Igcse Accounting Club Accounts Past Papers

Prepared by D.El-Hoss Non-profit Organisations & Club Accounts www.igcseaccounts.com All questions are the copyright of Cambridge International Examination Board. Prepared by D. El-Hoss 14 5 For Examiner’s Use The Cobbydale Sports Club was formed on 1 May 2002. The treasurer produced the following information for the year ended 30 April 2003. Receipts and Payments Account for the year ended 30 April 2003 Receipts Subscriptions Sale of tickets for open day Loan from a member Balance 1 May 2003 b/d $ 6 800 3 250 1 000 Payments General expenses Insurance Purchase of equipment Expenses of open day Rent of premises Balance 30 April 2003 c/d ––––– 11 050 ––––– 1 080 $ 1 430 670 3 500 1 950 2 420 1 080 ––––– 11 050 ––––– Additional notes – 1. At 30 April 2003 Subscriptions due from members amounted to Rent due amounted to 2. $ 300 220 The equipment is expected to have a useful life of 6 years after which time its scrap value is expected to be $200. Depreciation is to be provided using the straight line (equal instalment) method. A full year’s depreciation is charged in the year of purchase. www.igcseaccounts.com (a) Prepare the Income and Expenditure Account of the Cobbydale Sports Club for the year ended 30 April 2003. 0452/03/M/J/03 All questions are the copyright of Cambridge International Examination Board. Prepared by D. El-Hoss 15 For Examiner’s Use Cobbydale Sports Club Income and Expenditure Account for the year ended 30 April 2003 ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... www.igcseaccounts.com ......................................................................................................................................................... ......................................................................................................................................................... ......................................................................................................................................................... .....................................................................................................................................................[7] (b) (i) Select one of the items appearing in the Receipts and Payments Account which should not be included in the Income and Expenditure Account and explain why it does not appear. Item ........................................................... Explanation ................................................................................................................ ................................................................................................................................... ...............................................................................................................................[2] 0452/03/M/J/03 [Turn over All questions are the copyright of Cambridge International Examination Board. ......................................................................... ................................................................................................................................... For Examiner’s Use Item ..................................... ............................................................................................................................................................................ .................................[8] 0452/03/M/J/03 All questions are the copyright of Cambridge International Examination Board................................................................. ...............................................................................Prepared by D..... ........................................................................................................................................................................................................................................................................................................................................................................ ..................................................................................... ........ ...................................................................... ...............com .........................................................................................................................................................................[2] (c) Prepare the Balance Sheet of the Cobbydale Sports Club as at 30 April 2003........................................................................................................................................................................................................................... Explanation ................................................................................................................................................... .............................................................................................................................................................................. .............................................................. ..........................................................................................................................................................................................................igcseaccounts.................................................................................................................... .............................................. .......................................................... ............................................................................................................................................................................................ ...................................................... .......................................................................................................................... Cobbydale Sports Club Balance Sheet as at 30 April 2003 ........................................ ........................................................ ...................................................................................................................................................................... www................................................................................................................................... ................................................................................................................................. El-Hoss 16 (ii) Select one of the items appearing in the Income and Expenditure Account which does not appear in the Receipts and Payments Account and explain why it does not appear............................................................................................................................... .......................................................................................................................................................................................................................................................................................................................................................................................................................... ................................................. .............................. ............................................................................................................ ...............[5] 0452/03/O/N/03 [Turn over All questions are the copyright of Cambridge International Examination Board.....................................................................................................................................................................................................................................................................igcseaccounts............................................................................. ....................... .................. ...................com .................................................................................................................................................................. ................................................................................. For Examiner’s Use ............................................................................... El-Hoss 11 4 (a) Explain the term ‘Accumulated Fund’ in connection with the accounts of a non-trading organisation such as a club.......................................................................................... .......................................................................... www..... ......................... ..................................................................................... ..................................................................................................................................Prepared by D......................... ...................................... ...................................................................................................................................[2] (b) The following balances appeared in the books of the Green Jackets Sports Club on 30 September 2002......... Show your workings.. .................................................................................. Clubhouse Equipment Subscriptions prepaid by members Refreshments stock Creditors for refreshments stock Cash Bank overdraft Insurance prepaid $ 25 000 5 400 1 000 1 020 850 280 2 990 190 Calculate the Accumulated Fund of the Green Jackets Sports Club as at 30 September 2002..................................................................................................................................................................................... .......Prepared by D................................................................................................................................................ .............................................................................................com 0452/03/O/N/03 All questions are the copyright of Cambridge International Examination Board.................................................. El-Hoss 12 (c) On 1 October 2002 the Green Jackets Sports Club had prepaid insurance amounting to $190.. For Examiner’s Use On 1 December 2002 the Club paid $1200 by cheque for 1 year’s insurance to 30 November 2003................ Bring down the balance on 1 October 2003.................................. Insurance account ................. ........... ........................................................................................ ....[6] www........................................................................................................ .......................................................................... ..................................................... Show clearly the amount transferred to the Income and Expenditure Account.....................................igcseaccounts................................................ Prepare the Insurance account as it would appear in the ledger of the Green Jackets Sports Club for the year ended 30 September 2003.................................................... .................................................... On 1 October 2002........................ .......................................................................................................................................... .................................................................................[7] 0452/03/O/N/03 [Turn over All questions are the copyright of Cambridge International Examination Board......... El-Hoss 13 (d) The Green Jackets Sports Club has 300 members who pay an annual subscription of $200................................... 2........ 1.................. ..................... For Examiner’s Use The following information is available................................................................. www............. Subscriptions account ...igcseaccounts.........................com .................................................... Show clearly the amount transferred to the Income and Expenditure Account... ................................... Prepare the Subscriptions account as it would appear in the ledger of the Green Jackets Sports Club for the year ended 30 September 2003................................. 