The Sporting Excellence Club offers sports facilities for its members, and it also operates a shop where members may purchase sportswear.
The club’s assets and liabilities included the following.
31 December 2022 / 31 December 2023
Subscriptions received in advance $610 / $570
Subscriptions received in arrears $480 / $465
Insurance paid in advance $240 / $250
Shop inventory $2 500 / $2 750
Trade payables for shop supplies $2 140 / $2 470
The totals below were extracted from the club’s receipts and payments account for the year ended 31 December 2023.
Receipts:
Subscriptions received $11 950
Shop sales $31 890
Payments:
Trade payables for shop supplies $23 290
Shop wages $3 268
Club rent and insurance $7 390
Other club expenses $1 122
(a)[6]
Set up the subscriptions account for the year ended 31 December 2023. Balance it and carry the balances down at 1 January 2024.
(b)[4]
Set up the rent and insurance account for the year ended 31 December 2023. Balance it and carry the balance down at 1 January 2024.
(c)[3]
Work out the shop purchases for the year ended 31 December 2023.
(d)[5]
Draft the income statement for the shop for the year ended 31 December 2023.
(e(i))[1]
State what is meant by the term accumulated fund.
(e(ii))[1]
State what is meant by the term income and expenditure account.