Prepared by D. El-Hoss Non-profit Organisations & Club ... Club Accounts Prepared by D. El-Hoss All...

Non-profit

Organisations

& Club

Accounts

Prepared by D. El-Hoss

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14

0452/03/M/J/03

5 The Cobbydale Sports Club was formed on 1 May 2002.

The treasurer produced the following information for the year ended 30 April 2003.

Receipts and Payments Account for the year ended 30 April 2003

Receipts $ Payments $Subscriptions 6800 General expenses 1430Sale of tickets for open day 3250 Insurance 670Loan from a member 1000 Purchase of equipment 3500

Expenses of open day 1950Rent of premises 2420Balance 30 April 2003 c/d 1080

––––– –––––11050 11050––––– –––––

Balance 1 May 2003 b/d 1080

Additional notes –

1. At 30 April 2003$

Subscriptions due from members amounted to 300Rent due amounted to 220

2. The equipment is expected to have a useful life of 6 years after which time its scrapvalue is expected to be $200. Depreciation is to be provided using the straight line(equal instalment) method. A full year’s depreciation is charged in the year of purchase.

(a) Prepare the Income and Expenditure Account of the Cobbydale Sports Club for the yearended 30 April 2003.

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0452/03/M/J/03 [Turn over

Cobbydale Sports Club

Income and Expenditure Account for the year ended 30 April 2003

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(b) (i) Select one of the items appearing in the Receipts and Payments Account whichshould not be included in the Income and Expenditure Account and explain why itdoes not appear.

Item ...........................................................

Explanation ................................................................................................................

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...............................................................................................................................[2]

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0452/03/M/J/03

(ii) Select one of the items appearing in the Income and Expenditure Account whichdoes not appear in the Receipts and Payments Account and explain why it doesnot appear.

Item ...........................................................

Explanation ................................................................................................................

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(c) Prepare the Balance Sheet of the Cobbydale Sports Club as at 30 April 2003.

Cobbydale Sports Club

Balance Sheet as at 30 April 2003

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0452/03/O/N/03 [Turn over

4 (a) Explain the term ‘Accumulated Fund’ in connection with the accounts of a non-tradingorganisation such as a club.

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(b) The following balances appeared in the books of the Green Jackets Sports Club on 30September 2002.

$Clubhouse 25000Equipment 5400Subscriptions prepaid by members 1000Refreshments stock 1020Creditors for refreshments stock 850Cash 280Bank overdraft 2990Insurance prepaid 190

Calculate the Accumulated Fund of the Green Jackets Sports Club as at 30 September2002. Show your workings.

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0452/03/O/N/03

(c) On 1 October 2002 the Green Jackets Sports Club had prepaid insurance amounting to$190.

On 1 December 2002 the Club paid $1200 by cheque for 1 year’s insurance to30 November 2003.

Prepare the Insurance account as it would appear in the ledger of the Green JacketsSports Club for the year ended 30 September 2003. Show clearly the amounttransferred to the Income and Expenditure Account. Bring down the balance on 1October 2003.

Insurance account

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0452/03/O/N/03 [Turn over

(d) The Green Jackets Sports Club has 300 members who pay an annual subscription of$200.

The following information is available.

1. On 1 October 2002, 5 members had paid their subscriptions in advance for thefinancial year ending 30 September 2003.

2. During the year ended 30 September 2003, 280 members paid their annualsubscription in full.

3. At 30 September 2003 subscriptions due from 15 members remained unpaid.

Prepare the Subscriptions account as it would appear in the ledger of the Green JacketsSports Club for the year ended 30 September 2003. Show clearly the amounttransferred to the Income and Expenditure Account. Bring down the balance on 1October 2003.

Subscriptions account

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© UCLES 2004 0452/03/O/N/04

4 The All Star Sports Club was formed on 1 August 2003.

The treasurer produced the following information for the year ended 31 July 2004.

Receipts Payments$ $

Subscriptions 14600 Sports equipment 9000Snack bar sales 10900 Snack bar supplies 7850Barbecue ticket sales 1400 Barbecue expenses 750

Staff wages –Snack bar staff 2100General staff 2430

Rent 2160Insurance 1660Repairs and maintenance 1840General expenses 1220

Additional information

1. On 31 July 2004 –

10 members each owed the club $50 for their subscription for the current year.2 members had each paid $50 subscription for the year ending 31 July 2005.

