1
The treasurer of the Plumpton Leisure Centre has produced the following receipts and
payments account for the year ended 31 December 2004:
Receipts
£
Payments
£
Balance at bank 1 January 2004 3,900 Refreshment supplies bought 4,320
Subscriptions received 45,060 Wages of attendants and cleaners 31,400
Profits from dances 4,116 Rent of building 8,700
Profit on exhibition 890 New equipment bought 18,200
Refreshment takings 16,290 Travelling expenses of teams 1,900
Sale of equipment 340 Balance at bank 31 December 2004 6,076
70,596 70,596
Notes
:
(i
) Refreshment stocks were valued: 31 December 2003 £680; 31 December 2004 £920. There was
nothing owing for refreshment stocks on either of these dates.
(ii
) On 1 January 2004 the club’s equipment was valued at £32,400. Included in this figure, valued
at £420, was the equipment sold during the year for £340.
(iii
) The amount to be charged for depreciation of equipment for the year is £5,200. This is in addition
to the loss on equipment sold during the year.
(iv
) Subscriptions owing by members at 31 December 2003 nil; at 31 December 2004 £860.
You are required to:
(a) Draw up the refreshment trading account for the year ending 31 December 2004. For this purpose
£4,680 of the wages is to be charged to this account; the remainder is to be charged in
the income and expenditure account.
(b) Calculate the accumulated fund as at 1 January 2004.
(c) Draw up the income and expenditure account for the year ending 31 December 2004, and a
balance sheet as at 31 December 2004.