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Sundry expenses in Leaving Cert Accounting

  • 11-01-2007 9:31pm
    #1
    xha1r
    Closed Accounts Posts: 311 ✭✭


    In the Income & Expenditure part of a question, our solution lists sundry expenses (no problems there). However, the figure is got by taking subscriptions from last year of €2,400 from the figure listed (€185,600).

    However, I don't understand why you take away subs from last year. I also don't exactly know what sundry expenses are. These are club accounts by the way.

    If you could help it would be much appreciated.

    Regards,
    JB.


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    Hi, if you could post up the question it would be of great help.

    It sounds like something to do with prepayments but if you post it up we can make sure.


  • #3
    JCB
    Closed Accounts Posts: 306 ✭✭JCB


    xha1r wrote:
    In the Income & Expenditure part of a question, our solution lists sundry expenses (no problems there). However, the figure is got by taking subscriptions from last year of €2,400 from the figure listed (€185,600).

    However, I don't understand why you take away subs from last year. I also don't exactly know what sundry expenses are. These are club accounts by the way.

    If you could help it would be much appreciated.

    Regards,
    JB.

    Sundry Expenses is simply the other expenses that are not listed already e.g. P&P, telephone etc....

    I am guessing that this €185600 is the money from subs the club received this year.
    So, in your I&E (i.e.Profit & Loss) you want to figure out how much of that money was generated this year and how much is left over from subs due last year.
    Let's pretend that the club was due €85600 from subs last year. That money is included in the €185600. So you subtract €85600 from € 185600 to get €100000 - which is the revenue/income that subs generated this year.*

    *This assumes that there were no subs due at the end of the year and that there were no bad debts from last year.

    I hope this answers your question.


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