership subscriptions:
•
•
•
balance 1 September 2015
£30 400
during the year life membership subscriptions received and banked were £1 600
the Sandy Bay Social Club transfers 10% of the Life Membership Subscription
Account balance at the end of the year to the Income and Expenditure Account.
(3) Balances at 31 August 2016:
Subscriptions in advance
Subscriptions in arrears
Life membership subscriptions
Clubhouse (at book value)
5% Bank loan (repayable 30 June 2025)
Trade payables
Bank
Accrued expenses
£
530
700
?
55 000
6 000
825
1 950 Dr
235
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Page 293
Required
(a) Explain two differences between the Receipts and Payments Account and the
Income and Expenditure Account.
(4)
(b) Prepare for the year ended 31 August 2016, showing the appropriate transfer to
the Income and Expenditure Account, the:
(i) Subscriptions Account
(5)
(ii) Life Membership Account.
(5)
(c) Calculate the Accumulated Fund at 31 August 2016.
(2)
(d) Prepare the Statement of Financial Position at 31 August 2016.
(8)
(e) Evaluate the case for the club offering life membership.
(6)
(Total for Question 4 = 30 marks)
9
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2 The following balances were extracted from the books of Aviana Gym Club on
30 April 2017.
Members’ subscriptions
Income from rental of equipment
Refreshment sales
Refreshment purchases
Non-current assets (cost):
Gym equipment
Office fixtures
Provisions for depreciation:
Gym equipment
Office fixtures
Rent of premises
Heating and lighting
Trade payable – refreshments
Sundry expenses
Cash
Bank overdraft
Gym equipment maintenance
Inventory of refreshments 1 May 2016
£
5 300
1 050
2 400
960
8 500
3 000
2 500
800
2 000
1 100
570
1 600
80
4 000
950
480
Required
(a) Using only the above list of balances, prepare the Trial Balance at 30 April 2017
and show the value of the accumulated fund.
(10)
Additional information at 30 April 2017
•
Members had prepaid subscriptions of £350. Subscriptions in arrears were £230.
It was agreed that £140 of the subscriptions in arrears was now irrecoverable and
would be written off.
•
A purchase of refreshments, £60 on credit, had been omitted from the books.
•
Depreciation is charged on all non-current assets owned at the end of the year as
follows:
– gym equipment 20% per annum reducing balance
– office fixtures 10% per annum straight line.
•
On 25 March 2017, gym equipment that had cost £1 500, and had a carrying
value of £600, was sold for £800 cash. On 30 March 2017, new gym equipment
costing £4 600 was purchased by cheque. No entries had been made in the books
to record these transactions.
•
Inventory of refreshments was £570.
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Required
(b) Explain two differences between a trial balance and a statement of financial
position.
(4)
(c) Prepare for the year ended 30 April 2017 the:
(i) Subscriptions Account
(5)
(ii) Gym Equipment Account
(4)
(iii) Gym Equipment - Provision for Depreciation Account
(4)
(iv) Refreshment Trading Account
(3)
(v) Income and Expenditure Account.
(7)
(d) Prepare an extract of the Statement of Financial Position at 30 April 2017 showing
the assets of the Aviana Gym Club.
(6)
The Management Committee of the Aviana Gym Club is proposing to purchase its
own gym premises rather than renting premises.
(e) Evaluate the proposal of the Management Committee.
(12)
(Total for Question 2 = 55 marks)
TOTAL FOR SECTION A = 110 MARKS
5
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4 There was a ‘break-in’ and theft at the Kewstoke Sports Club on 27 April 2018, when
cash from the manager’s office and sports equipment from the shop were stolen.
The following information is available.
(1) Balances 1 April 2018
Cash £250
Inventory of sports equipment in the shop £3 500
(2) Cash receipts and payments – 1 April to 27 April 2018
Receipts from hire charges
Wages
Cleaning
Cash refund made to customer
Subscriptions paid by members
Sundry payments
£
525
400
190
25
310
120
(3) All the cash was stolen from the manager’s office in the theft.
(4) Sports equipment sales and purchases – for 1 April to 27 April 2018
Revenue (Sales)
Purchases
£4 200
£3 200
(5) The inventory of sports equipment remaining after the theft was valued at
£2 300
(6) All sports equipment is sold with a 25% gross profit as a percentage of revenue
(profit margin).
