Club Account Notes kate - Dublin Academy · Timetable An extensive range of course options are available over a two-week period to cater for students’ timetable needs. Courses are

3rd Year Business Studies Higher Level Kate Fortune

Club Accounts

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Oral Preparation CoursesSeparate to the Easter Revision Courses, The Dublin School of Grinds is also running Oral Preparation Courses. With the Oral marking component of the Leaving Certificate worth up to 40%, it is of paramount importance that students are fully prepared for these examinations. These courses will show students how to lead the Examiner towards topics that the student is prepared in. This will provide students with the confidence they need to perform at their peak.

ORAL PREPARATION COURSE FEES:

PRICE TOTAL SAVINGS

1st Oral Course €140 €140 -

2nd Oral Course €100 €240 €40

Looking to maximise your CAO points?Easter is well known as a time for students to vastly improve on the points that they received in their mock exams. To help students take advantage of this valuable time, The Dublin School of Grinds is running intensive exam-focused Easter Revision Courses. Each course runs for five days (90 minutes per day).

The focus of these courses is to maximise students’ CAO points. Special offer: Buy 1st course and get 2nd course free. To avail of this offer, early booking is required as courses were fully booked last year.

What do students get at these courses?

9 90 minutes of intensive tuition per day for five days, with Ireland’s leading teachers.

9 Comprehensive study notes.

9 A focus on simple shortcuts to raise students’ grades and exploit the critically important marking scheme.

9 Access to a free supervised study room.

9 Access to food and beverage facilities.

EASTERREVISION COURSES EASTER REVISION COURSE FEES:

PRICE TOTAL SAVINGS

1st Course €295 €295 -

2nd Course FREE €295 €295

3rd Course €100 €395 €490

4th Course €100 €495 €685

5th Course €100 €595 €880

6th Course €100 €695 €1,075

7th Course €100 €795 €1,270

8th Course €100 €895 €1,465

9th Course €100 €995 €1,660

To book, call us on 01-442 4442 or book online at www.dublinschoolofgrinds.ie

NOTE: These courses are built on the fact that there are certain predicable trends that appear and reoccur over and over again in the State Examinations.

FREE DAILY BUS SERVICE For full information on our Easter bus service, see 3 pages ahead.

NOTE: Any bookings for Junior Cert courses will also receive a weekly grind in one subject for the rest of the academic year, free of charge. This offer applies to 3rd and 2nd year students ONLY.

Timetable An extensive range of course options are available over a two-week period to cater for students’ timetable needs. Courses are held over the following weeks:

» Monday 21st March – Friday 25th March 2016 » Monday 28th March – Friday 1st April 2016

All Easter Revision Courses take place in The Talbot Hotel, Stillorgan (formerly known as The Stillorgan Park Hotel).

BOOK EARLY TO AVAIL OF THE SPECIAL OFFER

BUY 1ST COURSE GET 2ND COURSE

F R E E ! Due to large course content, these subjects have been

divided into two courses. For a full list of topics covered in these courses, please see 3 pages ahead.

