O-LevelAccountingAccounting proceduresOct/Nov 2021Paper 2 Q520 Marks
The financial year of VL Sports Club ends on 31 December. The treasurer provided the following information about receipts and payments for the year ended 31 December 2020. Receipts $ Subscriptions 19200 Competition receipts 7300 Dinner dance ticket sales 6500 Payments $ Competition prizes 4100 Dinner dance costs 6200 Equipment 12000 General expenses 11500 The treasurer also provided the following information. 1 January 2020 31 December 2020 $ $ Equipment at net book value 23000 30000 General expenses owing 400 500 Subscriptions in arrears 700 300 Subscriptions in advance 1100 900 Of the subscriptions in arrears on 1 January 2020 an amount of $80 had not been paid by 31 December 2020 and is to be written off as irrecoverable. REQUIRED
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