5 members had paid their subscriptions in advance for the financial year ending 30 September 2003.................................................................................................. ...................................................................................... Bring down the balance on 1 October 2003.....................Prepared by D........................ 3.................. 280 members paid their annual subscription in full............................. At 30 September 2003 subscriptions due from 15 members remained unpaid.................. ...................................................................... During the year ended 30 September 2003. Prepared by D.com 3. On 31 July 2004 – 10 members each owed the club $50 for their subscription for the current year. Receipts Payments Subscriptions Snack bar sales Barbecue ticket sales $ 14 600 10 900 1 400 Sports equipment Snack bar supplies Barbecue expenses Staff wages – Snack bar staff General staff Rent Insurance Repairs and maintenance General expenses $ 9000 7850 750 2100 2430 2160 1660 1840 1220 Additional information 1.igcseaccounts. At 31 July 2004 – Creditors for snack bar supplies were owed Stock of snack bar supplies was valued at Rent prepaid amounted to General expenses accrued amounted to $ 850 1200 80 60 www. A full year’s depreciation is charged in the year of purchase. El-Hoss For Examiner’s Use 10 4 The All Star Sports Club was formed on 1 August 2003. 2 members had each paid $50 subscription for the year ending 31 July 2005.a. . 2. The sports equipment is to be depreciated using the straight line (equal instalment) method at 10% p. The treasurer produced the following information for the year ended 31 July 2004. © UCLES 2004 0452/03/O/N/04 All questions are the copyright of Cambridge International Examination Board. .............com © UCLES 2004 0452/03/O/N/04 [Turn over All questions are the copyright of Cambridge International Examination Board................. ............................................................. ................... ................................................................................................................................................................. ...............................................Prepared by D.................................... .......................................................................[6] www...................................................... ......................................................................................................................................................................................... El-Hoss 11 (a) Prepare the Snack Bar Trading Account of the All Star Sports Club for the year ended 31 July 2004..................................................................... .......................................................... ....................................................... For Examiner’s Use All Star Sports Club Snack Bar Trading Account for the year ended 31 July 2004 ............................................................. ............................................................................................................................................................................................................................................................................................................................igcseaccounts..................... ............................................ ......................... .......... . ...........................................................................................................Prepared by D................................................................................................................................................................................................................................................................................. El-Hoss 12 (b) Prepare the Income and Expenditure Account of the All Star Sports Club for the year ended 31 July 2004.................................................................... ................................................................................. ..................................................................... ........................................................................ ................................................................................................................................................................................................................................................................................................................................................................................igcseaccounts................................................................................................................. www.............................................................................................................................................................................com ....................................................................... For Examiner’s Use All Star Sports Club Income and Expenditure Account for the year ended 31 July 2004 ..................................... ......................................................................................................... .. ......................................................................... ...................................................... ....................... ........................................................................................................ ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. ................[12] © UCLES 2004 0452/03/O/N/04 All questions are the copyright of Cambridge International Examination Board................................................................................... ............................... ...... El-Hoss 13 (c) The All Star Sports Club has been given the opportunity to purchase the clubhouse and grounds in 2006..... At the end of the first year the club has a bank overdraft of $2110......................................................[2] [Total: 20] www...................... .................... ...igcseaccounts................................................ ..Prepared by D...... For Examiner’s Use Suggest two ways in which the club could raise a large sum of money for this purpose.............................com © UCLES 2004 0452/03/O/N/04 [Turn over All questions are the copyright of Cambridge International Examination Board.................... 1................................. 2... The treasurer is worried that the club will not have enough money to pay for the property........................ ..................[2] The Siltones Music Society was formed some years ago........................... On 1 April 2004 the Siltones Music Society had the following assets................................ All receipts were paid into the bank and all payments were made by cheque.......................... It has 40 members who each pay an annual subscription of $100.......................................... For Examiner’s Use REQUIRED (a) Explain each of the following terms.............................com Musical instruments (book value) Balance at bank Subscriptions due from members Rent of premises prepaid The treasurer provided the following information relating to the year ended 31 March 2005... $ 1200 2210 1000 280 www................................................................................................................................. .................................................................................................................................................................... El-Hoss 12 4 The following terms are used in connection with non-trading organisations such as clubs...................................................... ..................................... $ Subscriptions received from members for the year ended 31 March 2004 for the year ended 31 March 2005 for the year ending 31 March 2006 Receipts from concert Expenses of concert Rent of premises for the year ended 31 March 2005 for the year ending 31 March 2006 General expenses Insurance Proceeds of sale of musical instruments Purchase of new musical instruments © UCLES 2005 0452/03 M/J/05 1000 4000 800 1400 420 $ 5800 1900 1250 1820 215 325 700 3350 All questions are the copyright of Cambridge International Examination Board............................................. .............................................................................. ..........................[2] (ii) Accumulated Fund ..............igcseaccounts...... .................................... (i) Income and Expenditure Account .....Prepared by D................... .........igcseaccounts.................................................................................................................................................[10] © UCLES 2005 0452/03 M/J/05 [Turn over All questions are the copyright of Cambridge International Examination Board....................................................... ..............................................................................................................................Prepared by D............................................................................................................................. www............................................................... .................................................................................................................................................................................. ...........................................................................................com ............................................................................................................................................ ....................... ......................................................................................... Siltones Music Society Receipts and Payments Account for the year ended 31 March 2005 ....................................... ........ ........... Balance the account at 31 March and bring down the balance on 1 April 2005................................................................................................... El-Hoss 13 For Examiner’s Use REQUIRED (b) Prepare the Receipts and Payments Account of the Siltones Music Society for the year ended 31 March 2005............................. .............................................................................................................................................................................................................................................................. ....................................................................................................... .............................................. . ................................................................................................................................................................. ......................................................................................... .............................................. El-Hoss 14 For Examiner’s Use REQUIRED (c) Prepare the subscriptions account as it would appear in the ledger of the Siltones Music Society for the year ended 31 March 2005........................ Show the amount transferred to the Income and Expenditure Account................................................................................................................................................................................. .......................................................................................................... ...............................................................................................[7] [Total: 21] © UCLES 2005 0452/03 M/J/05 All questions are the copyright of Cambridge International Examination Board.......................................... Where a traditional ‘T’ account is used it should be balanced and the balance brought down on 1 April 2005................................igcseaccounts................... .................................................................................................................................................. ................. Where a three column running balance account is used the balance column should be up-dated after each entry..........................................................................com ................................ .............. www...................... .................................................Prepared by D.............................................. Siltones Music Society Subscriptions account ............................................................................... El-Hoss 10 3 For Examiner's Use The assets and liabilities of the Safat Judo Club on 1 February 2005 were as follows: $ Bank 3150 debit Motor vehicle at valuation 2000 Subscriptions owed by members 250 Rent owing 50 The treasurer provided the following information for the year ended 31 January 2006: Receipts during the year Payments during the year $ Subscriptions $ 10 650 Purchase of new motor vehicle 10 000 Proceeds of sale of motor vehicle 1 750 Competition prizes 210 800 General expenses 2 645 Competition entrance fees Travelling expenses Rent 830 2 600 The following information is also available: 1 The motor vehicle is used to take members to tournaments and competitions. © UCLES 2006 0452/03/M/J/06 All questions are the copyright of Cambridge International Examination Board. No depreciation is provided for in the year of sale. .igcseaccounts. 2 On 31 January 2006: subscriptions paid in advance by members amounted to $400. The motor vehicle owned on 1 February 2005 was sold in March 2005. www.Prepared by D.com A new motor vehicle was purchased on the same day. On 31 January 2006 the new motor vehicle was valued at $8500. rent prepaid amounted to $100. El-Hoss 11 For Examiner's Use REQUIRED (a) Prepare the Income and Expenditure Account of the Safat Judo Club for the year ended 31 January 2006. Safat Judo Club Income and Expenditure Account for the year ended 31 January 2006 www.igcseaccounts.Prepared by D. .com [10] © UCLES 2006 0452/03/M/J/06 [Turn over All questions are the copyright of Cambridge International Examination Board. Prepared by D. Safat Judo Club Balance Sheet at 31 January 2006 www.igcseaccounts. . El-Hoss 12 For Examiner's Use (b) Prepare the Balance Sheet of the Safat Judo Club at 31 January 2006.com [8] © UCLES 2006 0452/03/M/J/06 All questions are the copyright of Cambridge International Examination Board. . For Examiner's Use REQUIRED (c) State and explain two reasons for this difference. El-Hoss 13 A member of the club is worried that the surplus or deficit in the Income and Expenditure Account does not agree with the bank balance shown in the Balance Sheet at 31 January 2006.Prepared by D. (i) (ii) [2] [Total: 20] www.igcseaccounts.com © UCLES 2006 0452/03/M/J/06 [Turn over All questions are the copyright of Cambridge International Examination Board. The following account appears in the ledger of El Nil Sailing Club. For Examiner's Use REQUIRED (a) Complete the following table to name the equivalent terms used by a non-trading organisation.igcseaccounts. www.Prepared by D. .com Subscriptions account 2005 Aug 1 2006 July 31 Balance b/d Income & Expenditure Balance c/d $ 750 2005 Aug 1 2006 July 31 Balance b/d Bank $ 300 5850 4500 ____ 6150 900 6150 2006 Aug 1 Balance b/d 900 For candidates who are not familiar with the layout of the account shown above. Trading business (i) Cash book (ii) Net loss (iii) Capital (iv) Profit and Loss Account Non-trading organisation Receipts and Payments Account [3] The treasurer of El Nil Sailing Club maintains a full set of accounting records. El-Hoss 8 3 The accounts maintained by non-trading organisations such as clubs and societies often use different terms to those used in the accounts of a trading business. an alternative presentation is provided. The first one has been completed as an example. Subscriptions account 2005 Aug 1 Balances 2006 July 31 Bank Income & Expenditure © UCLES 2006 Debit $ 750 Credit $ 300 5850 4500 0452/03 O/N/06 Balance $ 450 Dr 5400 Cr 900 Cr All questions are the copyright of Cambridge International Examination Board. The first one has been completed as an example. El-Hoss 9 For Examiner's Use REQUIRED (b) (i) Explain each of the following entries in the subscriptions account as it appears in the ledger of El Nil Sailing Club. Debit subscriptions account for year ended 31 July 2005 Balance $750 Explanation Double entry 2006 July 31 Bank $5850 Explanation www. . [2] © UCLES 2006 0452/03 O/N/06 [Turn over All questions are the copyright of Cambridge International Examination Board.igcseaccounts.Prepared by D. State where the double entry for each transaction would be made.com Double entry 2006 July 31 Income and Expenditure $4500 Explanation Double entry [6] (ii) Explain the significance of the $900 shown at the end of the subscriptions account and state where this amount will appear in El Nil Sailing Club’s Balance Sheet at 31 July 2006. 2005 Aug 1 Balance $300 Explanation Double entry 2005 Aug 1 This is the total subscriptions paid by members during the financial year ended 31 July 2005 which relate to the following financial year. El-Hoss 10 The treasurer of El Nil Sailing Club provided the following information relating to the year ended 31 July 2006. Bank balance at 1 August 2005 Purchase of new boat Repairs to boat Proceeds of sale of old boat Insurance General expenses Competition entrance fees received Cost of competition prizes For Examiner's Use $ 6 300 debit 13 000 90 280 750 560 690 420 Additional information 1 Details of the subscriptions are provided in the subscriptions account shown above. 2 At 31 July 2006 insurance prepaid amounted to $150 and general expenses outstanding amounted to $30. prepare the Receipts and Payments Account of El Nil Sailing Club for the year ended 31 July 2006. .com El Nil Sailing Club Receipts and Payments Account for the year ended 31 July 2006 [10] [Total: 21] © UCLES 2006 0452/03 O/N/06 All questions are the copyright of Cambridge International Examination Board. REQUIRED (c) Using the information above and the subscriptions account shown earlier in the question.igcseaccounts. www. All receipts were paid into the bank and all payments were made by cheque.Prepared by D. com Where a traditional “T” account is used it should be balanced and the balances brought down on 1 January 2010. Show the amount transferred to the income and expenditure account. The El Darb Sports Club has 200 members who each pay an annual subscription of $20.Prepared by D. .igcseaccounts. El-Hoss 8 3 The financial