All the shop sales and purchases are made for cash. All…
All the shop sales and purchases are made for cash. All the club’s receipts and payments are paid into the bank and all payments are made by cheque. On 1 March 2020, the club’s bank balance was overdrawn by $845. In addition to the shop sales and purchases, the following receipts and payments were made during the year ended 28 February 2021. Subscription received $11 400 Competition fees received $915 Payment for competition prizes $390 Purchases of fittings $4 000 Rent and insurance $4 575 Wages of shop assistant $2 000 (b) Prepare the Receipts and payments account for the TED Sports Club for the year ended 28 February 2021. Balance the account and bring down the balance on 1 March 2021. (8)
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