Assessment 4 FAC1502

The following information pertains to All STARS Tennis Club.
ALL STARS TENNIS CLUB
Extract from the list of balances as at 31 December 20.19:
R
Accumulated fund (1 January 20.19).. 19 320
……………………………..
Fixed deposit………………………………………………………... 80 000
Entrance fees……………………………………………………….. 5 000
Donations received ………………………………………………… 38 600
Interest on fixed deposit……………………………………………. 4 000
Membership fees received…………………………………………. 37 440

Additional information
Only 75% of the entrance fees must be capitalized.

If it is assumed that the deficit for the year ended 31 December 20.19 was
R2 988.


What will the balance of the accumulated fund account be on 31
December 20.19?


Instructions:
Drag the correct answer into the correct
space. An option can be used more than
once.
Keep the sequence of the transactions strictly according to the
information given and the correct format.
If an options has been provided and it is not applicable to the specific
questions please put N/A in the accounts column and a 0 in the amounts
column.




Balance
Entrance
fees
Donations
received N/A
Balance
Income and expenditure
account

, 19 320
3 750
38 600
0
61 760
61 760
2 988
37 440
Entrance fees
N/A

, Donations
received
Balance
Income and expenditure
account Membership fees
37 440
61 760
19 320
26 058
20 082
17 582
2 988
0
1 250
23 070
3 750
20 570
38 600
5 000
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Your answer is partially correct.
You have correctly selected 9.
Question 2
Incorrect
Mark 0.00 out of 1.00




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Question text
Indicate whether the following statement is true or false.
At the end of the financial year, the gross profit/loss is not
transferred to the trading account.


Select
one:
True
False
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Incorrect answer
The correct answer is 'True'.
Question 3
Correct
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