year of the El Darb Sports Club ends on 31 December. At 1 January 2009 10 members had not paid their subscription for the year ended 31 December 2008 3 members had paid their subscription in advance for the year ended 31 December 2009. Where a three column running balance account is used the balance column should be up-dated after each entry. www. For Examiner's Use The treasurer provided information relating to the year ended 31 December 2009. During the year ended 31 December 2009 subscriptions received were as follows: For the year ended 31 December 2008 For the year ended 31 December 2009 For the year ending 31 December 2010 Total subscriptions received $ 200 3800 80 4080 At 31 December 2009 a number of members had not paid their subscription for the financial year ended on that date. El Darb Sports Club Subscriptions account [10] © UCLES 2008 0452/02/SP/10 All questions are the copyright of Cambridge International Examination Board. REQUIRED (a) Prepare the subscriptions account as it would appear in the ledger of the El Darb Sports Club for the year ended 31 December 2009. [4] © UCLES 2008 0452/02/SP/10 [Turn over All questions are the copyright of Cambridge International Examination Board. Your answer may be in the form of a ledger account or a calculation.Prepared by D. The treasurer provided the following information relating to the El Darb Sports Club shop for the year ended 31 December 2009. El-Hoss 9 In addition to providing sporting facilities for the members. For Examiner's Use All goods are sold for cash and all purchases are made on credit terms.com (b) Select the appropriate figures and calculate the purchases for the year ended 31 December 2009.igcseaccounts. $ At 1 January 2009 Inventory (stock) Amount owing to suppliers 990 282 During the year ended 31 December 2009 Shop takings Cheques paid to suppliers Wages of part-time shop assistant 7280 2990 2500 At 31 December 2009 Inventory (stock) Amount owing to suppliers 835 397 For the year ended 31 December 2009 Depreciation of shop fixtures 200 REQUIRED www. . the El Darb Sports Club also has a shop selling sports goods to members and their guests. Prepared by D. (i) (ii) [2] [Total: 23] © UCLES 2008 0452/02/SP/10 All questions are the copyright of Cambridge International Examination Board.igcseaccounts. . For Examiner's Use El Darb Sports Club Shop Income Statement (Shop Trading Account) for the year ended 31 December 2009 www. El-Hoss 10 (c) Prepare the shop income statement (shop trading account) of the El Darb Sports Club shop for the year ended 31 December 2009.com [7] (d) Suggest two ways in which the profitability of the El Darb Sports Club shop could be improved. 1 www. $ 4400 3700 100 50 8050 Equipment at book value Cash at bank Subscriptions prepaid by members Subscriptions owed by members Accumulated fund For Examiner's Use The treasurer of the club prepared the following receipts and payments account for the year ended 31 March 2009.Prepared by D.igcseaccounts. El-Hoss 14 4 The Lobatse Rugby Club had the following assets and liabilities on 1 April 2008. 2008 April 1 2009 Mar 31 Balance b/d Subscriptions Interest received Entrance fees for sports day $ 3700 2009 Mar 31 2250 100 520 $ Transfer to bank deposit a/c Equipment Secretarial expenses Advertising General expenses Rent Sports day expenses Balance c/d 6570 2009 April 1 Balance b/d 2000 1800 210 40 490 1530 370 130 6570 130 The treasurer supplied the following additional information. . © UCLES 2009 0452/03/M/J/09 All questions are the copyright of Cambridge International Examination Board.com On 31 March 2009: Subscriptions owing by members Rent accrued General expenses prepaid 2 $ 200 30 20 The equipment is depreciated by 10 % per annum on the value of equipment held at the end of each financial year. Prepared by D. El-Hoss 15 REQUIRED (a) Prepare the subscriptions account as it would appear in the ledger of the Lobatse Rugby Club for the year ended 31 March 2009.igcseaccounts. Lobatse Rugby Club Subscriptions account www.com © UCLES 2009 0452/03/M/J/09 [7] [Turn over All questions are the copyright of Cambridge International Examination Board. Where a three column running balance account is used the balance column should be up-dated after each entry. . Where a traditional “T” account is used it should be balanced and the balance brought down on 1 April 2009. For Examiner's Use Show the amount transferred to the income and expenditure account. igcseaccounts. For Examiner's Use Lobatse Rugby Club Income and Expenditure Account for the year ended 31 March 2009 www. . El-Hoss 16 (b) Prepare the income and expenditure account of the Lobatse Rugby Club for the year ended 31 March 2009.com [10] © UCLES 2009 0452/03/M/J/09 All questions are the copyright of Cambridge International Examination Board.Prepared by D. Prepared by D. El-Hoss 17 (c) (i) Select one of the items appearing in the receipts and payments account which should not be included in the income and expenditure account and explain why it does not appear. For Examiner's Use Item Explanation [2] (ii) Select one of the items appearing in the income and expenditure account which does not appear in the receipts and payments account and explain why it does not appear. Item Explanation [2] [Total: 21] www. .igcseaccounts.com © UCLES 2009 0452/03/M/J/09 [Turn over All questions are the copyright of Cambridge International Examination Board. the Club also has a shop selling sports clothing. © UCLES 2010 0452/23/O/N/10 [Turn over All questions are the copyright of Cambridge International Examination Board. In addition to providing sports facilities for members. The annual subscription is $50. For Examiner's Use The treasurer provided the following summary of the cash book for the year ended 31 July 2010. On 31 July 2010 15 members still owed their subscription for the current year. All the shop sales are made on a cash basis. . www. 4 members had paid their subscription for the year ending 31 July 2011.com 2 At 31 July 2010 Creditors for shop supplies were owed Shop inventory (stock) was valued at Shop assistant’s wages owing amounted to General expenses prepaid amounted to Sports equipment was valued at 3 $ 550 650 90 140 5400 It was decided