Accumulated Fund Assignment | Homework For You
May 26th, 2020
PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 MARCH 20.8
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| Accumulated fund……………………. ………………………………………………………………… | R |
| 12 540 | |
| Membership fees received………….. ……………………………………………………………… | 31 000 |
| Membership fees in arrears – 1 April 20.7 ………………………………………………………. | 4 000 |
| Membership fees prepaid – 1 April 20.7…………………………………………………….. | 5 000 |
| Donations received………………………………………………………………………… | 3 500 |
| 56 040 |
Additional information
(a) Entrance fee and donations received must be capitalized.
(b) Membership fees:
In arrears at 31 March 20.8 …………………………………………………………… R2 500
Received in advance at 31 March 20.8………………………………………………. R2 000
| (c) | Five new members joined the club during the year. Each new member paid entrance fee of R200 and this entrance fee was included in membership fees received. |
| (d) | Half of the membership fees that were in arrears on 1 April 20.7, must be written off as irrecoverable. |
(e) Canoeing Club has a deficit of R6 300 for the year ended 31 March 20.8.
15. The amount to be disclosed for accumulated fund in the statement of financial position
for the year ended 31 March 20.8 will be …
(1) R 9 740
(2) R 6 240
(3) R10 740
(4) R18 840
(5) R17 040
