Clubs and societies — Paper 1 · IGCSE Accounting (9-1) 0985

23 A sports club provided the following information. $ subscriptions for the year 26 800 profit on sale of refreshments 4 200 depreciation 1 500 rent and insurance 12 600 wages 3 200 What was the total income for the year? A $15 800 B $17 300 C $22 600 D $31 000

1 marks

Answer: D

This question in 0985/12 Oct/Nov 2020

24 A club was formed on 1 July 2019. During the year ended 30 June 2020 subscriptions received from members totalled $2500. This included $120 paid in advance for the next financial year. Subscriptions outstanding on 30 June 2020 amounted to $280. How much was recorded for subscriptions in the income and expenditure account for the year ended 30 June 2020? A $2100 B $2500 C $2660 D $2780

1 marks

Answer: C

This question in 0985/12 Oct/Nov 2020

24 Every member of a sports club is required to pay an annual subscription of $50. The subscriptions account showed the following. Subscriptions account $ $ 2020 2020 Jan 1 Balance b / d 350 Dec 31 Bank 10 950 Dec 31 Income and 10 900 Balance c / d 750 expenditure account Balance c / d 450 11 700 11 700 2021 2021 Jan 1 Balance b / d 750 Jan 1 Balance b / d 450 What was the increase in the number of members in arrears between 1 January and 31 December 2020? A 2 members B 6 members C 8 members D 17 members

1 marks

Answer: C

This question in 0985/11 May/June 2021

25 Which term is used to describe the surpluses which have been earned by a club over its lifetime? A accumulated fund B capital C retained earnings D subscriptions

1 marks

Answer: A

This question in 0985/11 May/June 2021

27 Which statement about a receipts and payments account is incorrect? A It includes amounts prepaid at the end of the year. B It shows the surplus for the year. C Non-monetary items are excluded. D The balance represents cash and bank balances.

1 marks

Answer: B

This question in 0985/12 May/June 2021

25 A sports club was formed on 1 August 2020. During the year ended 31 July 2021 the club purchased equipment costing $5000, paying by cheque. In which of the club’s financial statements did this appear? receipts and payments | income and expenditure statement of financial account account position A Jv J B Jv J Cc J J D Jv

1 marks

Answer: B

This question in 0985/12 Oct/Nov 2021

26 A sports club has 100 members and the annual subscription is $60. During the year ended 31 August 2021: 12 members paid their outstanding subscription from the previous financial year 10 members paid their subscription in advance for the following financial year. On 31 August 2021, subscriptions for the current financial year were still outstanding from 8 members. What was the total amount received from members during the year ended 31 August 2021? A $5160 B $5640 C $6600 D $6840

1 marks

Answer: D

This question in 0985/12 Oct/Nov 2021

22 Which statement about club accounts is correct? A Capital and revenue transactions are recorded in the income and expenditure account. B Non-cash transactions are recorded in the income and expenditure account. C Only revenue transactions are recorded in the receipts and payments account. D The closing balance in the receipts and payments account represents a surplus or deficit.

1 marks

Answer: B

This question in 0985/12 May/June 2022

23 A sports club provided the following information for the financial year ended 31 December 2021. $ 1 January 2021 subscriptions paid in advance 200 31 December 2021 subscriptions outstanding 450 subscriptions received during the year 8800 What was the total of the subscriptions that related to the year ended 31 December 2021? A $8150 B $8550 C $9050 D $9450

1 marks

Answer: D

This question in 0985/12 May/June 2022

23 The financial year of a club ends on 30 September. During the year ended 30 September 2022, the club received an interest-free loan from a member. In which of the club’s financial statements will this appear? A income and expenditure account and statement of financial position B receipts and payments account and income and expenditure account C receipts and payments account and statement of financial position D statement of financial position only

1 marks

Answer: C

This question in 0985/12 Oct/Nov 2022

24 A club had an accumulated fund at the start of the year of $18 000 and at the end of the year of $16 200. New equipment costing $1100 was bought during the year. Total expenses for the year were $9550. The only income came from subscriptions. How much were subscriptions for the year? A $7750 B $8850 C $11 350 D $12 450

1 marks

Answer: A

This question in 0985/12 Oct/Nov 2022

28 What is included in the income and expenditure account of a tennis club? A all amounts received and paid during the year B all capital and revenue expenditure incurred during the year C the closing balances on the accumulated fund D the profit for the year from the club’s shop

1 marks

Answer: D

This question in 0985/11 May/June 2023

27 Which items are included in an income and expenditure account prepared for a sports club? 1 cost of new furniture purchased during the year for the clubhouse 2 depreciation on furniture and sports equipment 3 rates for the clubhouse paid in advance for the next financial year 4 subscriptions that remain unpaid by club members at the end of the financial year A 1 and 2 B 1 and 4 C 2 and 4 D 3 and 4

