WORK SHEET
TOPIC - CLUBS AND SOCIETY
Preparing a receipts and payments account
[Link] Honest Golf club had $4 500 in the bank on 1 July 2018. All receipts are paid into the bank and all payments
are made by cheque. The following information is provided for the year ended 30 June 2019:
Subscription received 3 560
Payment of golf competition fees 60
Ground rent received 400
Travelling expenses 179
General expenses 2 000
Purchase of new equipment 1 000
Receipts from spectators 2 000
Net proceeds from annual fair 450
Prepare a receipts and payments account for the year ended 30 June 2019
[Link] about the Kosi Leisure club for the year ended 31 August 2019 is given below. Prepare a receipts
and payments account for the club for the year ended 31 August 2019.
Balance at bank at 1 September 2018 200
Purchase of equipment 140
Fundraising activities 2 000
Receipts from sale of snacks 400
Rent received 350
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Administrative expenses 95
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Sundry expenses 100
Wages of part-time staff 300
Calculating subscription income using subscription accounts
[Link] Page turner Book Club charges its members an annual subscription of $30 each. During the year ended 31
December 2013 the club’s treasurer received $810 in subscriptions. This sum included $150 received from
members for subscriptions for 2014. At 31 December 2013 three members had failed to pay their 2013
subscription.
a Calculate the club’s subscription income for 2013.
[Link] GoforGold Athletics Club charges it members an annual subscription of $70 each. During the year ended 31
December 2013, $2310 was received from members for their annual subscriptions. This sum included
subscriptions from eight members 2014. At 31 December 2013, five members had failed to pay their 2013
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subscription.
Prepare a subscriptions accounts for 2013.
[Link] Torbay Activity Club’s members pay an annual subscription of $250 each. The following information is
available for the year ended 31 October 2019:
• On 1 November 2018, eight members had paid their subscriptions in advance for the financial year ending 31
October 2019.
• During the year ended 31 October 2019, 150 members paid their annual subscription in full.
• On 31 October 2019, subscriptions due from ten members remained unpaid.
Prepare the subscriptions account in the books of the Torbay Activity Club for the year ended 31 October 2019.
Balance the account on 31 October 2019 and bring down the balance on 1 November 2019. Show the amount
transferred to the income and expenditure account.
[Link] treasurer of the Newtown Sports Club records all of the club’s money transactions in a cash book. At the end
of the club financial year, 31 December, the treasurer summarises all of the details in the cash book to prepare a
receipts and payments account. The treasurer has supplied the following information about the year ended 31
December 2019.
On 1 January the club had total cash balances (cash in hand and cash at bank) of $720.
The club received money from the following sources:
• Members’ subscriptions totalled $3850
• Entrance fees for sports competition raised $620
• A local businessman donated $500 to the club
• A member lent the club $800 to help pay for some new sports equipment.
The treasurer made the following payments:
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• Rent of sports grounds, $1200
• Purchase of new sports equipment, $2700
• Competition prizes, $450
• Loan interest, $40
• Coach hire for away matches, $900
• Administration expenses, $170.
Prepare the club’s receipts and payments account for the year ended 31 December 2019
Additional information:
• Some members have not paid their subscription for 2019 and owe the club $420.
• Some other members have paid their 2020 subscription during the year ended 31 December 2019, $80.
• Rent of sports ground was prepaid, $240, at 31 December 2019.
• Administration expenses, $30, were due at 31 December 2019.
• At 1 January 2019 the club’s sports equipment was valued at cost $11 300 – all sports equipment should be
depreciated by 20 per cent on cost for the year.
Prepare the club’s income and expenditure account for the year ended 31 December 2019.
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7. Students at the Kingstown High School have formed a Music Society. One of the students has been acting as the
society’s treasurer. The treasurer has provided the following information about the year ended 31 July 2019.
At 1 August 2018 the society had total cash funds of $840.
Receipts during the year were from the following:
• Members’ subscriptions: each member pays an annual subscription of $25. Subscriptions were received from
230 members.
• Ticket sales for performances raised $930.
• A loan from the school of $1000 helped with the purchase of musical instruments.
• Parents of some of the students made gifts of money totalling $450.
Payments during the year were for the following:
• Tuition fees for music lessons, $2500
• Hire of school facilities for performances, $480
• Purchase of musical instruments, $3800
• Cost of refreshments for performances, $280
• Loan interest, $50
• Administration costs, $140.
Prepare the club’s receipts and payments account for the year ended 31 July 2019.
The following additional information, prepare the club’s income and expenditure account for the year ended 31
July 2019.
Additional information:
• Five members had not paid their subscription for the year under review, but eight other members had paid their
subscription for the current year and for the year ending 31 July 2020.
• Tuition fees, $320, were due but unpaid at 31 July 2019.
• Administration costs, $80, were prepaid at 31 July 2014.
• The society owned musical instruments with a value of $18 400 at 1 August 2013 – all musical instruments
should be depreciated by 10 per cent on cost for the year.
Prepare the club’s income and expenditure account for the year ended 31 December 2019.
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