The Welcome Cricket Club has the following assets and liabilities. 30 April 2011.1 May 2010 $ $ Equipment (at cost) 104000 40000 Equipment — depreciation provision 14400 4000 Café inventory 4800 6500 Cash at bank 2 12800 Subscriptions outstanding 3600 2200 Subscriptions paid in advance 3500 5000 Café staff wages accrued 4000 500 Loan from cricket association 20000 - Loan interest 2 - The receipts and payments for the year ended 30 April 2011 are: Receipts $ Calé revenue (sales) 90000 Subscriptions 34000 Loan from cricket association 20000 Donations 450 Ticket sales 14560 Payments $ Equipment 64000 Rent 21000 Heating and lighting 18000 Wages of café staff 28800 Caié purchases for resale 36000 Additional information: 1 Wages are a direct cost of the café and are charged to the trading account. 2 The rent and heating and lighting are apportioned 40% to the café and 60% to the rest of the club. 3 The loan from the cricket association was received on 1 November 2010. Interest is payable at 10% per year. 4 Depreciation is charged to the income and expenditure account.(a) Prepare the café income statement to show the gross profit and the profit for the year (net profit) made by the café during the year ended 30 April 2011.(b) Prepare the income and expenditure account of the Welcome Cricket Ciub for the year ended 30 April 2011. [14](6) Prepare the balance sheet of the Welcome Cricket Club at 30 April 2011‘The Gala Golf Club's accounts included the following balances. at'31 December Fixed assets (net book value) Amounts owed by the Club Wages - maintenance staff ~ cate Electricity Rent Creditors - maintenance cals Stock - café ‘Subscriptions due and unpaid 2001 2002 $ s 85600 119680, 2060 2500 760 840 220 260 1440 1640 3040 4200 760 700 420 370 31800 33200 20% of the cost of electricity and rent is charged to the café. ‘The Receipts and Payments Account for the year ended 31 December 2002 was as follows. $ Balance b/d 32.400 Café takings 110800 Subscriptions 313600 Sale of grasscutter 2000 458600 The grasscutter had been bought in 1999 for $4.00. Depreciation is calculated at 20% per ‘annum on a straight line basis and is applied in the year of purchase but not in the year of sale. Show all workings. REQUIRED $ Wages — maintenance 102 800 Wages - café 42.400 Equipment 66000 Fixtures 26000 Maintenance 94200 Electricity 19000 Rent 65600 Purchases for café 38600 Balance c/d 4200 458.600 (a) Calculate the Accumulated Fund at 1 January 2002.(b) Prepare the Café Trading Account for the year ended 31 December 2002. [4](c) Prepare the Club income and Expenditure Account for the year ended 31 December 2002. {9](d) Prepare the Club Balance Sheet as at 31 December 2002. 5)2 (a) Café income statement (trading and profit and loss account) for the year ended 20 April 2014 (b) Revenue (sales) Cost of sales Inventory (1 May 2010) Purchases Inventory (30 April 2011) Add Direct wages (28 600 + 4000 500) Gross profit Less Overheads Heating and lighting (40% 18 000) Rent (40% * 21 000) Profit for the year (net profit) $ 6500 36.000 42.500 4800 37700 32300 7 200 8.400 $ 90000 1 2 70000 20 000 la lo Is E | Income and Expenditure account for the year ended 30 April 2011 Profit on café ‘Subscriptions (34 000 ~ 2 200 + 3600 + 5 000-3 500) Donations Ticket sales Rent (60% * 21 000) Heating and lighting (60% 18 000) Depreciation of equipment Interest on loan ‘Surplus incomefexpenditure $ 4400 36 900 450 14.560 12600 10 800 10400 1.000 s 10F 5 1 1 56310 1 1 2 2 34800 151 E (8) (4)(c) Balance Sheet at 30 April 2011 $ Non-current (fixed)assets Cost Equipment 104 000 Current Assets Inventory 4800 ‘Subscriptions in arrears 3.600 Bank 4010 Current liabilities ‘Subscriptions prepaid 3.500 Loan interest 1000 Wages accrued 4.000 Net current assets Non-current liabilities Loan Net assets Accumulated fund ADD Surplus VE Depreciation 14 400 12410 1 62000 3 21510 1(0F) If accumulated fund shown as $73 510 award four marks. ‘Award 1 mark for every pair, where seen Accumulated fund calculation Assets Equipment (40 000-4 000) Inventory Bank ‘Subscriptions due Less liabilities ‘Subscriptions paid in advance 5 000 Wages accrued 500 36 000 1 6500 12800 2200 57.500 5.500 62.000 3910 33510 20000 1 ry la a [Total: 30]Revenue (sales) Cost of sales Inventory (1 May 2010) Purchases Inventory (30 April 2011) Add Direct wages (28 800 + 4000 - 500) Gross profit, LESS Overheads Heating and lighting (40% « 18 000) Rent (40% » 21 000) Profit far the vear (nat nenfity 6500 36.000 42.500 4.800 37700 32300 7 200 8.400 90000 4 20000 15.600 eaannProfit on café) 400 HOF ‘Subscriptions (34 000 = 2 200 + 3600 +5 000-3500) 36900 5 Donations 450 1 Ticket sales 14560 1 56310 Rent (60% * 21 000) 12600 1 Heating and lighting (60% x 18 000) 10800 1 Depreciation of equipment 10400 2 Interest on loan 1000 2 34.800 ‘Surplus income/expenditure 4510 $ $ Non-current (fixed) assets Cost Depreciation Equipment 104 000 44400 Current Assets Inventory 4.800 Subscriptions in arrears 3600 Bank 4010 12410 1 Current liabilities Subscriptions prepaid 3500 Loan interest 1000 Wages accrued 4.000 8500 1 Net current assets Non-current liabilities Loan Net assets. Accumulated fund 52000 3 ADD Surplus ‘VE, 21510 H(OF) ( NBV 89600 1