The receipts and payments account of Brown Lane Rovers Football Club for the year ended 30 June 2013 was as follows. $ | $ ---|--- Balance b/d 4543 | Match expenses 3680 Subscriptions 7200 | New kits and equipment 4656 Sale of old kits and equipment 1008 | General expenses 6913 Match day revenue 1233 | Purchase of refreshments 2078 Donation income 940 | Groundsman's wages 1940 Sale of refreshments 6834 | Balance c/d 2491 21758 | 21758 Additional information 1 1 July 2012 | 30 June 2013 $ | $ ---|--- Subscriptions paid in advance – | 540 Subscriptions in arrears 240 | – Inventory of refreshments 250 | 300 Creditors (refreshment suppliers) 1034 | 1140 Kits and equipment at valuation 5000 | 8104 2 The kits and equipment sold during the year were valued at $1230 on 1 July 2012.

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2013). The mark or mark type is shown in brackets.

1. [1] (a) Balance 1 July 2012 $5000 (1)
2. [1] (a) Purchases in year $4656 (1)
3. [1] (a) Value of items sold $(1230) (1)
4. [1] (a) Subtotal $8426
5. [1] (a) Balance 30 June 2013 $(8104) (1)
6. [1] (a) Depreciation $322 (1)
7. [1] (b) Value of sales in year $1230 (1)
8. [1] (b) Less receipt from sale $(1008) (1)
9. [1] (b) Loss on sale $222 (1)
10. [1] (c) 2012 July 1 Balance b/d $240 (1)
11. [1] (c) 2013 June 30 Bank $7200 (1)
12. [1] (c) 2013 June 30 Income and expenditure $6420 (1 o/f)
13. [1] (c) 2013 June 30 Balance c/d $540
14. [1] (c) 2013 July 1 Balance b/d $540 (1)
15. [1] (d) Revenue $6834 (1)
16. [1] (d) Less Inventory 1 July 2012 $250
17. [1] (d) Purchases $2078 (1)
18. [1] (d) Creditors 1 July 2012 $(1034) (1)
19. [1] (d) Creditors 30 June 2013 $1140 (1)
20. [3] (d) *Allow $2078 + $106 = $2184 (3) (cost of goods sold calculation 2078+1140-1034 = 2184)
21. [1] (d) Inventory 30 June 2013 $(300)
22. [1] (d) Profit for year $4700 (1) of
23. [1] (e) Subscriptions $6420 (1) of
24. [1] (e) Match day revenue $1233
25. [1] (e) Profit on refreshments $4700 (1) of
26. [1] (e) Donation income $940
27. [1] (e) General running expenses $6913 (1)
28. [1] (e) Groundsman's wages $1940 (1)
29. [1] (e) Depreciation $322
30. [1] (e) Loss on disposal $222
31. [1] (e) Match day expenses $3680 (1)
32. [1] (e) Surplus of income over expenditure $216 (1) of
33. [2] (f) Income and expenditure: Records revenue and not capital expenditure/income.
34. [2] (f) Income and expenditure: Similar to income statement.
35. [2] (f) Income and expenditure: Applies matching concept.
36. [2] (f) Income and expenditure: Shows a surplus/deficit.
37. [2] (f) Income and expenditure: Includes depreciation of non-current assets.
38. [2] (f) Receipts and payments: Makes no distinction between capital and revenue income/expenditure.
39. [2] (f) Receipts and payments: Similar to cash book.
40. [2] (f) Receipts and payments: Record when cash is paid/spent.
41. [2] (f) Receipts and payments: May have opening/closing balances.
42. [2] (f) Receipts and payments: Record purchase or sale of non-current assets.