SG 2.

Frank’s Soccer Club

Statement of profit or loss for the year ended 31 December 20.19
Receivables for membership fees Income 317,350
Balance 6,160 Balance 6,600 Membership fees 303,350
Membership fees (balancing Figure) 348,852 303,350 Bank 347,692 Sponsorship received 13,000
VAT output (348 852 x 15/115) 45,502 Bad debts 1,200 1,380 Interest income 1,000
Balance 7,480 VAT input (1 380 x 15/115) 180 Expenses -124,333
Balance 6,820 Lime 6000
362,492 362,492 Wages 36000
Balance/ Saldo 6,820 Balance/ Saldo 7,480 Soccer balls 3,000
Stationery 3,600
Stationery Depreciation (25000-12000 accumulated depr) 13,000
Balance (prepaid: 20.18) 1,600 Income & expense acc (4 800-1 200) 3,600 Bad debts (membership fees) 1,200
Bank (3 680 x100/115) 3,200 Balance (prepaid:20.19) 1,200 Interest expense 61,533
4,800 4,800 Surplus for the year 193,016
Balance/ Saldo 1,200

Payables: Soccer balls

Bank 3,744 Balance 990
Balance 880 Purchases 3,160 3,634
VAT input 474
4,624 4,624
Balance 880

Soccer balls used

Balance (prepaid: 20.18) 600 Income & expense acc 3,000
Purchases (transferred from payables) 3,160 Balance (prepaid:20.19) 760
3,760 3,760
Balance/ Saldo 760

Interest income
Balance (accrued income:20.18) 160 Bank (received) 360
Income & expense account
(22 000 x 5% x6/12)+(18 000 x5%x6/12) 1,000 Balance (1160-360) 800
1,160 1,160
Balance/ saldo 800

Interest expense
Bank (payments) 53,200 Balance (accrued exp:20.18) 200
Balance (61 733-53 200) 8,533 Income & expense acc 61,533
(767 000 x 10% x2/12)+(585 000 x10%x10/12)
61,733 61,733
Balance 8,533

VAT input
Bad debts 180 SARS 5,034
Lime 900
Soccer balls(payables) 474
Stationery 480
Furniture 3000
5,034 5,034

VAT output
South African Revenue service 66,952 Membership fees 45,502
Entrance fees 21,450

South African Revenue service (VAT)

VAT input 5,034 Balance 12,660
Bank 36,282 VAT output 66,952
Balance 38,296
79,612 79,612
Balance 38,296