2. At 31 July 2004 –$

Creditors for snack bar supplies were owed 850Stock of snack bar supplies was valued at 1200Rent prepaid amounted to 80General expenses accrued amounted to 60

3. The sports equipment is to be depreciated using the straight line (equal instalment)method at 10% p.a. A full year’s depreciation is charged in the year of purchase.

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© UCLES 2004 0452/03/O/N/04 [Turn over

(a) Prepare the Snack Bar Trading Account of the All Star Sports Club for the year ended31 July 2004.

All Star Sports ClubSnack Bar Trading Account for the year ended 31 July 2004

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© UCLES 2004 0452/03/O/N/04

(b) Prepare the Income and Expenditure Account of the All Star Sports Club for the yearended 31 July 2004.

All Star Sports ClubIncome and Expenditure Account for the year ended 31 July 2004

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(c) The All Star Sports Club has been given the opportunity to purchase the clubhouse andgrounds in 2006. At the end of the first year the club has a bank overdraft of $2110. Thetreasurer is worried that the club will not have enough money to pay for the property.

Suggest two ways in which the club could raise a large sum of money for this purpose.

1. ......................................................................................................................................

2. ..................................................................................................................................[2]

[Total: 20]

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© UCLES 2005 0452/03 M/J/05

4 The following terms are used in connection with non-trading organisations such as clubs.

REQUIRED

(a) Explain each of the following terms.

(i) Income and Expenditure Account

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(ii) Accumulated Fund

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The Siltones Music Society was formed some years ago. It has 40 members who each payan annual subscription of $100. On 1 April 2004 the Siltones Music Society had the following assets.

$Musical instruments (book value) 1200Balance at bank 2210Subscriptions due from members 1000Rent of premises prepaid 280

The treasurer provided the following information relating to the year ended 31 March 2005.All receipts were paid into the bank and all payments were made by cheque.

$ $Subscriptions received from members

for the year ended 31 March 2004 1000for the year ended 31 March 2005 4000for the year ending 31 March 2006 800 5800

Receipts from concert 1900Expenses of concert 1250Rent of premises

for the year ended 31 March 2005 1400for the year ending 31 March 2006 420 1820

General expenses 215Insurance 325Proceeds of sale of musical instruments 700Purchase of new musical instruments 3350

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© UCLES 2005 0452/03 M/J/05 [Turn over

REQUIRED

(b) Prepare the Receipts and Payments Account of the Siltones Music Society for the yearended 31 March 2005. Balance the account at 31 March and bring down the balance on1 April 2005.

Siltones Music SocietyReceipts and Payments Account for the year ended 31 March 2005

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© UCLES 2005 0452/03 M/J/05

REQUIRED

(c) Prepare the subscriptions account as it would appear in the ledger of the Siltones MusicSociety for the year ended 31 March 2005.

Show the amount transferred to the Income and Expenditure Account.

Where a traditional ‘T’ account is used it should be balanced and the balance broughtdown on 1 April 2005.

Where a three column running balance account is used the balance column shouldbe up-dated after each entry.

Siltones Music SocietySubscriptions account

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[Total: 21]

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© UCLES 2006 0452/03/M/J/06

For

Examiner's

Use 3 The assets and liabilities of the Safat Judo Club on 1 February 2005 were as follows:

$

Bank 3150 debit

Motor vehicle at valuation 2000

Subscriptions owed by members 250

Rent owing 50

The treasurer provided the following information for the year ended 31 January 2006:

Receipts during the year Payments during the year

$ $

Subscriptions 10 650 Purchase of new motor vehicle 10 000

Proceeds of sale of motor vehicle 1 750 Competition prizes 210

Competition entrance fees 800 General expenses 2 645

Travelling expenses 830

Rent 2 600

The following information is also available: 1 The motor vehicle is used to take members to tournaments and competitions. The motor vehicle owned on 1 February 2005 was sold in March 2005. No depreciation

is provided for in the year of sale. A new motor vehicle was purchased on the same day. On 31 January 2006 the new

motor vehicle was valued at $8500. 2 On 31 January 2006: subscriptions paid in advance by members amounted to $400; rent prepaid amounted to $100.




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© UCLES 2006 0452/03/M/J/06 [Turn over

For

Examiner's

Use REQUIRED (a) Prepare the Income and Expenditure Account of the Safat Judo Club for the year ended

31 January 2006.

Safat Judo Club Income and Expenditure Account for the year ended 31 January 2006

[10]




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© UCLES 2006 0452/03/M/J/06

For

Examiner's

Use (b) Prepare the Balance Sheet of the Safat Judo Club at 31 January 2006.

