2020 NAS 3E POA EOY P1 Q3
Membership Fee Revenue Account
2020 | Dr ($) | Cr ($) | Bal ($) | |
May 1 | Balance b/d | 76 200 Cr | ||
Membership fee received in advance | 5 400 | 81 600 Cr | ||
8 | Trade receivable – SIA Group | 3 700 | 85 300 Cr | |
25 | Cash at bank | 9 800 | 95 100 Cr | |
31 | Membership fee received in advance | 2 600 | 92 500 Cr | |
92 500 | — |
Trade Receivable – SIA Group Account
2020 | Dr ($) | Cr ($) | Bal ($) | |
May 1 | Balance b/d | 21 900 Dr | ||
8 | Membership fee revenue | 3 700 | 25 600 Dr | |
12 | Cash at bank | 16 575 | 9 025 Dr | |
425 | 8 600 Dr | |||
17 | Cash at bank | 16 575 | 25 175 Dr | |
425 | 25 600 Dr |
Cash at Bank Account
2020 | Dr ($) | Cr ($) | Bal ($) | |
May 1 | Balance b/d | 4 200 Dr | ||
4 | 5 000 | 9 200 Dr | ||
12 | Trade receivable – SIA Group | 16 575 | 25 775 Dr | |
15 | Equipment | 6 200 | 19 575 Dr | |
17 | Trade receivable – SIA Group | 16 575 | 3 000 Dr | |
25 | Membership fee revenue | 9 800 | 12 800 Dr | |
29 | Cash in hand | 300 | 12 500 Dr |
REQUIRED
a. Interpret the entries on the following dates:
i. 4 May 2020
[1]
ii. 8 may 2020
[1]
iii. 15 May 2020
[1]
iv. 17 May 2020
[1]
v. 29 May 2020
[1]
vi. 31 May 2020
[2]
b. Calculate the percentage of discount allowed to SIA Group on 12 May 2020.
[1]
[TOTAL 8]
(i) Owner contributed personal cash/cheque of $5 000 ✔ into the business
bank account. ✔
(ii) Sold gym membership worth $3 700 ✔ to SIA Group on credit. ✔
(iii) Purchased equipment costing $6 200 ✔ by cheque. ✔
(iv) Cheque of $16 575 received from SIA Group was dishonoured ✔ and discount ✔
cash discount given of $425 was withdrawn. ✔
(v) Withdrew $300 cash from business bank account ✔ for office use. ✔
(vi) Membership fee of $2 600 received during the year ✔ was not earned yet. ✔
Transfer of membership fee revenue of $92 500 earned ✔ in this financial
year to the income summary account. ✔
425 / (16 575 + 425) x 100% ✔ = 2.5% ✔