The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2012.

Required:

(a) Calculate the value of the accumulated fund of the Miniville Rotary Club as at 1 August 2011.

(b) Reconstruct the following accounts for the year ended 31 July 2012: (i) the subscriptions account, (ii) the competition prizes account.

(c) Prepare an income and expenditure account for the Miniville Rotary Club for the year ending 31 July 2012 and a statement of financial position as at that date.

Transcribed Image Text:

Miniville Rotary Club Receipts and Payments Account for the year ended 31 July 2012 Cash and bank balances b/d Sales of competition tickets Members' subscriptions Donations Refund of rent Balance c/d 210 437 1,987 177 500 13 3,324 The following valuations are also available: as at 31 July Equipment (original cost 1,420) Subscriptions in arrears Subscriptions in advance Secretarial expenses Rent Visiting speakers' expenses Donations to charities Prizes for competitions Stationery and printing Owing to suppliers of competition prizes Inventory of competition prizes 2011 975 65 10 58 38 2012 780 85 37 68 46 163 1,402 1,275 35 270 179 3,324