Chapter 18: Accounts of clubs

What may appear in the income and expenditure account of a sport club?

• decrease in bank balance during the year

• increase in inventory of refreshments

• purchase of new sports equipment

• receipts from renting out clubhouse

A social club was formed on 1 January 2012. During the year ended 31 December 2012 members paid subscriptions total $1800. Subscriptions outstanding at 31 December 2012 amounted to $300. No subscriptions were paid in advance. How much was entered for subscriptions in the receipts and payments account and the income and expenditure account for the year ended 31 December 2012?

• receipts and payments account $ 1500

  income and expenditure account $1800

• receipts and payments account $ 1800

  income and expenditure account $1800

• receipts and payments account $ 1800

  income and expenditure account $ 2100

• receipts and payments account $ 2100

  income and expenditure account $ 2100

What was the total of current liabilities?

• $300

• $330

• $1090

• $1240

At the end of a club’s financial year, some members’ subscriptions were unpaid. Where would these unpaid subscriptions appear in the club’s financial statements?

• receipts and payments account -

  income and expenditure account ✓

  balance sheet ✓

• receipts and payments account ✓

  income and expenditure account ✓

  balance sheet ✓

• receipts and payments account ✓

  income and expenditure account ✓

  balance sheet -

• receipts and payments account ✓

  income and expenditure account -

  balance sheet ✓

The activities of the Wilhelm Archery club include the running of an equipment shop. On 1 January the accumulated fund of the club amounted to $16 200 and on 31 December $18 000. What does this increase mean?

• The non-current assets increased by $ 1800

• There was a surplus for the year of $ 1800

• There was a trading profit from the shop of $ 1800

• The subscriptions received amounted to $ 1800

A club had an accumulated fund at the start of the year of $18 000 and at the end of the year of $16 200. Total running costs for the year were $9550. New equipment cost $1100 was brought during the year. The only income came from subscriptions. How much were the subscriptions for the year?

• $7 750

• $8 850

• $11 350

• $12 450

Which amount would appear as subscriptions in the income and expenditure account?

• $3500

• $3600

• $4000

• $4500

A golf club has 230 members. The annual subscription is $100. At the beginning of the year subscriptions prepaid amounted to $1000 and at the end of the year subscriptions in arrears amounted to $1500. How much did the club receive for subscriptions during the year?

• $20 500

• $22 500

• $23 500

• $25 500

What would not appear in the income and expenditure account of a sport club?

• cost of sports equipment

• depreciation of sports equipment

• insurance of sports equipment

• repairs to sports equipment

A sports club was formed on 1 January 2016. Which amount will appear for subscriptions in the income and expenditure account for the year ended 31 December 2016?

• total subscriptions received during the year

• total subscriptions received less amounts owing plus amounts paid in advance

• total subscriptions received plus amounts owing less amounts paid in advance

• total subscriptions received plus amounts owing