that 20% of the rent should be charged to the shop.Prepared by D. Receipts $ Subscriptions Shop sales Open day ticket sales Interest-free loan from Sport for All 7950 7500 840 6000 Payments $ Sports equipment Purchases of shop supplies Open day expenses Rent Insurance General expenses Repairs and maintenance Wages – Groundsman – Shop assistant 6100 2950 690 5200 1700 1990 1070 2500 1470 Additional information: 1 The Club has 170 members.igcseaccounts. El-Hoss 9 3 The Mokolodi Athletics Club was formed on 1 August 2009. For Examiner's Use Mokolodi Athletics Club Shop Income Statement (Trading Account) for the year ended 31 July 2010 [8] www.igcseaccounts. El-Hoss 10 REQUIRED (a) Prepare the shop income statement (trading account) of the Mokolodi Athletics Club for the year ended 31 July 2010.com © UCLES 2010 0452/23/O/N/10 All questions are the copyright of Cambridge International Examination Board.Prepared by D. . El-Hoss 11 (b) Prepare the income and expenditure account of the Mokolodi Athletics Club for the year ended 31 July 2010.Prepared by D.igcseaccounts.com [14] © UCLES 2010 0452/23/O/N/10 [Turn over All questions are the copyright of Cambridge International Examination Board. . For Examiner's Use Mokolodi Athletics Club Income and Expenditure Account for the year ended 31 July 2010 www. El-Hoss 12 (c) A member of the Club is worried because the surplus or deficit in the income and expenditure account does not agree with the bank balance on 31 July 2010.com © UCLES 2010 0452/23/O/N/10 All questions are the copyright of Cambridge International Examination Board. For Examiner's Use Explain one reason why the surplus or deficit does not equal the bank balance.Prepared by D.igcseaccounts. . [2] [Total: 24] www. . Business Club or society (i) Income statement (ii) Profit for the year (iii) Capital [3] The Muara Swimming Club was formed some years ago. On 1 March 2010 the Muara Swimming Club had a balance at bank of $3450. It has 60 members who each pay an annual subscription of $90. El-Hoss 13 4 The accounts maintained by clubs and societies often use different terms to those used by businesses.igcseaccounts. For Examiner's Use REQUIRED (a) Complete the following table to name the equivalent term used by a club or society which does not operate any trading activities.com $ Subscriptions received from members for the year ended 28 February 2010 for the year ended 28 February 2011 for the year ending 29 February 2012 Proceeds of sale of old equipment Purchase of new equipment Receipts from swimming competition Expenses of swimming competition Rent of premises General expenses Insurance Loan from Swim-for-all © UCLES 2011 270 5400 180 0452/21/M/J/11 $ 5850 890 1200 780 645 1690 732 496 1000 [Turn over All questions are the copyright of Cambridge International Examination Board. The treasurer provided the following information relating to the year ended 28 February 2011.Prepared by D. www. All receipts were paid into the bank and all payments were made by cheque. com [12] © UCLES 2011 0452/21/M/J/11 All questions are the copyright of Cambridge International Examination Board.Prepared by D. Muara Swimming Club Receipts and Payments Account for the year ended 28 February 2011 www.igcseaccounts. El-Hoss 14 REQUIRED (b) Prepare the receipts and payments account of the Muara Swimming Club for the year ended 28 February 2011. . For Examiner's Use Balance the account and bring down the balance on 1 March 2011. El-Hoss 15 (c) Prepare the subscriptions account as it would appear in the ledger of the Muara Swimming Club for the year ended 28 February 2011.Prepared by D. . For Examiner's Use Show the amount transferred to the income and expenditure account. Where a traditional “T” account is used it should be balanced and the balance brought down on 1 March 2011.com [8] [Total: 23] © UCLES 2011 0452/21/M/J/11 [Turn over All questions are the copyright of Cambridge International Examination Board.igcseaccounts. Where a three column running balance account is used the balance column should be up-dated after each entry. Muara Swimming Club Subscriptions account www. 2 The equipment should have been revalued on 31 March 2012. 5 The income and expenditure account included subscriptions. which relate to the following financial year. 6 The total of the expenditure in the income and expenditure account had been overcast by $100. After the preparation of the income and expenditure account for the year ended 31 March 2012 the following balances remained on the books. $200.com REQUIRED (a) Explain how the accumulated fund of the Dhavari Sports Club has arisen. 3 The bank statement for January 2012 showed bank charges of $150. www. [2] © UCLES 2012 0452/21/M/J/12 [Turn over All questions are the copyright of Cambridge International Examination Board. had been omitted from the list of balances. 4 No adjustment had been made for insurance prepaid at 31 March 2012. El-Hoss 15 4 The Dhavari Sports Club was formed some years ago. amounting to $300.igcseaccounts. These had not been entered in the accounting records. Accumulated fund at 1 April 2011 Premises at cost Sports equipment at valuation at 1 April 2011 Bank overdraft Inventory of club shop Trade payables for shop supplies Subscriptions owing by members Loan repayable 1 January 2015 Surplus for the year For Examiner's Use $ 60 000 70 000 13 000 1 400 8 500 4 300 1 500 10 000 17 400 The following errors were then discovered: 1 Petty cash. $600. .Prepared by D. The estimated value at that date was $11 600. For Examiner's Use [6] (c) Suggest two reasons why the Dhavari Sports Club’s bank balance is not equal to the surplus for the year. (i) www.igcseaccounts. . El-Hoss 16 (b) Calculate the corrected surplus for the year ended 31 March 2012.Prepared by D.com (ii) [4] © UCLES 2012 0452/21/M/J/12 All questions are the copyright of Cambridge International Examination Board. .Prepared by D. For Examiner's Use Dhavari Sports Club Balance Sheet at 31 March 2012 www. El-Hoss 17 (d) Prepare the balance sheet of the Dhavari Sports Club at 31 March 2012.igcseaccounts.com [12] [Total: 24] © UCLES 2012 0452/21/M/J/12 [Turn over All questions are the copyright of Cambridge International Examination Board.