The project forms part of the CASS for the year and will be completed during term 2 of the year. You may complete the project in groups of no more than two.
You are the bookkeeper/treasurer of the Western Cape Soccer Club. The club has 260 members that pay a range of membership fees from juniors who pay R100 per annum to adults who pay R250 per annum. The club also charges an entrance fee for all new members of R200 for juniors and R400 for adults.
The club runs a tuckshop and a bar / coffee shop where they sell a range of refreshments. Particularly on match days these facilities are very popular. Lastly the club also has a shop where the members can buy club jerseys and socks.
At the recent AGM the members expressed concern over the financial affairs of the club as they believe there might be misappropriation of funds. They have therefore called for an independent audit of the club. In preparation for this audit, the auditors have forwarded to you the following questions that they will be asking you and have requested that you gather all the information necessary in order to answer the questions.
You are to prepare yourself for the audit by writing down your answers to the following questions: 1.What are the club’s main sources of income?
The Western Cape Soccer Club would have a few income accounts to counter the expenses of the club. Most not too different from any type of club you would be able to find. i.Firstly would be Membership fees. This should be the biggest source of income for any club and is a good indicator to show how well your business is doing and how many people want to be a part of your Soccer Club. ii.Secondly would be all food and drink outlets such as your tuckshop, bar and coffee shop. The selling of refreshments and food at a club can be very helpful with regards to income for your club especially on match days where there will be an influx of people at the club....