O-LevelAccountingPreparation of financial statementsOct/Nov 2020Paper 2 Q220 Marks
BH Sports Club provides sporting facilities and a café for the use of its members and guests. The club's financial year ends on 31 July. The following information is available. Assets and liabilities | At 1 August 2019 $ | At 31 July 2020 $ --- | --- | --- Bank | 840 | 1270 Café inventory | 520 | 770 Sports hall at book value | 17000 | 16560 Insurance prepaid – sports hall and sports equipment | 400 | 440 Sports equipment at book value | 3900 | ? Subscriptions in arrears | 360 | 720 Subscriptions received in advance | | 120 Wages accrued – café staff | 60 | 80 Receipts and Payments Account for the year ended 31 July 2020 Details | $ | Details | $ --- | --- | --- | --- Balance b/d | 840 | Purchases of café supplies | 8190 Subscriptions received | 9960 | Wages – café staff | 2750 Café takings | 13520 | Wages – sports staff | 5220 | | Insurance - sports hall and sports equipment | 1430 | | Sports equipment | 2100 | | Sports hall expenses | 3360 | | Balance c/d | 1270 | 24320 | | 24320 Additional information Sports equipment is depreciated at 10% per annum using the reducing balance method. REQUIRED
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