Safat Judo Club Balance Sheet at 31 January 2006

[8]




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For

Examiner's

Use A member of the club is worried that the surplus or deficit in the Income and Expenditure Account does not agree with the bank balance shown in the Balance Sheet at 31 January 2006.

REQUIRED (c) State and explain two reasons for this difference.

(i)

(ii)

[2]

[Total: 20]




8

© UCLES 2006 0452/03 O/N/06

For

Examiner's

Use 3 The accounts maintained by non-trading organisations such as clubs and societies often use different terms to those used in the accounts of a trading business.

REQUIRED (a) Complete the following table to name the equivalent terms used by a non-trading

organisation. The first one has been completed as an example.

Trading business Non-trading organisation

(i) Cash book Receipts and Payments Account

(ii) Net loss

(iii) Capital

(iv) Profit and Loss Account

[3] The treasurer of El Nil Sailing Club maintains a full set of accounting records. The following

account appears in the ledger of El Nil Sailing Club.


2005 $ 2005 $ Aug 1 Balance b/d 750 Aug 1 Balance b/d 300 2006 2006 July 31 Income & July 31 Bank 5850 Expenditure 4500 Balance c/d 900 ____ 6150 6150 2006 Aug 1 Balance b/d 900

For candidates who are not familiar with the layout of the account shown above, an

alternative presentation is provided.


Debit Credit Balance 2005 $ $ $ Aug 1 Balances 750 300 450 Dr 2006 July 31 Bank 5850 5400 Cr Income & Expenditure 4500 900 Cr




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© UCLES 2006 0452/03 O/N/06 [Turn over

For

Examiner's

Use REQUIRED

(b) (i) Explain each of the following entries in the subscriptions account as it appears in the ledger of El Nil Sailing Club. State where the double entry for each transaction would be made.

The first one has been completed as an example.

2005 Aug 1 Balance $300

Explanation This is the total subscriptions paid by members during the financial year ended 31 July 2005 which relate to the following financial year.

Double entry Debit subscriptions account for year ended 31 July 20052005 Aug 1 Balance $750

Explanation

Double entry

2006 July 31

Bank $5850

Explanation

Double entry

2006 July 31

Income and Expenditure $4500

Explanation

Double entry [6]

(ii) Explain the significance of the $900 shown at the end of the subscriptions account

and state where this amount will appear in El Nil Sailing Club’s Balance Sheet at 31 July 2006.

[2]




10

© UCLES 2006 0452/03 O/N/06

For

Examiner's

Use The treasurer of El Nil Sailing Club provided the following information relating to the year ended 31 July 2006. All receipts were paid into the bank and all payments were made by cheque.

$ Bank balance at 1 August 2005 6 300 debit Purchase of new boat 13 000 Repairs to boat 90 Proceeds of sale of old boat 280 Insurance 750 General expenses 560 Competition entrance fees received 690 Cost of competition prizes 420

Additional information 1 Details of the subscriptions are provided in the subscriptions account shown

above. 2 At 31 July 2006 insurance prepaid amounted to $150 and general expenses

outstanding amounted to $30. REQUIRED

(c) Using the information above and the subscriptions account shown earlier in the question, prepare the Receipts and Payments Account of El Nil Sailing Club for the year ended 31 July 2006.

El Nil Sailing Club

Receipts and Payments Account for the year ended 31 July 2006

[10]

[Total: 21]




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© UCLES 2008 0452/02/SP/10

For

Examiner's

Use

3 The financial year of the El Darb Sports Club ends on 31 December. The El Darb Sports Club has 200 members who each pay an annual subscription of $20. The treasurer provided information relating to the year ended 31 December 2009. At 1 January 2009 10 members had not paid their subscription for the year ended 31 December 2008 3 members had paid their subscription in advance for the year ended 31 December 2009. During the year ended 31 December 2009 subscriptions received were as follows: $ For the year ended 31 December 2008 200 For the year ended 31 December 2009 3800 For the year ending 31 December 2010 80 Total subscriptions received 4080 At 31 December 2009 a number of members had not paid their subscription for the financial

year ended on that date. REQUIRED (a) Prepare the subscriptions account as it would appear in the ledger of the El Darb

Sports Club for the year ended 31 December 2009. Show the amount transferred to the income and expenditure account.

Where a traditional “T” account is used it should be balanced and the balances brought down on 1 January 2010.

Where a three column running balance account is used the balance column should be

up-dated after each entry.