*

6th Year Easter Revision CoursesSUBJECT LEVEL DATES TIME

Accounting H Monday 21st March – Friday 25th March 8:00am - 9:30am

Agricultural Science H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

Applied Maths H Monday 28th March – Friday 1st April 8:00am - 9:30am

Art History H Monday 28th March – Friday 1 April 8:00am - 9:30am

Biology Course A* H Monday 21st March – Friday 25th March 8:00am - 9:30am

Biology Course A* H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

Biology Course A* H Monday 28th March – Friday 1st April 10:00am - 11:30am

Biology Course B* H Monday 21st March – Friday 25th March 10:00am - 11:30am

Biology Course B* H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

Biology Course B* H Monday 28th March – Friday 1st April 8:00am - 9:30am

Business H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

Business H Monday 28th March – Friday 1st April 8:00am - 9:30am

Chemistry Course A* H Monday 28th March – Friday 1st April 12:00pm - 1:30pm

Chemistry Course B* H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

Classical Studies H Monday 21st March – Friday 25th March 8:00am - 9:30am

Economics H Monday 21st March – Friday 25th March 8:00am - 9:30am

Economics H Monday 28th March – Friday 1st April 10:00am - 11:30am

English Paper 1* H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

English Paper 2* H Monday 21st March – Friday 25th March 10:00am - 11:30am

English Paper 2* H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

English Paper 2* H Monday 28th March – Friday 1st April 10:00am - 11:30am

English Paper 2* H Monday 28th March – Friday 1st April 12:00pm - 1:30pm

French H Monday 21st March – Friday 25th March 10:00am - 11:30am

French H Monday 28th March – Friday 1st April 8:00am - 9:30am

Geography H Monday 28th March – Friday 1st April 8:00am - 9:30am

Geography H Monday 28th March – Friday 1st April 10:00am - 11:30am

German H Monday 21st March – Friday 25th March 10:00am - 11:30am

History (Europe)* H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

History (Ireland)* H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

Home Economics H Monday 21st March – Friday 25th March 10:00am - 11:30am

Irish H Monday 21st March – Friday 25th March 10:00am - 11:30am

Irish H Monday 28th March – Friday 1st April 12:00pm - 1:30pm

Maths Paper 1* H Monday 21st March – Friday 25th March 8:00am - 9:30am

Maths Paper 1* H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

Maths Paper 1* H Monday 28th March – Friday 1st April 10:00am - 11:30am

Maths Paper 1* H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

Maths Paper 2* H Monday 21st March – Friday 25th March 10:00am - 11:30am

Maths Paper 2* H Monday 21st March – Friday 25th March 2:00pm - 3:30pm



Maths O Monday 21st March – Friday 25th March 8:00am - 9:30am

Maths O Monday 28th March – Friday 1st April 12:00pm - 1:30pm

Physics H Monday 28th March – Friday 1st April 10:00am - 11:30am

Spanish H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

Spanish H Monday 28th March – Friday 1st April 10:00am - 11:30am

6th Year Oral Preparation CoursesSUBJECT LEVEL DATES TIME

French H Sunday 20th March 10:00am - 2:00pm

German H Saturday 26th March 10:00am - 2:00pm

Irish H Saturday 26th March 10:00am - 2:00pm

Spanish H Saturday 19th March 1:00pm - 5:00pm

5th Year Easter Revision CoursesSUBJECT LEVEL DATES TIME

Maths H Monday 28th March – Friday 1st April 8:00am - 9:30am

English H Monday 28th March – Friday 1st April 4:00pm - 5:30pm

Note: 5th year students are welcome to attend any 6th year course as part of our buy 1 get 1 free offer.

3rd Year Easter Revision CoursesSUBJECT LEVEL DATES TIME

Business Studies H Monday 28th March – Friday 1st April 8:00am - 9:30am

English H Monday 21st March – Friday 25th March 8:00am - 9:30am

English H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

French H Monday 28th March – Friday 1st April 12:00pm - 1:30pm

Geography H Monday 28th March – Friday 1st April 12:00pm - 1:30pm

German H Monday 21st March – Friday 25th March 8:00am - 9:30am

History H Monday 21st March – Friday 25th March 4:00pm - 5:30pm

Irish H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

Maths H Monday 21st March – Friday 25th March 10:00am - 11:30am

Maths H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

Maths H Monday 28th March – Friday 1st April 10:00am - 11:30am

Maths O Monday 28th March – Friday 1st April 12:00pm - 1:30pm

Science H Monday 28th March – Friday 1st April 2:00pm - 3:30pm

Science H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

Spanish H Monday 21st March – Friday 25th March 12:00pm - 1:30pm

2nd Year Easter Revision CoursesSUBJECT LEVEL DATES TIME

Maths H Monday 21st March – Friday 25th March 2:00pm - 3:30pm

NOTE: Any bookings for Junior Cert courses will also receive a weekly grind in one subject for the rest of the academic year, free of charge. This offer applies to 3rd and 2nd year students ONLY.

