Question 5
5.1
WESTVIEW SPORTS CLUB
GENERAL JOURNAL FOR THE MONTH ENDING 31 DECEMBER 20X2 GJ12
Date Account Fol. Debit Credit
28 Bank B2 28 125.00
Entrance fees B3 28 125.00
(Fifteen new members joined the club)
Entrance fees B3 28 125.00
Accumulated funds B1 28 125.00
(Entrance fees are capitalised)
5.2
GENERAL LEDGER OF WESTVIEW SPORTS CLUB
Members
DR hip fees N1 CR
20X5 20X5 Income received in
Mar. 1 Accrued income GJ1 6 000 00 Mar. 1 advance GJ1 3 750 00
Income received in 20X6
20X6 Feb. 28 advance GJ12 5 250 00 Feb. 28 Bank GJ12 120 750 00
Income and
expenditure account GJ12 122 250 00 Accrued income GJ12 7 500 00
Bad debts GJ12 1 500 00
133 500 133 500 00
Trading
account (tuck
shop) N10
20X5 20X6
Feb. 28 Opening inventory GJ12 16 200 00 Feb. 28 Sales GJ12 51 750 00
Purchases GJ12 31 350 00 Closing inventory GJ12 18 600 00
Tuck shop costs (advertising) GJ12 1 500 00
Income and expenditure account GJ12 21 300 00
70 350 70 350 00
5.3 WESTVIEW SPORTS CLUB
STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 28 FEBRUARY 20X6
R
INCOME 428 740.00
Membership fees 122 250.00
Tuck shop 21 300.00
Interest income 5 040.00
Fundraising income 105 150.00
Donations income 175 000.00
EXPENSES 408 175.00
Bad debts 1 500.00
Wages and salaries 50 250.00
Telephone 12 000.00
Honorarium 6 000.00
Interest expense (loan) 43 125.00
Interest expense (mortgage bond) 120 000.00
Depreciation 31 375.00
Electricity and water 48 000.00
Insurance 30 000.00
Stationery 7 800.00
Fundraising expense 52 125.00
20 565.00
5.4
WESTVIEW SPORTS CLUB
STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED FEBRUARY 20X6
Entrance fees Accumulated funds Total
Opening balance 56 250.00 434 075.00 490 325.00
Surplus for the year 20 565.00 20 565.00
Legacy 84 000.00 84 000.00
Entrance fees for the year 28 125.00 28 125.00
Closing balance 84 375.00 538 640.00 623 015.00
Calculations:
Interest income
84 000.00 × 9% × 8 ÷ 12 = R5 040.00
Interest expense (loan)
450 000.00 × 10% × 6 ÷ 12 = R22 500.00
412 500.00 × 10% × 6 ÷ 12 = R20 625.00
Total: R43 125.00
Depreciation
Buildings: 1 000 000.00 × 1% = R10 000.00
Equipment: 315 000.00 – 101 250.00 = 213 750.00 × 10% = R21 375.00
Total: R31 375.00
Insurance
25 000.00 ÷ 10 × 2 = R5 000.00
Total: R30 000.00
Stationery
4 500.00 + 3 750.00 – 450.00 = R7 800.00
Question 6
6.1
THE BOBBY BOOK CLUB
GENERAL JOURNAL FOR THE MONTH ENDING 31 DECEMBER 20X1 GJ12
Date Account Fol. Debit Credit
31 Accumulated funds B1 2 400.00
Special fund (bookshelves) B7 2 400.00
(Accumulated fund transferred to special funds)
Investment: AA Bank B6 2 400.00
(bookshelves)
Bank B2 2 400.00
(Transferred to special funds investment)
Bank B2 2 500.00
Donations income N3 2 500.00
(Donations received for special fund)
Investment: AA Bank B6 2 500.00
(bookshelves)
Bank B2 2 500.00
Donations income N3 2 500.00
Special fund (bookshelves) B7 2 500.00
(Donations received transferred to special fund)
Bank B2 8 000.00
Ticket sales (income) N4 8 000.00
(Proceeds from ticket sales sold for special funds)
Ticket sales (expenses) N12 3 000.00
Bank B2 3 000.00
(Expenditure incurred for ticket sales for special fund)
Investment: AA Bank B6 5 000.00
(bookshelves)
Bank B2 5 000.00
Ticket sales (income) N4 8 000.00
Ticket sales (expenses) N12 3 000.00
Special fund (bookshelves) B7 5 000.00
(Profit from ticket sales transferred to special fund)
Investment: AA Bank B6 1 200.00
(bookshelves)
Special fund (bookshelves) B7 1 200.00
(Interest earned on bookshelf investment)
6.2
THE BOBBY BOOK CLUB
STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31 DECEMBER 20X4
Accumulated
Entrance fees Special funds Total
funds
Opening balance 10 000.00 5 000.00 52 000.00 67 000.00
Surplus for the year 12 000.00 12 000.00
Transfer between funds 2 400.00 (2 400.00) –
Deposits - donations 2 500.00 2 500.00
Deposits – ticket sales 5 000.00 5 000.00
Interest earned 1 200.00 1 200.00
Entrance fees for the year 4 000.00 4 000.00
Closing balance 14 000.00 16 100.00 61 600.00 91 700.00
15.03 RYNE BOWLS CLUB
Dr Membership fees A/c Cr
Date Description Amount Date Description Amount
01-Jan Accrued Income (arrears) 700 01-Jan Deferred Income (advance) 200
31-Dec 31-Dec Bank - 2014 : 300 3 600
Deferred Inc 100 Bank - 2015 : 3200
Income & Expenditure 3 900 Bank - 2016 : 100
Accrued income (arrears) 500
Bad debt (700-300) 400
4 700 4 700
Dr Bowling Balls A/c Cr
Date Description Amount Date Description Amount
01-Jan Balance b/d 40 31-Dec Balance c/d 70
Bank 1 310 Income & Expenditure 1 280
1 350 1 350
01-Jan Balance b/d 70
Dr Creditors (Bar Stock) A/c Cr
Date Description Amount Date Description Amount
31-Dec Bank 4 000 01-Jan Balance b/d 140
Balance c/d 290 Bar Trading a/c 4 150
4 290 4 290
01-Jan Balance b/d 290
Dr Bar Trading A/c Cr
Date Description Amount Date Description Amount
01-Jan Opening Inventory 720 31-Dec Sales 7 260
Purchases 2 150 Closing Inventory 1 100
Creditors for bar stock 4 150
Bar Wages (660-20) 640
Income & expenditure a/c 700
8 360 8 360
7 660
15.09 Riding Sports Club
Dr Sponsorship Fund A/c Cr
Date Description Amount Date Description Amount
31-Dec Bank (Sponsorship) 8 200 01-Jan Balance b/d 25 000
Balance c/d 30 100 31-Mar Bequest - Joe Late 10 000
31-Dec Bank 2 750
Accrued int 550
38 300 38 300
01-Jan Balance b/d 30 100
Riding Sports Club
Refreshment Income Statement for the year-ended 31 Dec 2015
R R
Sales 26 680
Cost of Sales 17 792
Opening Inventory 450
Purchases 9 810
Consumable stores (910-80) 830
Wages (5660+942-800) 5802
Depreciation (3500-2000) 1500
Less closing inventory -600
Refreshment Profit -Income & Expenditure a/c 8 888