El Darb Sports Club Subscriptions account

[10]




9

© UCLES 2008 0452/02/SP/10 [Turn over

For

Examiner's

Use

In addition to providing sporting facilities for the members, the El Darb Sports Club also has a shop selling sports goods to members and their guests. All goods are sold for cash and all purchases are made on credit terms. The treasurer provided the following information relating to the El Darb Sports Club shop for the year ended 31 December 2009.

$

At 1 January 2009 Inventory (stock) 990 Amount owing to suppliers 282 During the year ended 31 December 2009 Shop takings 7280 Cheques paid to suppliers 2990 Wages of part-time shop assistant 2500 At 31 December 2009 Inventory (stock) 835 Amount owing to suppliers 397 For the year ended 31 December 2009 Depreciation of shop fixtures 200

REQUIRED (b) Select the appropriate figures and calculate the purchases for the year ended

31 December 2009. Your answer may be in the form of a ledger account or a calculation.

[4]




10

© UCLES 2008 0452/02/SP/10

For

Examiner's

Use

(c) Prepare the shop income statement (shop trading account) of the El Darb Sports Club shop for the year ended 31 December 2009.

El Darb Sports Club

Shop Income Statement (Shop Trading Account) for the year ended 31 December 2009

[7]

(d) Suggest two ways in which the profitability of the El Darb Sports Club shop could be

improved.

(i)

(ii) [2]

[Total: 23]




14

© UCLES 2009 0452/03/M/J/09

For

Examiner's

Use

4 The Lobatse Rugby Club had the following assets and liabilities on 1 April 2008.

$ Equipment at book value 4400 Cash at bank 3700 Subscriptions prepaid by members 100 Subscriptions owed by members 50 Accumulated fund 8050

The treasurer of the club prepared the following receipts and payments account for the year

ended 31 March 2009.

2008 $ 2009 $ April 1 Balance b/d 3700 Mar 31 Transfer to bank

2009 deposit a/c 2000 Mar 31 Subscriptions 2250 Equipment 1800 Interest received 100 Secretarial expenses 210 Entrance fees for Advertising 40 sports day 520 General expenses 490 Rent 1530 Sports day expenses 370 Balance c/d 130 6570 6570

2009 April 1 Balance b/d 130

The treasurer supplied the following additional information.

1 On 31 March 2009: $ Subscriptions owing by members 200 Rent accrued 30 General expenses prepaid 20

2 The equipment is depreciated by 10 % per annum on the value of equipment held at

the end of each financial year.




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For

Examiner's

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REQUIRED (a) Prepare the subscriptions account as it would appear in the ledger of the Lobatse

Rugby Club for the year ended 31 March 2009. Show the amount transferred to the income and expenditure account. Where a traditional “T” account is used it should be balanced and the balance brought

down on 1 April 2009. Where a three column running balance account is used the balance column should be up-dated after each entry.

Lobatse Rugby Club


[7]




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© UCLES 2009 0452/03/M/J/09

For

Examiner's

Use

(b) Prepare the income and expenditure account of the Lobatse Rugby Club for the year ended 31 March 2009.

Lobatse Rugby Club

Income and Expenditure Account for the year ended 31 March 2009

[10]




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For

Examiner's

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(c) (i) Select one of the items appearing in the receipts and payments account which should not be included in the income and expenditure account and explain why it does not appear.

Item

Explanation

[2]

(ii) Select one of the items appearing in the income and expenditure account which

does not appear in the receipts and payments account and explain why it does not appear.

Item

Explanation

[2]

[Total: 21]




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For

Examiner's

Use

3 The Mokolodi Athletics Club was formed on 1 August 2009. In addition to providing sports facilities for members, the Club also has a shop selling sports

clothing. All the shop sales are made on a cash basis. The treasurer provided the following summary of the cash book for the year ended

31 July 2010. Receipts $ Payments $ Subscriptions 7950 Sports equipment 6100 Shop sales 7500 Purchases of shop supplies 2950 Open day ticket sales 840 Open day expenses 690 Interest-free loan from Rent 5200 Sport for All 6000 Insurance 1700 General expenses 1990 Repairs and maintenance 1070 Wages – Groundsman 2500 – Shop assistant 1470 Additional information: 1 The Club has 170 members. The annual subscription is $50. On 31 July 2010 15 members still owed their subscription for the current year. 4 members had paid their subscription for the year ending 31 July 2011. 2 At 31 July 2010 $ Creditors for shop supplies were owed 550 Shop inventory (stock) was valued at 650 Shop assistant’s wages owing amounted to 90 General expenses prepaid amounted to 140 Sports equipment was valued at 5400 3 It was decided that 20% of the rent should be charged to the shop.




