1
The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2009
The following valuations are also available:
as at 31 July 2008 2009
£ £
Equipment (original cost £1,420) 975 780
Subscriptions in arrears 65 85
Subscriptions in advance 10 37
Owing to suppliers of competition prizes 58 68
Stocks of competition prizes 38 46
Required:
(a) Calculate the value of the accumulated fund of the Miniville Rotary Club as at 1 August 2008.
(b) Reconstruct the following accounts for the year ended 31 July 2009:
(i
) the subscriptions account,
(ii
) the competition prizes account.
(c) Prepare an income and expenditure account for the Miniville Rotary Club for the year ending
31 July 2009 and a balance sheet as at that date.
(Association of Accounting Technicians)