© The Dublin School of Grinds Page 2 Kate Fortune

Club Accounts are worth 10% of the Junior Cert Contents: 1) What is a Club?...............................................................................................................3 2) The Officers of a Club…………………………………………………………..………….3 3) Analysed Cash Books………………………………………………………….…………..4 4) Receipts and Payments Accounts……………………………………….……………5 5) Income and Expenditure Accounts…………………………………………………..6 6) Statement of Accumulated Fund………………………………….…………………..7 7) Club Trading Account……………………………………………………………………..8 8) Club Balance Sheet……………………………………………………………………..…..9 9) Past and Probable Exam Questions………………………………….…..………...10 10) Solutions…………………………………………………………………………………….17


1) What is a Club? A club is a non-‐profit making organisation or association that is set up for the benefit of its members. You may be part of a Soccer club or a Gaelic club. As a member you are entitled to attend the AGM (Annual General Meeting) of the club. Every week or year you pay subscriptions or membership fees, which are used to help run the club. Just like any organisation, it is important that a club is run smoothly and efficiently. There are 3 officers in a club who ensure the efficient running of the club. 2) The Officers of a Club

1. Chairperson. • The chairperson is responsible for the overall running of the club. • They chair meetings e.g. AGM and make sure these meetings run smoothly. • They ensure the club follows any laws that are applicable to them.

2. Secretary

• The secretary is usually responsible for the communication in a club. • They send out the notice and agendas for any meetings • They write up the minutes of each meeting. • They organise the venues for future meetings.

3. Treasurer

• The treasurer is responsible for the finances of a club. • They collect subscriptions from members and issue receipts. • They prepare financial reports that will be presented to members at the

AGM. • They prepare final accounts and Balance Sheets. • They record all receipts and payments and ensure all money is lodged to the

clubs bank account. It is very common for the examiner to ask you to explain the roles of the officers of a club, so you must know them. Most marks in Club Account questions are awarded for the preparation of the actual accounts. It varies every year which ones will be asked. It can be difficult to predict so therefore you should know them all.


3) Analysed Cash Book An analysed cash book is basically a T account of all the money received and spent by the club. It is in effect a bank account and is sometimes referred to an Analysed Receipts and Payments Account. Remember: the debit side of the cash book is used to record money coming into the club. The credit side of the cash book is used to record money going out of the club. Examples of money coming into a club are subscriptions, bar sales, sponsorship, lotto, disco receipts. Examples of money leaving the club are bar purchases, dance payments, insurance, repairs, light and heat, travel costs and competition fees. Note: if you are asked to prepare an Analysed Cash Book the analysis columns will be given to you. Also there will usually be an opening balance at the start of the year. Record it on the debit side if they have money in the bank and on the credit side if they have an overdraft.


4) Receipts and Payments Accounts This is a record of a clubs receipts and payments made during a particular period. It is basically a summary of the analysed cash book during the period. It is a record of all money received and paid. There are a number of things you must remember when preparing Receipts and Payments Accounts. They are:

• It is always prepared in a T account format. • Receipts (money coming in) are always entered on the debit side. • Payments (money going out) are always entered on the credit side. • You must include opening balances. • Do not include adjustments. These are additional information that the examiner will

give you, but they are not entered in the Receipts and Payments Account. • Make sure you include a title.

A Receipts and Payments Account should look like this:

Receipts and Payments A/c for year ending 31/12/2009 Opening Cash 14,000 Light &Heat 1,680 Subs 8,700 Equipment 15,600 Regatta entry fee 19,360 General Expenses 3,460 Annual Sponsorship 850 Regatta Expenses 8,220 Club lotto 2,750 Insurance 1,870 Balance c/d 14,830 45,660 ` 45,660 Balance b/d 14,830


5) Income and Expenditure Accounts This is basically a summary of the income and expenditure of the club. It differs from a Receipts and Payments Account (all money received and paid is entered) in that we only record items that actually relate to the period, so we must include amounts due and prepayments. These items are the adjustments we referred to early. This is what you need to know when preparing Income and Expenditure Accounts:

• Make sure you include a title. • Prepare like a National Budget. • Do not include opening or closing bank balances. • Do not include the purchase or sale of assets. • Indicate if there is an excess income over expenditure or vice versa. • Do include adjustments i.e. prepayments, dues, depreciation.