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© UCLES 2010 0452/23/O/N/10

For

Examiner's

Use

REQUIRED (a) Prepare the shop income statement (trading account) of the Mokolodi Athletics Club for

the year ended 31 July 2010.

Mokolodi Athletics Club Shop Income Statement (Trading Account) for the year ended 31 July 2010

[8]




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For

Examiner's

Use

(b) Prepare the income and expenditure account of the Mokolodi Athletics Club for the year ended 31 July 2010.

Mokolodi Athletics Club

Income and Expenditure Account for the year ended 31 July 2010

[14]




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© UCLES 2010 0452/23/O/N/10

For

Examiner's

Use

(c) A member of the Club is worried because the surplus or deficit in the income and

expenditure account does not agree with the bank balance on 31 July 2010.

Explain one reason why the surplus or deficit does not equal the bank balance.

[2]

[Total: 24]




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For

Examiner's

Use

4 The accounts maintained by clubs and societies often use different terms to those used by businesses.

REQUIRED (a) Complete the following table to name the equivalent term used by a club or society

which does not operate any trading activities.

Business Club or society

(i) Income statement

(ii) Profit for the year

(iii) Capital

[3] The Muara Swimming Club was formed some years ago. It has 60 members who each pay

an annual subscription of $90. On 1 March 2010 the Muara Swimming Club had a balance at bank of $3450. The treasurer provided the following information relating to the year ended 28 February 2011. All receipts were paid into the bank and all payments were made by cheque.

$ $

Subscriptions received from members for the year ended 28 February 2010 270 for the year ended 28 February 2011 5400 for the year ending 29 February 2012 180 5850 Proceeds of sale of old equipment 890 Purchase of new equipment 1200 Receipts from swimming competition 780 Expenses of swimming competition 645 Rent of premises 1690 General expenses 732 Insurance 496 Loan from Swim-for-all 1000




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© UCLES 2011 0452/21/M/J/11

For

Examiner's

Use

REQUIRED (b) Prepare the receipts and payments account of the Muara Swimming Club for the year

ended 28 February 2011. Balance the account and bring down the balance on 1 March 2011.

Muara Swimming Club Receipts and Payments Account for the year ended 28 February 2011

[12]




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For

Examiner's

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(c) Prepare the subscriptions account as it would appear in the ledger of the Muara Swimming Club for the year ended 28 February 2011. Show the amount transferred to the income and expenditure account. Where a traditional “T” account is used it should be balanced and the balance brought

down on 1 March 2011. Where a three column running balance account is used the balance column should be

up-dated after each entry.

Muara Swimming Club Subscriptions account

[8]

[Total: 23]




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For

Examiner's

Use

4 The Dhavari Sports Club was formed some years ago. After the preparation of the income and expenditure account for the year ended 31 March 2012 the following balances remained on the books.

$

Accumulated fund at 1 April 2011 60 000

Premises at cost 70 000

Sports equipment at valuation at 1 April 2011 13 000

Bank overdraft 1 400

Inventory of club shop 8 500

Trade payables for shop supplies 4 300

Subscriptions owing by members 1 500

Loan repayable 1 January 2015 10 000

Surplus for the year 17 400

The following errors were then discovered: 1 Petty cash, $200, had been omitted from the list of balances.

2 The equipment should have been revalued on 31 March 2012. The estimated value at that date was $11 600. 3 The bank statement for January 2012 showed bank charges of $150. These had not been entered in the accounting records. 4 No adjustment had been made for insurance prepaid at 31 March 2012, amounting to $300. 5 The income and expenditure account included subscriptions, $600, which relate to the following financial year. 6 The total of the expenditure in the income and expenditure account had been overcast by $100. REQUIRED (a) Explain how the accumulated fund of the Dhavari Sports Club has arisen.

[2]




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© UCLES 2012 0452/21/M/J/12

For

Examiner's

Use

(b) Calculate the corrected surplus for the year ended 31 March 2012.

[6]

(c) Suggest two reasons why the Dhavari Sports Club’s bank balance is not equal to the

surplus for the year.

(i)

(ii)

[4]




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For

Examiner's

Use

(d) Prepare the balance sheet of the Dhavari Sports Club at 31 March 2012.

Dhavari Sports Club Balance Sheet at 31 March 2012

[12]

[Total: 24]




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