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The following is the summary of the cashbook of Mbedodo Football Club for the year ended 30 June 2011: Additional information: 1. The assets of the club on...

      

The following is the summary of the cashbook of Mbedodo Football Club for the year ended 30 June
2011:
fig1031652019447.png
Additional information:
1. The assets of the club on 1 July 2010 were as follows:
Sh. '000'
Land 650,000
Gymnasium and equipment 250,000
Bar inventory 10,800
Prizes in hand 4,800
2. Bar supplies owing amounted to Sh. 4,200,000 on 1 July 2010
3. On 30 June 2011 the bar inventory was Sh. 9,600,000, prizes in hand - Sh. 2,400,00 and
Sh. 5,640,000 was owing for bar supplies.
4. The secretary is to receive a leave allowance of 5% of his basic salary. It was also agreed that
the bar manager should receive aSh. 500,000 bonus for increased sales during the year.
5. From the register of members, it appeared that unpaid subscriptions as at 30 June 2011
totaled Sh. 5,100,000. Subscriptions received during the year included Sh. 2,550,000 in
respect of the previous year and Sh. 1,700,000 in respect of the year starting 1 July 2011.
6. Interest earned on the deposit with the SACCO for the year ended 30 June 2011 amounted to Sh.
1,750,000
7. The rent paid was for fifteen months up to 30th September 2011
8. The gymnasium and equipment are to be depreciated at the rate of 10% per annum on straight
line basis
Required;-
a) Income and expenditure account for the year ended 30 June 2011
b) Statement of financial position as at 30 June 2011

  

Answers


Kavungya
fig1041652019448.png
Kavungya answered the question on May 16, 2019 at 13:50


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