(7) The Kewstoke Sports Club is insured with the Sports Insurance Company for the
theft of all sums, excluding the first £200 of any claim for stolen cash.
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Required
(a) State two differences between a club and a sole trader business.
(4)
(b) Calculate the value of the cash stolen from the manager’s office on 27 April 2018.
(3)
(c) Calculate the value of the sports equipment stolen from the shop on
27 April 2018.
(4)
(d) Calculate the total value of the insurance claim to be made to the Sports
Insurance Company.
(2)
(e) Prepare the Journal entry, including narrative, recording the insurance claim
made to the Sports Insurance Company.
(5)
The Kewstoke Sports Club has a function room that it hires to the public for a daily
hire rate of £250 per day. The following information is available for the three months
ended 31 March 2018.
(1) The Kewstoke Sports Club hired the function room to the public for five days in
January, four days in February and six days in March.
(2) The following expenses were incurred in the three months ended 31 March 2018:
Rates
Wages
Advertising
Heating
£2 340
£5 600
£2 200
£40 per day when the function room is hired to the public.
The total floor area of the Kewstoke Sports Club is 900 sqm. The function room
area is 150 sqm.
It is estimated that 20% of the wages and 75% of the advertising are related to
the function room.
(3) Depreciation on the function room fixtures is charged on the revaluation method.
The valuations, purchases and sales of function room fixtures for the three
months ended 31 March 2018, were:
Valuation 1 January 2018
Additions
Disposals
Valuation 31 March 2018
£
4 300
1 200
600
4 700
11
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Required
(f ) Prepare a statement showing the profit or loss on the hire of the function room
for the three months ended 31 March 2018.
(6)
The Kewstoke Sports Club has received a member’s proposal to discontinue the hire
of the function room.
(g) Evaluate the member’s proposal to discontinue the hire of the function room.
(6)
(Total for Question 4 = 30 marks)
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Page 395
4 The following information was available for the Winston Tennis Club for the year
ended 31 December 2018.
(1) Summary of receipts and payments
Receipts
Annual subscriptions
Life subscriptions
Competition fees
Sale of fixtures
Donations
Sales of refreshments
£
18 900
6 000
1 475
450
700
2 050
Payments
General expenses
Payment to refreshments supplier
Competition expenses
Purchase of equipment
Competition prizes
Ground staff wages
(2) Balances
Receipts and payments account
Equipment and fixtures (carrying value)
Trade payables (refreshment supplier)
Annual subscriptions inadvance
arrears
Life subscriptions account
Competition expenses accrued
Inventory of refreshments
£
9 000
1 875
430
3 850
910
10 930
1 January 2018 31 December 2018
£
£
800 Dr
3 380 Dr
12 400
13 300
110
125
1 250
500
11 500
85
250
To be calculated
To be calculated
75
160
(3) Competition fees of £30 had not been recorded in the books.
(4) There were 80 annual subscription members in 2018 each paying £250 per
annum. There were no bad debts in the year.
(5) There were an additional four life subscription members in the year, each having
paid £1 500
(6) 10% of the Life Subscriptions Account balance at the end of the year is recorded
as income for the year.
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Required
(a) State two differences between a receipts and payments account and an income
and expenditure account.
(4)
(b) Calculate the:
(i) accumulated fund at 1 January 2018
(2)
(ii) annual subscriptions in arrears at 31 December 2018
(3)
(iii) profit or loss on competitions for the year ended 31 December 2018
(3)
(iv) profit or loss on the sale of refreshments for the year ended
31 December 2018.
(3)
(c) Prepare, for the year ended 31 December 2018, the:
(i) Life Subscriptions Account
(4)
(ii) Income and Expenditure Account.
(5)
(d) Evaluate the use of life membership subscriptions by clubs.
(6)
(Total for Question 4 = 30 marks)
11
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2 The following information is available for the Kenton Lawn Tennis Club.
