Income and Expenditure Question

faolteam

[IMG][/img]

can anybody tell me if these figures are correct ? as in are subs for 2009 should they be included in 2010 figures
loss for year 2010 of 170.90 how can this be classed as income also the expenditure of 1000 is a donation which is given every year

What i need to know is how long with the 19792 euro we have and alllowing for similar income if we continue to give away 1000 a year how many years will it take before we have emptied the Kitty Thanks

Clanket

1) Subs for 2009 should be included there if they were received in 2010 and no provision was made for subs receivable when doing the 2009 income & expenditure. It might be worth putting in a provision for 2010 subs still collectable at 31/12/2010, if they will be collected at some stage in 2011. The entry would be increase income and increase assets. You would only do this if there is a good chance they will be collected in 2011. This would then reduce the loss of €170.90 made this year.

2)The loss of €170.90 is there because of the layout of the income and expenditure. It is the balancing amount and is to be carried to the reserves account (which is shown under liabilities in the balance sheet). A vertical layout of the income and expenditure is more than likely what you are use to seeing. This would look something like this:-

Income (135 + 60 + 314.20 + 1.05 + 318.85).... € 829.10
Expenditure.....................................................(€1,000.00)
......................................................................

---

Loss for the year..............................................(€ 170.90)

3) At the year end you only have a kitty remaining of €19,621.61 (cash & bank balances). Assuming the exact same income and expenditure for future years (i.e. income of €829.10 & expenditure of €1,000 = incurring a depletion of funds of €170.90 every year) your kitty would last for 114.8 years (€19,621.61 / €170.90).

Hope that helps.

faolteam

i just want to ask you this again,

you say it will take 114.8 years for it to dissolve is this correct cause from what i can see we are losing between 170- 200 a year and i see what ur talking about now

so basically it would depend on how long the income from the subs and snooker and badminton lasted and interest in banks

this might sound liek a stupid question but were could i find out if the place is been used 3 night a week for about 4 hours a night which would include 2 radiators and three snooker tables with fluerescent lights i think and there is hall been used for badminton so im including the 12 hours of esb and radiators how much say 48 weeks of the year would u think i would be charged

Clanket

faolteam wrote: »

i just want to ask you this again,

you say it will take 114.8 years for it to dissolve is this correct cause from what i can see we are losing between 170- 200 a year and i see what ur talking about now

so basically it would depend on how long the income from the subs and snooker and badminton lasted and interest in banks

Yes exactly. Your reserves (cash & bank) will only be depleted by the excess of your expenditure over income each year. If you have income in a year, this can be used to pay the €1,000 donation. Any shortfall will have to be made up from your reserves.

faolteam wrote: »

this might sound liek a stupid question but were could i find out if the place is been used 3 night a week for about 4 hours a night which would include 2 radiators and three snooker tables with fluerescent lights i think and there is hall been used for badminton so im including the 12 hours of esb and radiators how much say 48 weeks of the year would u think i would be charged

I'm sorry I don't understand what you're asking.

faolteam

two, 6ft radiators on and 6 double fluerescent lights been used for 12 hours a week, for 48 weeks of the year, what would u think the cost would be.???

djk1000

A bit off topic, but there are better interest rates out there, you're not making much on that balance.

Clanket

faolteam wrote: »

two, 6ft radiators on and 6 double fluerescent lights been used for 12 hours a week, for 48 weeks of the year, what would u think the cost would be.???

Haven't got a clue.

Try ringing ESB or Bord Gais.