1 marks

Answer: C

This question in 0985/12 May/June 2023

28 Melody is a music club. The club holds a music concert once every year. Prizes are awarded to musicians selected by a judge. The club provided the following information related to the latest music concert. $ sale of concert tickets 1 500 purchases of concert prizes 450 sale of concert programmes 150 payment of fee to the concert judge 250 What was the profit from the concert? A $950 B $1050 C $1450 D $2100

1 marks

Answer: A

This question in 0985/12 May/June 2023

26 A sports club operates a shop selling running shoes to members. These shoes are purchased on credit terms from suppliers. Which item is recorded in the receipts and payments account? A inventory of shoes B payments to suppliers C purchases of shoes D shop profit or loss

1 marks

Answer: B

This question in 0985/12 Oct/Nov 2023

26 The AB Sports Club runs a café for the use of members. The treasurer prepared draft financial statements which showed a deficit of $700 and an accumulated fund of $4600. He then discovered that the closing inventory of the café had been overvalued by $50. How much were the deficit and the accumulated fund after the inventory valuation had been corrected? accumulated deficit fund $ $ A 650 4550 B 650 4650 C 750 4550 D 750 4650

1 marks

Answer: C

This question in 0985/11 May/June 2024

27 Which accounting statement prepared by the treasurer of a sports club provides a summary of all the monies received and paid out during the financial year? A bank reconciliation statement B income and expenditure account C receipts and payments account D statement of financial position

1 marks

Answer: C

This question in 0985/11 May/June 2024

26 A club received subscriptions from members totalling $12 600 in the year ended 30 April 2019. The following information was available. at 30 April 2018 at 30 April 2019 $ $ subscriptions paid in advance 1300 – subscriptions in arrears 800 1100 Which amount appeared in the income and expenditure account for subscriptions for the year ended 30 April 2019? A $ 11 000 B $11 600 C $13 600 D $14 200

1 marks

Answer: D

This question in 0985/12 May/June 2024

27 Which statements about the accumulated fund of a society are correct? 1. A surplus will increase the accumulated fund and a deficit will reduce it. 2. It includes all monies received and paid during the year. 3. Members cannot make drawings from the accumulated fund. 4. The accumulated fund is shown as an asset in the statement of financial position. A 1, 2 and 4 B 1 and 3 C 2, 3 and 4 D 3 only

1 marks

Answer: B

This question in 0985/12 May/June 2024

20 Which items would appear in the income statement for an accountancy business? gross profit profit for the year surplus A ✓ ✓ ✗ B ✓ ✗ ✓ C ✗ ✓ ✗ D ✗ ✗ ✓

1 marks

Answer: C

This question in 0985/12 Oct/Nov 2024

26 The Daylee Sports Club was formed in January. During its first year the club purchased equipment costing $5000, paying by cheque. Which of the club’s financial statements are affected by the purchase of this equipment? receipts and income and statement of payments expenditure financial account account position A ✓ ✓ B ✓ ✓ C ✓ ✓ D ✓

1 marks

Answer: B

This question in 0985/12 Oct/Nov 2024

27 The following ledger account appeared in the books of a club for the year ended 31 December. Subscriptions account $ $ Jan 1 Balance b/d 2000 Dec 31 Bank 29000 Dec 31 Income and expenditure 24000 Balance c/d 3000 _____ 29000 29000 Which statement is correct? A Subscriptions prepaid on 1 January amounted to $2000. B Subscriptions prepaid on 31 December amounted to $3000. C Subscriptions received during the year ended 31 December amounted to $24000. D Subscriptions relating to the year ended 31 December amounted to $29000.

1 marks

Answer: B

This question in 0985/12 Oct/Nov 2024

25 A club included the balance on its accumulated fund in its statement of financial position. What is the equivalent of the accumulated fund in a statement of financial position of a sole trader? A capital B capital and liabilities C current liabilities D non-current assets

1 marks

Answer: A

This question in 0985/11 May/June 2025

24 During the year ended 31 March 2025, subscriptions received by a club amounted to $2500, of which $120 related to the next financial year. On 31 March 2025, subscriptions accrued amounted to $280. What entries would be made in the club’s statement of financial position on 31 March 2025? current assets current liabilities $ $ A 120 280 B 280 120 C 400 no entry D no entry 400

1 marks

Answer: B

This question in 0985/12 May/June 2025

25 The bank account kept by a sports club shows that subscriptions totalling $2695 were received during the financial year. This figure includes arrears of subscriptions owing from last year of $145. It also includes an outstanding lodgement of subscriptions of $195. What amount for subscriptions is included in the receipts and payments account of the sports club? A $2355 B $2500 C $2550 D $2695 A tennis club sells refreshments on match days.

1 marks

Answer: D

This question in 0985/12 May/June 2025

26 At the end of the first accounting period, the receipts and payments account included the following: $ receipts from sales of refreshments 2300 payments to suppliers of refreshments 1400 wages paid 300 Refreshments which were unsold at the end of the year cost $200. A bill for refreshments purchased of $75 had not been paid. What is the profit from sale of refreshments to be included in the income and expenditure account? A $600 B $725 C $800 D $875

1 marks

Answer: B

This question in 0985/12 May/June 2025