The Civic Athletics Club's Receipts and Payments account for the year ended 31 May 2004 is as follows.

Further information 

1. Refreshment bar stocks were valued at $150 at 1 June 2003, and at $180 at 31 May 2004. 

2. Creditors for refreshment bar stocks were: at 1 June 2003 $15; at 31 May 2004 $40. 

3. At 1 June 2003, subscriptions owing were $330, of which $310 was paid in the year to 31 May 2004. It is club policy to write off subscriptions if they have not been received by the end of the year following their due date. Subscriptions owing at 31 May 2004 were $275. 

4. Of the wages paid, $900 was paid to staff serving refreshments. 

5. On 1 June 2003 the club's equipment was valued at 4700. The equipment sold during the year had a book value of $70 at the date of sale. At 31 May 2004, the equipment was valued at $6000.

Required 

(a) Calculate the Accumulated fund as at 1 June 2003. 

(b) Prepare the refreshments Trading Account for the year ended 31 May 2004. 

(c) Prepare the Income and Expenditure Account for the year ended 31 May 2004. 

(d) Prepare the club's Balance Sheet as at 31 May 2004.

Transcribed Image Text:

Receipts $ Payments Balance at bank 1 June 2003 4 650 Refreshment supplies bought Subscriptions received 7 970 Sales of tickets for dance Refreshment bar takings Sale of old equipment Donation 1 897 Kon 4 112 94 90 Nove 18 813 Wages Rent of rooms CAS Purchase of new equipment Teams travelling expenses Balance at bank at 31 May 2004 $ 2 654 4 000 540 1 778 995 8 846 18 813