Club Accounts
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Q1. Our clubhouse cost €620,000 and by the time we prepared our Accumulated Fund on 1/1 this year, had already had three years of 4% Depreciation. What value will appear for the clubhouse in our Accumulated Fund? *
10 points
Q2. Our opening balances show 'Life Memberships'. In our Accumulated Fund on 1/1, where will these be placed? *
10 points
Q3. Our Receipts and Payments Account shows 'Interest on 5% Investments: €650'. The additional information in the question shows that there is Investment Income Due on 31/12 of €250. What is the value of our Investments? *
10 points
Q4. On the Club Balance Sheet, our 'Levy Fund' will appear as a... *
10 points
Q5. Bar Receipts during the year were €42,000. There were Bar Debtors on 1/1 of €1,500 and Bar Debtors on 31/12 of €650. What were the Bar Sales for the year? *
10 points
Q6. The Receipts and Payments Account shows 'A bank loan and 18 months interest (4% pa) paid: €59,360'. How much was the original loan? *
10 points
Q7. Equipment at cost on 1/1 was €32,000. On 1/4 we purchased more equipment for €4,000. If the annual depreciation on equipment is 2%, what will our depreciation figure for this year be in our expenditure? *
10 points
Q8. Which of the following would never appear in the Income and Expenditure Account? *
10 points
Q9. Wages paid during the year were €1,800. Wages prepaid on 1/1 were €300. Wages prepaid on 31/12 were €200. What figure will appear in the expenditure section for wages? *
10 points
Q10. The subscriptions figure in our Receipts and Payments Account is €65,600 but we are told that this includes subscriptions that were due last year of €12,000 and also some subscriptions prepaid for next year of €1,600. What figure will appear for Subscriptions in our Income section this year? *
10 points
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