(1) Summarised bank transactions for the year ended 31 August 2019
£
Subscriptions received
Wages
Purchase of equipment
Donations received from members
Sale of equipment
Rent and insurance
Sale of tickets for the annual dance
Expenses for the annual dance
Catering expenses for the annual dance
General expenses
15 970
7 550
2 750
500
900
2 390
3 200
950
250
4 830
(2) Balances at:
Non-current assets (carrying value)
Property
Equipment
Bank
Subscriptions – in arrears
– in advance
Amounts owing to the club
Rent prepaid
By members for annual dance tickets
Refund for annual dance expenses
Amounts accrued by the club
Wages
Insurance
Catering for the annual dance
1 September
2018
£
31 August
2019
£
15 800
8 150
75 Dr
810
900
15 400
9 400
To be calculated
720
940
400
–
–
310
430
125
850
180
–
600
–
2 100
(3) The subscriptions in arrears on 1 September 2018 related to nine members of
the club. Five of those members paid the annual subscription of £90 in full, in
October 2018. The remaining debts were to be written off.
(4) An allowance for irrecoverable debts is to be created. The club has 180 members
each paying £90 per annum subscription. It is projected that six members will not
pay their subscriptions next year.
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OCT 2019 P1
Page 424
Required
(a) Prepare, for the year ended 31 August 2019, the:
(i) Receipts and Payments Account
(10)
(ii) Subscriptions Account
(5)
(iii) Rent and Insurance Account
(5)
(iv) Trading Account showing the profit or loss on the annual dance
(4)
(v) Income and Expenditure Account.
(11)
(b) Explain, using one example from the Income and Expenditure Account prepared
in (a)(v), the:
(i) accruals concept
(2)
(ii) prudence concept.
(2)
The Annual General Meeting of the club was called to present the financial
statements. Two members asked questions.
George asked whether the club had been ethical in preparing its financial statements.
(c) Explain the meaning of the term ethics in accounting.
(4)
A second member, Atqiya, recommended that the club should evaluate the purchase
of a computer and a computer software package to maintain the accounting records
and prepare the financial statements.
(d) Evaluate the use of information communication technology (ICT) in maintaining
Kenton Lawn Tennis Club’s accounting records and preparing the financial
statements.
(12)
(Total for Question 2 = 55 marks)
TOTAL FOR SECTION A = 110 MARKS
7
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4 The Greenfield Bowls Club maintains full accounting records.
The following information was available at 30 April 2021.
£
Subscriptions received
2 750
5 700
Equipment (carrying value) 1 May 2020
Inventory – club shop – 1 May 2020
800
500
Rent payable
Electricity
525
75
Cash
Bank overdraft
1 180
60
Bank charges
Competition entry fees received
720
680
Competition prizes paid
Club shop sales
4 350
Club shop purchases
3 600
1 500
Trade payables
General expenses
2 160
To be calculated
Accumulated fund
Required
(a) State one difference between a Receipts and Payments Account and an Income
and Expenditure Account.
(b) Prepare the Trial Balance at 30 April 2021 including the calculation of the
accumulated fund.
(2)
(8)
After the preparation of the Trial Balance, the following additional information
was available at 30 April 2021
(1) Subscriptions in advance £150
(2)Subscriptions in arrears £350 of which £250 are to be written off as irrecoverable
debts.
(3) Equipment was valued at £4 900
(4) Inventory – club shop £930
(5)Club shop purchases of £200 had been returned. No entries had been made in
the books.
P67921A
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Required
(c) Prepare for the year ended 30 April 2021, the:
(i) Subscriptions Account
(ii) Club Shop Trading Account
(iii) Income and Expenditure Account.
(4)
(3)
(7)
The Greenfield Bowls Club is considering the introduction of a 10-year membership
subscription at a discounted rate.
(d) Evaluate the Greenfield Bowls Club offering a 10-year membership.
(6)
(Total for Question 4 = 30 marks)
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OCT 2021 P1
(b) Prepare the Trial Balance at 30 April 2021 including the calculation of the
accumulated fund.
(8)
Trial Balance at 30 April 2021
Dr
Cr
£
£
Subscriptions
Equipment (carrying value)
Inventory – club shop
Rent payable
Electricity
Cash
Bank overdraft
Bank charges
Competition entry fees received
Competition prizes paid
Club shop sales
Club shop purchases
Trade payables
General expenses
Accumulated fund
Ashik Hossain
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Page 533
SECTION B
Answer THREE questions from this section.
3 The following balances were extracted from the books of the Hillside Sports Club on
30 April 2022.
Subscriptions received
Trade payables
Rent payable
Telephone charges
Equipment (cost)
Equipment – provision for depreciation
Bank overdraft
Equipment repairs
Disposal account (profit on sale)
Sale of dance tickets
Catering cost for dance
Hire of band for dance
Donations received
Sundry expenses
Accumulated fund
£
2 950
1 850
1 500
320
4 510
1 100
70
600
150
2 100
390
500
300
1 450
To be calculated
Required
(a) Prepare the trial balance for the Hillside Sports Club at 30 April 2022 including the
balance of the accumulated fund at that date.