The Income and Expenditure Account should look like: Income and Expenditure A/c for Knockbrack Mountaineering for year ending 30/04/2012 Income € € € Canteen Profit 6121 Subscriptions 2418 Less Prepaid 180 2238 Raffle Income 3786 Flag Day Collection 1959 14104 Expenditure Insurance 2714 Rent 1275 Less Prepaid 350 925 Travel Expenses 1688 Telephone 493 Add Due 84 577 Depreciation of Equipment 510 6414 Excess Income over Expenditure 7690


6) Statement of Accumulated Fund The Accumulated Fund is the capital of the club. It is the money the members put into the club to when it is forming. It is very similar to the capital that shareholders put into a company. In order to calculate it, you simply add the assets of the club (what they own) and the liabilities (what they owe) at the start of the year and take them away. A Statement of Accumulated Fund should look like this: Statement of Accumulated fund for Boyne Valley Angling Club € Assets Boats 30,000 Clubhouse 200,000 Cash 2500 232,500 Liabilities Long Term loan 40,000 Accumulated Fund 192,500 Remember, just add up the assets and liabilities at the start of the year, take them away and this will give you the figure for Accumulated Fund. If you are asked to prepare a Balance Sheet, the capital will be replaced by Accumulated Fund.


7) Club Trading Account Many clubs will run a bar, shop or restaurant in their club. They do this as it’s usually a good way to obtain valuable funds for the running of the club. We prepare a Club Trading Account in exactly the same way as a Trading Account for a business. The Account will tell us if the club made a profit in the bar, shop etc. If they made a profit you must enter it in the income section of the Income and Expenditure Account, and if they made a loss, enter it in the expenditure section. A Club Trading Account will look like this: Canteen Trading Account for Knockbrack Mountaineering Club for year ending 30/04/2012

Canteen Sales

€8193 Less cost of Sales

Opening Stock

0 Canteen Purchases €2647

€2647

Less Closing Stock €575 Cost of Sales

€2072

Canteen Profit

€6121

The Canteen Profit of €6121 will now be entered in the Income and Expenditure Account. There are usually only 4 entries: Sales, Purchases, Opening Stock and Closing Stock.


8) Club Balance Sheet The Balance Sheet is prepared in the same way as one for a business. It is a statement of assets and liabilities of a club, and where it got the money to finance it. The only difference is that share capital is replaced by Accumulated Fund. The 4 sections of the Balance Sheet are the same:

• Fixed Assets – land, buildings, vehicles. • Current Assets – cash, closing stock expenses prepaid etc. • Current Liabilities – bank overdraft, expenses due etc. • Financed By – Accumulated Fund, excess Income over Expenditure.

The Balance Sheet for a club should look like this: Balance Sheet of St. Josephs Boys as at 30/04/2012 Fixed Assets Cost Depreciation Net Book Value Clubhouse 364,000 10,920 353,080 Equipment 80,000 12,000 68,000 444,000 22,920 421,080 Current Assets Closing stock of stationery 170 Cash 7,840 8,010 Current Liabilities Subs prepaid 1,600 Light & Heat due 290 1,890 Working Capital 6,120 Total Net assets 427,200 Financed By Accumulated Fund 411,210 Excess Income over Expenditure 15,990 Capital Employed 427,200 Make sure you include the Title.


