Anonymous
timer Asked: Apr 20th, 2020

Question Description

A summary of the Holela Football Club is shown below.

A summary of the Cash Book

Shs.

Balance 1.1.2003 8,000
Collections at matches 65,700

Profit on sale of refreshment 4,400

78,100

Shs.

Purchase of equipment 44,000

Rent of football pitch 12,500

Printing and Stationery 1,700

Secretary’s Expenses 4,000

Repairs to Equipment 1,600

Worker wages 1,500

Miscellaneous expenses 1,000

Balance 1.12.2003 11,800

78,100

Additional Information

  • At the beginning of the period i.e. 1.1.2003 the equipment was valued at Shs. 75,000.
  • Depreciate all equipment by 20% for the year 2003.
  • At 31.12.2003 rent paid in advance was Shs.2,500.
  • At 31.12.2003 there was Shs.300 owing for printing.

Required:

Prepare an income and expenditure account for the year ended 31 December 2003. (10 marks)

Prepare a balance sheet as at 31 December 2003.

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