Clubs and societies: Practice Questions

In the financial statements of a club or society, what is the accumulated fund equivalent to in the accounts of a sole trader?

What is the definition of the accumulated fund in the accounts of a sports club?

Which of the following describes the nature of a receipts and payments account prepared by a social club?

Which of the following items would be recorded in a club's receipts and payments account?

Which statement correctly describes the purpose of a receipts and payments account for a social club?

The Northside Social Club provided the following information for the year ended 30 June 2024:

At 1 July 2023:
Clubhouse: \( \$120,000 \)
Subscriptions in arrears: \( \$450 \)
Subscriptions in advance: \( \$200 \)
Bank balance (debit): \( \$3,100 \)

During the year ended 30 June 2024:
Total subscriptions received: \( \$8,400 \) (this includes the arrears from 2023 and \( \$300 \) for the next financial year).
Wages paid: \( \$2,200 \)
General expenses paid: \( \$1,150 \)

At 30 June 2024:
Subscriptions in arrears: \( \$500 \)

Required:
(a) Calculate the accumulated fund of the club at 1 July 2023.

(b) Calculate the amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 30 June 2024.

(c) Explain the difference between the accumulated fund of a club and the capital of a sole trader.