Question 3

A drama club has 120 members. The annual subscription is $20 per member.
Subscriptions not paid in one year are written off if not paid by the end of the next year.

The club presents two plays a year, each play being performed over ten days. The club
hires a local hall for the performance and the dress rehearsals, which take place over
three days before the presentation of each play. The dub donates half of its net surpluses
to the Actors Benevolent Fund The receipts and payments of the club in the year ended 31
December 2016 were as follows:

Receipts $ Payments $

Sales of tickets 20000 Hire of hall 2600

Sales of 3000 Printing of posters, tickets and 180

programmes programmes
Sales of 3500 Hire of costumes 4700
refreshments
Subscriptions for the 2000 Cost of refreshments 2200
year ended
Payments for copyrights 1400
31 December 2016
Subscriptions for the 280
year ended
31 December 2015
Subscription for the 360
year ending
31 December 2017

At 31 December 2015, members' subscriptions of $280 were owing.

Required:
(a)Prepare the drama club's subscription account for the year ended 31 December 2016
(b)Prepare the drama club's income and expenditure account for the year ended
31 December 2016.
(c) Prepare a statement of nancial position extract at 31 December 2016 to show the
items for subscriptions
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Question 4
The Hutt River Dining Club is funded partly by the members' annual subscriptions ($20 per
member), partly by restaurant takings, and partly from pro ts from the sale of books on
dieting, healthy eating and cooking.

At 31 December 2015, the club's statement of nancial position showed the following:

$ $

Catering equipment 11000

at cost
Depreciation of 3000 8000
catering equipment

Inventory of food 200

Inventory of books 1100

Subscriptions owing 180

Cash at bank 1520

Amount owing for 40

supplies of food
Subscriptions in 60
advance

Receipts and payments for the year ended 31 December 2016 were as follows:

Receipts $ Payments $

Annual subscriptions 5000 Restaurant staff wages 39000

Restaurant takings 73760 Cost of food 24980

Sales of books 12150 Purchase of books 4840

New catering equipment 3750

Heating and lighting 8390

Other operating expenses 2270

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Additional information:

Subscriptions owing at 31 December 2016: $40.

Subscriptions paid in advance at 31 December 2016: $140.
Inventories at 31 December 2016: food $270; books $965.
Trade payables at 31 December 2016: for food $360: for books $200.
Annual depreciation of catering equipment is 10% on cost.

Required:
(a) Calculate the accumulated fund at 1 January 2016
(b) Prepare a receipts and payments count for the year ended 31 December 2016.
(c) Prepare the members subscription account for the year ended 31 December 2016.
(d) Prepare a trading account for the year ended 31 December 2016.
for the sale of books
(e) Prepare a restaurant account for the ended 31 December 2016
(f) Prepare The Hutt River Dining club's income and expenditure account for the year
ended 31 December 2016
(g) Prepare the statement of nancial position as at 31 December 2016
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