Kingsly Theatre Club is an amateur dramatic club that has existed for many years. The club rents a local theatre with a café and the members regularly give performances to the town's residents. The treasurer has provided the following information for the year ended 30 June 2014.

Additional information at 30 June 2014: 

• There were 14 members who had not paid their annual membership fees of $25 each. 

• An invoice for refreshments purchases of $300 had not been recorded.

• It was discovered that some of the refreshments inventory, cost $50, had passed its sel-by date and had to be thrown away. 

Required

a. Prepare the refreshments trading account for the year ended 30 June 2014, showing the profit or loss made on the refreshments. 

b. Prepare an income and expenditure account for Kingsly Theatre Club for the year ended 30 June 2014.

Transcribed Image Text:

Refreshments inventory at 1 July 2013 2 600 Refreshments inventory at 30 June 2014 3 500 Refreshments staff wages 13 500 Refreshments takings 42 500 Refreshments purchases 22 000 Production expenses 10 400 Rent 16 500 Membership subscriptions 8 300 Performance ticket sales 12 600 Theatre costs: for example heating 1 700 %24