Lochton Athletics Club is planning an end of season Awards Dinner/Disco.
The following details have been given.
Disco rental: £135
Venue rental for the event: £265
£15 for food and drinks per person
Each ticket cost £20.
Determine how many tickets the club needs to sell for the Awards Dinner/Disco in order to break even.
(b) Determine how many tickets would need to be sold in order to achieve a profit of £250.
(c) Determine the ticket price that will allow the club to break even if 200 individuals wish to attend the event.
(d) The club treasurer creates a budget for cash as well as a receipts and payments account. Provide two additional possible financial statements and describe the details that would be provided to members in each.
(e) (i) A club will spend money on both capital and income projects. What makes capital expenditures and revenue expenditures different?
(ii) Illustrate each category of expense.
5. Fraser Thomson and Andrew King jointly own and operate Bennarty Bikes. They have learned that their Trial Balance as of April 30 did not concur. The totals in the Debit and Credit columns were £5,980 and £6,090, respectively.
The following mistakes were found when the ledger accounts were checked.
(1) The Sales account contained two entries totalling £200.
(2) A £340 rent payment had been received, but it had been recorded in the bank account on the wrong side of the rent received account.
(3) The Purchases account was the sole place where a £140 (minus VAT) invoice from A Law was missed.
(4) Fraser Thomson withdrew £450 for personal use. The Bank account was the only place this was noted.
Open the account necessary for the Trial Balance to concur (a) (i).
(ii) Only make the entries in this account necessary to fix the aforementioned mistakes.
(b) Bennarty Bikes’ partners have been debating the company’s future. Andrew King advised that they turn their company into a plc.
Give the partners a rundown of this move’s two benefits and two drawbacks.
(c) Describe the reasons why a bank account’s trial balance could show either a debit or a credit amount.
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