Matepe Sports club had the following assets and liabilities on 31 December 2019 & 2020.

20192020Bar creditors32,40019,600Outstanding salaries9,60012,400Bar stock56,20075,600Subscriptions in arrears25,00020,000Prepaid insurance 6,4009,200F

20192020
Bar creditors32,40019,600
Outstanding salaries9,60012,400
Bar stock56,20075,600
Subscriptions in arrears25,00020,000
Prepaid insurance 6,4009,200
Furniture (NBV)96,000112,000
Sports kit (NBV)18,00097,600
Musician fess-12,000
The following summary of the clubs receipts and payments was prepared by the clubs treasurer for 2020.
Receipts and payments account
DetailsShsDetailsShs
Balance b/f54,000Salaries92,800
Subscription170,000Musician fees78,000
Donations21,000Stationery and postage16,000
Gate moneys225,000Prizes25,600
Sale of old sports kit10,000Charities 75,200
Bar sales425,600Electricity and telephone45,000
Payments to bar creditors252,000
Purchase of furniture40,000
Insurance 88,000
Maintenance of sports ground 27,000
Purchase of new to sports kit93,200
Balance c/f72,800
905,600 905, 600

Additional information
1.Bar sales are strictly on a cash basis. Expenses relating to the bar include Salaries – sh. 36,200; electricity and telephone – sh. 18,400 and insurance – sh. 24,000.
2.The sports kit disposed off during the year had a book value of Sh. 13,600
3.The gate moneys, musician fees and prizes relate to a party organized at the club to celebrate the opening of the county after the covid-19 cross-county cessation of movement.
Required
(i)The bar income statement for the year ended 31st December 2020
(ii)The Club’s income and expenditure account for year ended 31st December 2020(15 marks)

or:2019\t2020Bar creditors\t32,400\t19,600Outstanding salaries\t9,600\t12,400Bar stock\t56,200\t75,600Subscriptions in arrears\t25,000\t20,000Prepaid insurance \t6,400\t9,200Furniture (NBV)\t96,000\t112,000Sports kit (NBV)\t18,000\t97,600Musician fess\t-\t12,000The following summary of the clubs receipts and payments was prepared by the clubs treasurer for 2020.Receipts and payments accountDetails\tShs\tDetails\tShsBalance b/f\t54,000\tSalaries\t92,800Subscription\t170,000\tMusician fees\t78,000Donations\t21,000\tStationery and postage\t16,000Gate moneys\t225,000\tPrizes\t25,600Sale of old sports kit\t10,000\tCharities \t75,200Bar sales\t425,600\tElectricity and telephone\t45,000\t\tPayments to bar creditors\t252,000\t\tPurchase of furniture\t40,000\t\tInsurance \t88,000\t\tMaintenance of sports ground \t27,000\t\tPurchase of new to sports kit\t93,200\t\tBalance c/f\t72,800\t905,600\t \t905, 600 Additional information1.\tBar sales are strictly on a cash basis. Expenses relating to the bar include Salaries \u2013 sh. 36,200; electricity and telephone \u2013 sh. 18,400 and insurance \u2013 sh. 24,000.2.\tThe sports kit disposed off during the year had a book value of Sh. 13,6003.\tThe gate moneys, musician fees and prizes relate to a party organized at the club to celebrate the opening of the county after the covid-19 cross-county cessation of movement.Required (i)\tThe bar income statement for the year ended 31st December 2020(ii)\tThe Club\u2019s income and expenditure account for year ended 31st December 2020\t\t\t\t\t\t\t(15 marks)

Tags:sports,