The following is a summary of the receipts and payments for the year ended 31 December, 2008 of Shadow Social Club:
|
Receipts: |
N |
|
Club subscriptions |
3,825,000 |
|
Donations |
337,500 |
|
Christmas dance |
191,250 |
|
Bar takings |
6,075,000 |
|
Payments: |
|
|
Rates |
202,500 |
|
General expenses |
5,895,000 |
|
Bar purchases |
4,162,500 |
|
Christmas dance expenses |
33,750 |
Other relevant information at the beginning and end of the year are as follows:
|
01/01/08 |
31/12/08 |
|
|
N |
N |
|
|
Subscriptions due |
200,500 |
135,000 |
|
Subscriptions paid in advance |
11,250 |
22,500 |
|
Rates owing |
101,250 |
112,500 |
|
Bar stock |
450,000 |
562,500 |
|
Club premises (cost N11,250,000) |
4,500,000 |
4,050,000 |
|
Furniture (cost N2,250,000) |
675,000 |
450,000 |
|
Bank and cash in hand |
360,000 |
495,000 |
You are required to prepare the Club’s:
(a) Bar Trading Account for the year ended 31 December 2008.
(b) Income and Expenditure Account for the year ended 31 December 2008 and a Balance Sheet as at that date.