The following information is available for the Axton Chess Club. Receipts and Payments Account for the year ended 31 March 2015 $ $ Balance b/d 1 April 2014 230 Rent of clubroom 2000 Subscriptions 3260 Treasurer's salary 250 Competition entry Purchase of fixtures fees received 1580 and equipment 1100 Donations 350 Competition prizes 750 Balance c/d 31 March 2015 1930 Travelling expenses 1900 7350 Other operating expenses 1350 7350 Balance b/d 1 April 2015 1930 Additional information 1 Balances at: 1 April 2014 31 March 2015 $ $ Subscriptions in advance 450 Subscriptions in arrears 530 750 Fixtures and equipment (valuation) 4000 4400 Rent of clubroom prepaid 50 Rent of clubroom accrued 70 – Other operating expenses accrued 190 20 Accumulated fund 4500 ? 2 $280 of the subscriptions in arrears on 1 April 2014 were subsequently received. 3 Subscriptions not paid after 12 months were considered irrecoverable.

Mark scheme

Marking points from the official mark scheme (May/June 2015). The mark or mark type is shown in brackets.

1. [5] (a) Subscriptions account: 2014 1 April Balance b/d 530
2. [5] (a) Subscriptions account: 2015 31 March Income and expenditure 3280 (1)of
3. [5] (a) Subscriptions account: Balance c/d 450
4. [5] (a) Subscriptions account: 2015 31 March Receipts and payments 3260 (1)
5. [5] (a) Subscriptions account: Bad debts 250 (1)
6. [5] (a) Subscriptions account: Balance c/d 750
7. [5] (a) Subscriptions account: 1 April Balance b/d 450 (1)
8. [8] (b) Income and Expenditure Account: Income: Subscriptions $3280
9. [8] (b) Income and Expenditure Account: Competition: Fees $1580 - Prizes $750 = $830 (1)
10. [8] (b) Income and Expenditure Account: Donations $350 (1)
11. [8] (b) Income and Expenditure Account: Total Income $4460
12. [8] (b) Income and Expenditure Account: Less Expenditure: Rent (2000-70-50) $1880 (1)
13. [8] (b) Income and Expenditure Account: Treasurer's salary $250 (1)
14. [8] (b) Income and Expenditure Account: Travelling expenses $1900 (1)
15. [8] (b) Income and Expenditure Account: Other operating expenses (1350-190+20) $1180 (1)
16. [8] (b) Income and Expenditure Account: Depreciation $700 (1)
17. [8] (b) Income and Expenditure Account: Bad debts $250 (1)
18. [8] (b) Income and Expenditure Account: Total Expenditure $6160
19. [8] (b) Income and Expenditure Account: Deficit ($1700)
20. [7] (c) Statement of Financial Position: Non-current asset: Fixtures and equipment $4400 (1)
21. [7] (c) Statement of Financial Position: Current assets: Subscriptions in arrears $750 (1)
22. [7] (c) Statement of Financial Position: Other receivables $50 (1)
23. [7] (c) Statement of Financial Position: Accumulated fund: Opening balance $4500, Deficit for the year (1700) = $2800 (1)of
24. [7] (c) Statement of Financial Position: Current liabilities: Subscriptions in advance $450 (1)
25. [7] (c) Statement of Financial Position: Other payables $20 (1)
26. [7] (c) Statement of Financial Position: Bank overdraft $1930 (1)