(9)
Additional information at 30 April 2022
(1) Subscriptions paid in advance for year commencing 1 May 2022 £200
(2) Subscriptions still due for year ended 30 April 2022 £860
(3) The dance organised by the club had the following sums outstanding.
Sale of dance tickets to members £580 was still owed.
Catering cost – 70% of the total catering cost was still owed.
Hire of band – 60% of the total band cost was still owed.
(4) Equipment repairs included £250 for the purchase of new equipment.
(5) The equipment was revalued at £3 310
(6) Sundry expenses £420 is owing and £130 was paid in advance.
P66182A
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Required
(b) Calculate the profit or loss of the dance.
(5)
(c) Prepare the Income and Expenditure Account for the year ended 30 April 2022.
(d) Evaluate the financial position of the Hillside Sports Club.
(10)
(6)
(Total for Question 3 = 30 marks)
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SECTION B
Answer THREE questions from this section.
Indicate which question you are answering by marking a cross in the box . If you change your
mind, put a line through the box and then indicate your new question with a cross .
If you answer Question 3 put a cross in the box
.
Source material for Question 3 is on pages 10 and 11 of the Source Booklet.
3 (a) Prepare the trial balance for the Hillside Sports Club at 30 April 2022 including the
balance of the accumulated fund at that date.
(9)
Hillside Sports Club
Trial Balance at 30 April 2022
Dr
Cr
£
£
Subscriptions received
Trade payables
Rent payable
Telephone charges
Equipment (cost)
Equipment – provision for depreciation
Bank overdraft
Equipment repairs
Disposal account (profit on sale)
Sale of dance tickets
Catering cost for dance
Hire of band for dance
Donations received
Sundry expenses
Accumulated fund
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4 The Quarry Art Club provided the following information at 31 December 2021.
Quarry Art Club
Statement of Financial Position at 31 December 2021
£
Non-current assets at valuation
£
20 000
Current assets
Inventory of art materials
6 450
Subscriptions in arrears
2 600
29 050
Accumulated fund
Opening balance
26 500
Deficit for the year
(2 100)
24 400
Current liabilities
Trade payables
3 750
Bank overdraft
900
4 650
29 050
The Quarry Art Club has experienced difficulty in paying its expenses and trade
payables in 2021.
The Treasurer of the Quarry Art Club prepared a plan to improve the bank balance
and restore the club to a surplus for the year ended 31 December 2022. The plan
was to:
•
Increase the subscription from the £200 per annum paid by each member
in the year ended 31 December 2021 to £250 per annum in the year ended
31 December 2022 and future years.
•
Rent out part of the premises at a rent of £500 per month.
•
The club will continue to purchase and sell art materials to members at a mark‑up.
P72449A
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Information for the year ended 31 December 2022.
(1) Four members with subscriptions that were in arrears on 31 December 2021
paid their subscriptions for 2021 in full. The remainder was written off as an
irrecoverable debt.
(2) There were 68 members for the year ended 31 December 2022. At the end of
the year, three members were in arrears for 2022 and five members had paid in
advance for 2023.
(3) 13 monthly payments were received for rent in the year.
(4) Operating expenses of £18 000 were paid by cheque. This did not include £900
operating expenses accrued.
(5) The credit purchases were £13 500 and trade payables of £15 000 were paid by
cheque during the year.
(6) Sales receipts were £16 000 all paid by cheque.
(7) There was a gross profit as a percentage of revenue of 10% on the sale of
art material.
(8) Non-current assets were valued at £15 900
Required
(a) Prepare the Subscriptions Account for the year ended 31 December 2022.
(6)
(b) Calculate at 31 December 2022 the:
(i) bank balance
(5)
(ii) trade payables.
(4)
(c) Prepare the art materials Trading Account for the year ended 31 December 2022.
(d) Prepare the Income and Expenditure Account for the year ended
31 December 2022.
(e) Evaluate the financial position of the Quarry Art Club at 31 December 2022.
(4)
(5)
(6)
(Total for Question 4 = 30 marks)
P72449A
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