What is included in the income and expenditure account of a badminton club?
the profit for the year from the club's shop
all amounts received and paid during the year
the opening and closing balances on the accumulated fund
the club's bank balance
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Which term is used to describe the surpluses which have been earned by a club over its lifetime?
accumulated fund
capital
retained earnings
subscriptions
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Which items are included in an income and expenditure account prepared for a golf club?
cost of new equipment purchased during the year for the shop
depreciation on golf equipment
insurance that remains unpaid at the end of the financial year
subscriptions paid by club members in advance of the next financial year
1 and 2
2 and 3 only
3 and 4
2, 3 and 4
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Disco is a dance club that holds a dance show once a year. A judge selects the dancers who receive prizes.
The club provided the following information related to the latest dance show.
$ | |
sale of tickets | 2 200 |
purchases of prizes | 380 |
payment to the judge | 170 |
sale of dance show programmes | 80 |
What was the profit from the dance show
$1 730
$1 820
$1 900
$2 280
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How are subscriptions received and subscriptions written off recorded in a receipts and payments account?
subscriptions received | subscriptions written off | |
|---|---|---|
A | as a credit | as a debit |
B | as a credit | no entry made |
C | as a debit | as a credit |
D | as a debit | no entry made |
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A fitness club operates a shop selling bicycles to its members. These bikes are purchased on credit terms from suppliers.
Which item is recorded in the receipts and payments account?
damaged bicycles returned to suppliers
discount received from suppliers
payments to suppliers
purchases of bicycles
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A club provided the following information for its first year of operation.
$ | |
subscriptions unpaid at 31 December 2023 | 250 |
subscriptions paid in advance at 31 December 2023 | 130 |
subscriptions received during the year 2023 | 850 |
What was the amount of subscriptions in the income and expenditure account for the year ended 31 December 2023?
$730
$850
$970
$1 100
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A football club provided the following information for the year ended 31 December 2023.
$ | |
at 1 January 2023 | |
prepaid subscriptions | 2 100 |
during the year ended 31 December 2023 | |
subscriptions received for 2023 | 10 200 |
subscriptions received for 2024 | 1 800 |
at 31 December 2023 | |
subscriptions owing for 2023 | 1 600 |
What was the amount of subscriptions included in the income and expenditure account for the year ended 31 December 2023?
$11 800
$12 100
$13 900
$15 700
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A tennis club sells refreshments to its members. The suppliers of refreshments were owed $150 on 1 June 2023 and $500 on 31 May 2024. Payments to suppliers during the financial year were $5 400.
The inventory at the end of the financial year was $200 more than the inventory at the start of the financial year.
What was the cost of sales of refreshments for the year ended 31 May 2024?
$4 850
$5 250
$5 550
$5 950
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A club had an accumulated fund at the start of the year of $21 500 and at the end of the year of $17 800.
New equipment costing $1 500 was bought during the year. Total expenses for the year were $8 750. The only income came from subscriptions.
How much were subscriptions for the year?
$5 050
$6 550
$12 450
$13 950
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A social club had the following assets and liabilities.
$ | |
non-current assets | 8 500 |
subscriptions prepaid by members | 140 |
balance on the receipts and payments account | 400 debit |
amounts owed to suppliers | 250 |
accrued shop expenses | 120 |
shop inventory | 600 |
What was the accumulated fund?
$8 190
$8 470
$8 990
$9 270
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