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  • Financial Accounting 2

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    Mary-Lou Anne Mohr
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    1. The document contains calculations related to changes in membership percentages and funds for Supreme Sport CC. It shows Messi's interest decreased from 80% to 56% while Ronaldo's increased from 20% to 44% after an internal transfer. 2. It also shows the resulting changes in their membership funds, with Messi's contribution and reserves decreasing with amounts going to Ronaldo. 3. The final section shows the membership fees account of Newlands Bowls Club for the year ending December 31, 20.9, with opening and closing balances along with income/expenses recorded throughout the year.

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    1. The document contains calculations related to changes in membership percentages and funds for Supreme Sport CC. It shows Messi's interest decreased from 80% to 56% while Ronaldo's increased from 20% to 44% after an internal transfer. 2. It also shows the resulting changes in their membership funds, with Messi's contribution and reserves decreasing with amounts going to Ronaldo. 3. The final section shows the membership fees account of Newlands Bowls Club for the year ending December 31, 20.9, with opening and closing balances along with income/expenses recorded throughout the year.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    15 views4 pages

    Financial Accounting 2

    Uploaded by

    Mary-Lou Anne Mohr
    1. The document contains calculations related to changes in membership percentages and funds for Supreme Sport CC. It shows Messi's interest decreased from 80% to 56% while Ronaldo's increased from 20% to 44% after an internal transfer. 2. It also shows the resulting changes in their membership funds, with Messi's contribution and reserves decreasing with amounts going to Ronaldo. 3. The final section shows the membership fees account of Newlands Bowls Club for the year ending December 31, 20.9, with opening and closing balances along with income/expenses recorded throughout the year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 4

    CAMPUS: UNKNOWN

    PROGRAMME: BACHELOR OF COMMERCE IN ACCOUNTING


    MODULE: FINANCIAL ACCOUNTING
    NAME: UNKNOWN
    STUDENT#: UNKNOWN
    INDIVIDUAL ASSIGNMENT II
    TABLE OF CONTENT
    Q1.1. calculating the change in members’ % interest………………………….
    Q1.2 calculating the changes in members’ funds……………………………….
    Q2. Preparing the membership fees account of Newlands Bowl’s club……….
    Q1.1 Changes in members’ percentage interest for Supreme Sport CC
    SUPREME SPORT CC

      MESSI RENALDO TOTAL


    % interest before transfer 80% 20% 100%
    internal transfer      
    (80*30/100) -24% 24%  
    new interest 56% 44% 100%

    Q1.2 Changes in the members’ funds

      MESSI RENALDO TOTAL


    FUNDS BEFORE
    TRANSFER      
    members contribution 300,000 80,000 380,000
    retained earnings 80,000 (1) 80,000 (2) 160,000
    revaluation reserve 148,000 (4) 37,000 (5) 185,000 (3)
      528,000 197,000 725, 000
    CHANGES IN FUNDS      
    members contribution (90,000) (6) 90,000  
    retained earnings (24,000) (7) 24,000  
    revaluation reserve (44,000) (8) 44,000  
    NEW FUNDS 369,600 355,400 725,000

    Calculations:
    Retained earnings before transfer;
    1. Messi = 160,000*50% = 80,000
    2. Renaldo = 160,000*50% = 80,000
    Revaluation reserve before transfer;
    3. 1,500,000 – 1,315,000 = 185,000
    4. 185,000*80% = 148,000
    5. 185,000*20% = 37,000
    Members’ contribution after transfer;
    6. 300,000*30% = 90,000
    Retained earnings after transfer;
    7. 80,000*30% =24,000
    Revaluation reserve after transfer;
    8. 148,000*30% = 44,400

    Q2 membership fees account of Newlands Bowls Club for the year ending 31
    December 20.9
    NEWLANDS BOWLS CLUB 20.9
    DR MEMBERSHIP FEES ACCOUNT CR

    DATE DETAILS AMOUNT DATE DETAILS AMOUNT


    1.Jan. 20.9 Accrued income 631,332 1-Jan-09 Income received  
      Membership fees     in advance 260,832
      in advance 101,385 31-Jan-09 Bank (ii) 24,783
     31.Jan.20. Income
    9 expenditure (i) 493,506 1-Jan-10 Bank (iii) 196,365
            Membership fees  
            in advance (iv) 101,385
    Accrued memb. fees
            (v) 36,309
            Written off 606,549
        1,226,223     1,226,223
      Accrued members     Membership fees  
      fees 36,309   in advance 101,385

    i. 265+44+ (260,382/741)=666
    666*741= 493,406

    ii. 33*741= 24 783


    iii. 265*741= 196 365
    iv. 135*741= 101 385
    v. 49*741= 36 309

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