9) Past and Probable exam Questions Q. 1


Q. 2

(6)


Q. 3 Answer all parts of this Question:

(40 marks)





(40marks)


Q. 6 Answer all parts of this question:


Q. 7 Answer all parts to this Question:

(40 marks)


Solutions Q 1) Q 1. This is a Club Account Question (A) Statement of accumulated fund for KJ Rugby Club on 01/01/2013 € Assets Minibus 45,000 Clubhouse 440,000 Cash 6,100 491,100 Liabilities Long Term loan 66,000 Accumulated Fund 425,100 (B) (i) Receipts and Payments A/c for year ending 31/12/2013 Opening Cash 6,100 Equipment 24,000 Subs 16,300 Tag Expenses 4,260 Tag entry fee 8,470 Light & Heat 1,890 Annual Sponsorship 2,300 Insurance 3,780 Club lotto 4,450 General Expenses 3,140 Balance c/d 550 37,620 ` 37,620 Balance b/d 550


Income and Expenditure Account for the year ending 31/12/2013 € € € Income Subs 16,300 Less prepaid 400 15,900 Tag Entry fees 8,470 Less Expenses 4,260 4,210 Annual Sponsorship 2,300 Club lotto 4,450 26,860 Expenditure Light & heat 1,890 Add L&H due 190 2,080 General Expenses 3,140 Insurance 3,780 Less insurance prepaid 530 3,250 Depreciation: Equipment 3,600 Mini-‐bus 9,000 12,600 21,070 Excess of Income 5,790 (C) Two assets: Clubhouse and Mini-‐bus Liability: Long term loan


Q 2) A (i). Shop Trading Account of Rock Boxing Club for year ending 31/12/2012 € € € Shop Sales 4,750 Less cost of Sales Opening Stock 1,300 Add Shop Purchases 2,900 4,200 Less Closing Shop Stock 900 3,300 Shop Profit 1,450 (ii) Income and Expenditure Account of Rock Boxing Club for year ending 31/12/2012 € € € Income Shop Profit 1,450 Tug of war Income 3,670 -‐Tug of war Expenditure 1,590 2,080 Annual Sponsorship 5,200 Club Lotto Sales 5,900 -‐Club Lotto Expenses 4,830 1,070 Subscriptions 7,960 -‐Subs Prepaid 140 7,820 17,620 Expenditure Repairs to fixtures 920 Insurance 6,720 -‐Insurance Prepaid 840 5,880 Light & Heat 3,625 +Light & Heat due 325 3,950 Sundry Expenses 5,320 Depreciation of Equipment 1,260 17,330 Excess Income over Expenditure 290 (B) (i) The Treasurer (ii) Grant. They good look for a grant from the Government or National Lottery. This

would be a good source as it is non-‐repayable.


Q. 3) Income and Expenditure Account of Linn Swimming Club for year ended 31/12/2012. Income Competition Receipts 12,600 Less Comp Expenses 4,225 8,375 Subscriptions 6,600 Less prepaid 350 6,250 Sponsorship 9,700 24,325 Less Expenditure Affiliation Expenses 600 Stationery 740 Less on hand 120 620 General Expenses 520 Add Gen Expenses Due 65 585 Insurance 10,220 Pool Rent 9,000 Depreciation: Laptop 290 Equipment 3,600 3,890 24,915 Excess Expenditure over Income (590)


Balance Sheet of Linn Swimming Club as at 31/12/2012 Fixed Assets Cost Depreciation Net Book Value Equipment 24,000 3,600 20,400 Laptop 1,160 290 870 25,160 3,890 21,270 Current Assets Closing stock of stationery 120 Cash 520 640 Current Liabilities Subs prepaid 350 General Exps due 65 415 Working Capital 225 Total Net assets 21,495 Financed By Accumulated Fund 22085 Excess Expenditure (590) Funds Employed 21495 (B) Two duties of the club treasurer:

• Collects subscriptions and lodges them to the club bank account. • Prepares the clubs final accounts.


Q. 4) (A) (i) Shop Trading Account of Park Hockey Club for the year ending 31 December 2010. € € Shop Sales 14,300 Less cost of sales Opening Stock 5,900 Add shop purchases 9,850 15,750 Less Closing Stock 8,120 7,630 Shop Profit 6,670 Income and Expenditure Account of Park Hockey Club for year ending 31/12/2010 Income € € € Shop Profit 6,670 Club Lotto 22,400 Less lotto expenses 16,220 6,180 Competition fees 6,100 Less competition prizes 4,900 1,200 Subscriptions 17,800 Add subs due 700 18,500 Annual Sponsorship 3,500 36,050 Expenditure General Expenses 5,600 General expenses due 325 5,925 Light + Heat 6,850 Pitch Maintenance 4,300 Insurance 8,970 Less prepaid 1,495 7,475 Depreciation of equipment 1,110 25,660 Excess Income 10,390 (B) (i) The treasurer. (ii)

• Income and Expenditure account • The clubs Balance Sheet • Financial plans and projections.


