4ACC-Club account_2019 OL

What is an asset?

• Money received from members every year

• Something I owe

• Money coming into the club

• Something I own

What is an liability?

• Money received from members every year

• Something I owe

• Money coming into the club

• Something I own

Assets & Liabilities for Callan's golf club on 01/01/2018 are the following: Clubhouse €620,000; Equipment €32,000; Investments €60,000; Land €240,000; Bar stock €7,100; members subscriptions prepaid €1,800, Bar creditors €3,600, cash in hand €3,200

Calculate the total assets on 1/1

Show your workings

• €964,100

• €962,300

• €967,700

• €902,300

Assets & Liabilities for Callan's golf club on 01/01/2018 are the following: Clubhouse €620,000; Equipment €32,000; Investments €60,000; Land €240,000; Bar stock €7,100; members subscriptions prepaid €1,800, Bar creditors €3,600, cash in hand €3,200

Calculate the total liabilities on 1/1

• €1,800

• €3,600

• €5,400

• €956,900

How is accumulated fund at 1/1 calculated in club accounts?

• Total Receipts less Total Payments?

• Assets less Liabilities at 1/1

• Assets less Liabilities at 31/12

• Opening cash less Closing cash at 1/1

What is the accumulated fund for Callan Golf club on 1/1?

• €956,900

• €960,500

• €196,800

• €620,000

The rule in accounting for accruals & prepayments ensures that the income and expenditure account has all of the income & expenditure for the club for the year.

What is this rule?

• Plus due 1/1

  Minus due 31/12

  Minus Prepaid 1/1

  Plus Prepaid 31/12

• Assets are things that I owe.

  Liabilities are things that I own.

• Minus due 1/1

  Plus due 31/12

  Plus Prepaid 1/1

  Minus Prepaid 31/12

• Every debit entry must have a credit entry?

ADJUSTMENT 1: Subscriptions SHOW YOUR WORKINGS IN THE WORKSHEET

Callan golf club has subscriptions prepaid 1/1 €1,800.

The club received receipts of subscriptions of €72,700 during the year.

At the end of the year there were €2,700 of subscriptions due.

Calculate the subscriptions amount to be included in income & expenditure account?

• €72,500

• €68,300

• €72,700

• €76,600

Adjustment 2: General expenses SHOW WORKINGS PLEASE

General expenses paid during the year were €23,800

General expenses due on 31/12 were €3,100

Calculate the General expenses amount to be included in income & expenditure for Callan golf club?

• €23,800

• €26,900

• €20,700

• €2,380

Adjustment 3 (i) Depreciation

Depreciation on clubhouse is calculated at 3% of cost. Calculate Depreciation on the clubhouse.

• €620,000

• €18,600

• €6,200

• 3%