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The following information was taken from the accounting records of Sea View Golf Club:

SEA VIEW GOLF CLUB

STATEMENT OF FINANCIAL POSITION

AS AT $31$ DECEMBER $2021$

$2021$

R

ASSETS

Non$-$current assets $269000$

Property at cost $250000$

Furniture

Cost price $20000$

Less: Accumulated depreciation $-4000$

Equipment

Cost price $10000$

Less: Accumulated depreciation $-7000$

Current assets $48500$

Inventory $10100$

Bank $38400$

TOTAL ASSETS $317500$

FUNDS AND LIABILITIES

Accumulated funds $120000$

Opening balance $90000$

Surplus for the year $30000$

Current liabilities

Creditors $197500$

TOTAL FUNDS AND LIABILITIES $317500$

Additional information to be taking into account:

$1.$ The following transactions took place during the year ending $31$ December $2021$:

R

Buildings purchased on cash $100000$

Entrance fees received $10000$

Sundry expenses paid $3000$

Other fees received $14000$

Insurance paid $800$

Maintenance of golf course paid $18000$

Salaries paid $17000$

Stationery purchased $1000$

Membership fees received $48000$

Payments to creditors $48000$

$2.$ Accrued membership fees on $31$ December $2020$ amounted to R$2100.$

$3.$ Equipment must be depreciated at $20\%$ per annum on the cost price.

$4.$ Furniture must be depreciated at $5\%$ per annum on the reducing balance method.

$5.$ Membership fees received during the $2021$ financial year, include an amount of R$4200$

related to the $2022$ financial year.

$6.$ Membership fees of R$1500$ are still outstanding on $31$ December $2021.$

$7.$ Insurance premiums amount to R$100$ per month.

$8.$ Entrance fees must be capitalised

Complete the statement of income and expenditure for the year ending $31$ December $2021$ by making use of the possible answers provided below. Please match the letter with the corresponding number in the statement of income and expenditure provided to you below.

Possible answers:

A

R$800$

F

R$1200$

B

R$18000$

G

R$14000$

C

R$1000$

H

R$14200$

D

R$43200$

I

R$17000$

E

R$3000$

J

R$2000$

SEA VIEW GOLF CLUB

STATEMENT OF INCOME AND EXPENDITURE

FOR THE YEAR ENDING $31$ DECEMBER $2021$

$2021$

R

INCOME

Membership fees

$1$ Blank $1.$ Fill in the blank, read surrounding text.

Other fees received

$2$ Blank $2.$ Fill in the blank, read surrounding text.

Less EXPENSES

Depreciation: Equipment

$3-$ Blank $3.$ Fill in the blank, read surrounding text.

Depreciation: Furniture

$4-$ Blank $4.$ Fill in the blank, read surrounding text.

Insurance

$5-$ Blank $5.$ Fill in the blank, read surrounding text.

Sundry expenses

$6-$ Blank $6.$ Fill in the blank, read surrounding text.

Maintenance of the golf course

$7-$ Blank $7.$ Fill in the blank, read surrounding text.

Salaries

$8-$ Blank $8.$ Fill in the blank, read surrounding text.

Stationery

$9-$ Blank $9.$ Fill in the blank, read surrounding text.

$?$

$10$ Blank $10.$ Fill in the blank, read surrounding text.

Question $2$:

Boots Football Club has a special fund for the maintenance of the soccer fields. The balance of the special fund account on $31$ March $2023,$ the end of the financial year was R$500000.$ The terms of the fund are as follows:

The money must be invested at an interest rate of $8\%$ per year.

The interest, as well as a maximum of $10\%$ of the opening balance of the fund may annually be used for the maintenance of the soccer fields.

Two donations were received during the year: R$75000$ on $1$ September $2023$ and R$100000$ on December $31,2023.$ On March $31,2024,$ the club spent R$110000$ on the maintenance of its soccer fields. How much of the maintenance costs can be paid out of the special fund?

A$.$ R$110000$

B$.$ R $95500$

C$.$ R $90000$

D$.$ R$105000$

Question $3$:

The manager of Book Worm Club approached to request assistance in preparing their financial statements, as their accountant recently resigned. Membership fees are charged at R$100$ per month and new members pay R$250$ administration fees. On $31$ December $2022,$ the end of the financial year, the club had $310$ members. $20$ members joined on $1$ May $2022$ and another five members on $1$ October $2022.$ The Morolo family, consisting of $10$ members, left the country and terminated their membership on $31$ July $2022.$

Calculate the amount for membership fees that will be shown in the Statement of Income and Expenditure of Book Worm Club for the year ended $31$ December $2022.$

A$.$ R$384750$

B$.$ R$378500$

C$.$ R$371250$

D$.$ R$365000$

Question $4$:

The following information was obtained from the records of Silver Lions Rugby Club.

Calculate the sports material to be debited to the income and expenditure account for the year ending $31$ March $2024$ by using the following information.

The amount paid for sports materials purchased during the year amounted to R$19000.$

Date

$01$ April $2023$

$($R$)$

$31$ March $2024$

$($R$)$

Stock of sports material

$7500$

$6400$

A$.$ R$20300$

B$.$ R$20700$

C$.$ R$20500$

D$.$ R$20100$

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