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2 years ago

On 1 January 2010 The Happy Haddock Angling Club had the following assets:

1 answer:

3 0

The preparation of an income and expenditure account for the year ended December 31, 2010, for The Happy Haddock Angling Club is as follows:

The Happy Haddock Angling Club

<h3>Income and Expenditure Account</h3>

For the year ended December 31, 2010

Snack bar income Rm 6,000

Cost of snacks 3,650

Gross profit from bar 2,350

Snack bar expense 600

Snack bar operating income 1,750

Other expenses:

Rent and rates Rm1,500

Secretarial expenses 240

Interest on loan 260 2,000

Net loss Rm 250

<h3>What is an income and expenditure account?</h3>

An income and expenditure account is the income statement prepared by non-trading entities to determine the surplus or deficit of income over expenditures for a period.

<h3>Data and Calculations:</h3>

Cash at bank Rm 200

Snack bar inventory 800

Clubhouse buildings 12,500

Equity = Rm 13,500 (Rm 200 + 800 + 12,500)

<h3>Cash Account:</h3>

Receipts: Payments:

Subscriptions 2010 Rm3,500 Rent and rates Rm1,500

Subscriptions 2011 380 Extension to dub house 8,000

Snack bar income 6,000 Snack bar purchases 3,750

Visitors' fees 650 Secretarial expenses 240

Loan from bank 5,500 Interest on loan 260

Competition fees 820 Snack bar expense 600

Games equipment 2,000

Balance c/d 500

16,850 16,850

Notes:

The snack bar inventory on 31 December 2010 was RM900

The Games equipment should be depreciated by 20%.

<h3>Cost of Snacks Bar Sales:</h3>

Snack bar inventory 800

Snack bar purchases 3,750

Total snack bar available = Rm 4,550

Snack bar ending inventory Rm 900

Cost of snacks sold = Rm3,650

Games Equipment Depreciation = Rm 400 ( Rm 2,000 x 20%)

Rent and rates Rm1,500

Secretarial expenses 240

Interest on loan 260

Snack bar expense 600

Snack bar income 6,000

Subscriptions 2010 Rm3,500

Visitors' fees 650

Competition fees 820

Learn more about preparing an income and expenditure account at brainly.com/question/24498019

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