Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

Study Source B in the insert.
(a)[6]

Discuss the importance of the membership changes and their effect on the club’s funds using the entries in these ledger accounts.

(b)[9]

Prepare the income and expenditure account for the year to 31 December 2024.

(c)[5]

Calculate the accumulated fund as at 31 December 2024.

(d)[5]

Advise the committee members whether the club should adopt this suggestion or not. Support your answer with reasons.

Worked solution & mark scheme

This 25-mark question has a full step-by-step worked solution and mark scheme. One marking point: The number of members paying annual subscriptions has dropped from 397 to 386, a fall of 11

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