The K Music Club provides facilities for listening to music and also provides a refreshment bar for members. The club had the following assets and liabilities at 1 April 2019. $ Subscriptions in advance Subscriptions in arrears Cash at bank 1 570 Cash in hand Wages outstanding (refreshment bar) Inventory (refreshment bar) Fixtures and fittings at book value 11 200 REQUIRED Calculate the accumulated fund at 1 April 2019. State how the accumulated fund of a club is built up over time. The following information is available for the year ended 31 March 2020. $ Subscriptions received (all by cheque) 8 500 Subscriptions written off as irrecoverable Wages paid to refreshments bar staff 1 250 Balances at 31 March 2020 included the following. $ Subscriptions in advance Subscriptions in arrears Wages outstanding (refreshments bar) REQUIRED Calculate the refreshment bar staff wages for the year ended 31 March 2020. …………………………………………… …………………………………………………… Prepare the subscriptions account for the year ended 31 March 2020. Balance the account and bring down the balances on 1 April 2020. K Music Club Subscriptions account Date ……… ……… ……… ……… ……… ……… ……… ……… ……… Details ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… $ ……… ……… ……… ……… ……… ……… ……… ……… ……… Date ……… ……… ……… ……… ……… ……… ……… ……… ……… Details ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… ………………………… $ ……… ……… ……… ……… ……… ……… ……… ……… ……… Advise the club treasurer whether or not club members should be required to pay their subscriptions by direct debit. Justify your answer by providing two advantages and two disadvantages. 7707_s20_qp_22 THEORY 2020 Paper 2, Variant 2 View
The Sew and Soup Club offers membership to people who are interested in sharing sewing and knitting patterns. It runs a refreshment café for members. The club had the following assets and liabilities at 31 December. $ $ Subscriptions in advance 2 260 1 745 Subscriptions in arrears 1 820 2 115 Inventory of refreshments 1 070 1 130 Rent paid in advance Trade payables for refreshment supplies 1 940 1 580 Bank balance 4 628 7 743 The following totals are for the year ended 31 December 2021. $ Receipts Subscriptions received (all by cheque) 13 900 Cash sales from refreshments 17 650 Payments Rent 6 000 Wages 7 000 Other expenses 5 000 Trade payables for refreshment supplies 10 435 REQUIRED Prepare the subscriptions account for the year ended 31 December 2021. Balance the account and bring down the balances on 1 January 2022. Sew and Soup Club Subscriptions account Date Details $ Date Details $ Explain whether the treasurer should be satisfied with the amount of cash received from member subscriptions during the year ended 31 December 2021. Calculate the profit on refreshments for the year ended 31 December 2021. $ $ Prepare the current assets section of the club’s statement of financial position at 31 December 2021. Sew and Soup Club Statement of financial position at 31 December 2021 $ $ Current Assets 7707_s22_qp_21 THEORY 2022 Paper 2, Variant 1 View