SG 12.

The following are financial statements of BB’s Soccer Club for the year ended
31 December 2010.

BB’s Soccer Club

Statement of income for the year ended 31 December 2010.

Income 50 000
Membership fees 50 000

Expenses 15 050
Telephone 400
Depreciation on Vehicles and furniture 1 200
Interest on loan 11 250
Bad debts: Membership fees 200
Soccer balls used 2 000
Surplus for the year 34 950

BB’s Soccer Club

Statement of changes in equity for the year ended 31 December 2010

Balance at 31 December 2009 69 750

Surplus for the year 34 950
Balance at 31 December 2010 104 700
 BB’s Soccer Club

Statement of financial position as at 31 December

2009 2010
ASSETS
Non-Current Assets 131 500 162 300
Building at cost 100 000 130 000
Vehicles at cost 20 000 20 000
Less: Accumulated depreciation (2 000) 18 000 (2 500) 17 500
Furniture at cost 15 000 17 000
Less: Accumulated depreciation (1 500) 13 500 (2 200) 14 800

Current assets
Membership fees receivables 2 000 1 000
Bank 17 600 44 400
151 100 207 700

EQUITY AND LIABILITIES

Equity
Accumulated funds 69 750 104 700

Non-current liabilities
Long-term loan 80 000 95 000

Current liabilities 1 350 8 000

Payables: Clubhouse extensions - 5 000
Soccer balls - 1 000
Membership fees received in advance 100 500
Interest owing 1 250 1 500
151 100 207 700

Required:

The following ledger accounts to determine the amount for receipts or payments:

 Receivables for membership fees

 Payables: soccer balls
 Soccer balls
 Interest expense
NB: The club is not registered for VAT purposes