Q. 5)

(A) Statement of accumulated fund for Bulben Sailing Club € Assets Yachts 110,000 Clubhouse 320,000 Cash 14,000 444,000 Liabilities Long Term loan 128,500 Accumulated Fund 315,500 (B) (i) Receipts and Payments A/c for year ending 31/12/2009 Opening Cash 14,000 Light &Heat 1,680 Subs 8,700 Equipment 15,600 Regatta entry fee 19,360 General Expenses 3,460 Annual Sponsorship 850 Regatta Expenses 8,220 Club lotto 2,750 Insurance 1,870 Balance c/d 14,830 45,660 ` 45,660 Balance b/d 14,830


Income and Expenditure Account for the year ending 31/12/2009 € € € Income Subs 8,700 Less prepaid 600 8,100 Regatta Entry fees 19,360 Less Expenses 8,220 11,140 Annual Sponsorship 850 Club lotto 2,750 22,840 Expenditure Light & heat 1,680 Add L&H due 210 1,890 General Expenses 3,460 Insurance 1,870 Less insurance prepaid 160 1,710 Depreciation Equipment 2,340 Depreciation Yachts 11,000 20,400 Excess of Income 2,440 (C) Two assets: Yachts and Clubhouse Liability: Long term loan


Q. 6) Income and Expenditure Account for year ended 30th April 2009 Income Gate Receipts 23,940 Subscriptions 34,100 Less prepaid 1,600 32,500 Club Lotto 53,700 110,140 Less Expenditure Maintenance Expenses 3,780 Stationery 1,730 Less on hand 170 1,560 General Expenses 34,610 Club lotto prizes 19,400 Insurance 9,330 Light & Heat 2,260 Add due 290 2,550 Depreciation: Clubhouse 10,920 Equipment 12,000 94,150 Excess Income over Expenditure 15,990


Balance Sheet as at 30/04/2009 Fixed Assets Cost Depreciation Net Book Value Clubhouse 364,000 10,920 353,080 Equipment 80,000 12,000 68,000 444,000 22,920 421,080 Current Assets Closing stock of stationery 170 Cash 7,840 8,010 Current Liabilities Subs prepaid 1,600 Light & Heat due 290 1,890 Working Capital 6,120 Total Net assets 427,200 Financed By Accumulated Fund 411,210 Excess Income over Expenditure 15,990 Capital Employed 427,200 (B) (i) Depreciation is the decrease in value of a fixed asset. (ii) Wear and Tear, usage, age


Q. 7) A i. Bar Trading Account for year ending 30/04/08 € € € Bar Sales 47,600 Less cost of Sales Opening Stock 12,000 Add Bar Purchases 30,960 42,960 Less Closing Bar Stock 14,400 28,560 Bar Profit 19,040 (ii) Income and Expenditure Account for year ending 30/04/08 € € € Income Bar Profit 19,040 Club Lotto 24,400 Subs 52,000 Less Subs prepaid 2,500 49,500 92,940 Expenditure Groundsmans Wages 22,100 Light & Heat 5,960 + Due 345 6,305 Insurance 11,200 Less prepaid 2,800 8,400 Club Lotto Prizes 8,140 Telephone 1,655 Repairs & Maintenance 17,895 Depreciation of Tractor 5,000

69,495 Excess Income over Expenditure 23,445 (B)

i. Treasurer ii. Gross Profit Percentage


Gross Profit X 100 = 19040

Sales 1 47600 = 40%

(iii) To suggest ways to raise finances To allow members to enquire about the finances of the club.

Documents

Club Account Notes kate - Dublin Academy · Timetable An extensive range of course options are available over a two-week period to cater for students’ timetable needs. Courses are