Below is a summary of Receipt and Payments of Excel Social Club for the year ended...

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Below is a summary of Receipt and Payments of Excel Social Club for the year ended 31st December, 2005. Balance 1st January Entrance fee received Subscription received Donation received Proceed of Dance Interest received on bank deposit Wages paid Stationery bought Equipment bought Repairs General Expenses Rates Transfer to bank deposit Additional information: 80.86 NGN 241.55 25.00 1500.00 21.00 180.75 60.00 361.50 48.95 200.00 244.48 50.00 600.00 a. Of the subscription received NGN40.00 was in arrears the previous year while NGN100.00 was paid in advance for the coming year. In addition NGN60.00 was owing at 31st December. b. Rates prepaid amounted to NGN10.00 c. General Expenses include NGN15.00 owing since the previous year. d. Wages of NGN24.00 were due and unpaid at 31st December. e. The Club had the following properties on 1st January: Club House, NGN4800.00, Equipment NGN3000.00, and Bank Deposit NGN2000.00 f. Depreciate Club House by 5% and .equipment, including addition within the year, by 10%. You are required to prepare the Receipt and Payments Account and Income and Expenditure Account for the year ended 31st December, 2005 and a Balance sheet as at that date. Below is a summary of Receipt and Payments of Excel Social Club for the year ended 31st December, 2005. Balance 1st January Entrance fee received Subscription received Donation received Proceed of Dance Interest received on bank deposit Wages paid Stationery bought Equipment bought Repairs General Expenses Rates Transfer to bank deposit Additional information: 80.86 NGN 241.55 25.00 1500.00 21.00 180.75 60.00 361.50 48.95 200.00 244.48 50.00 600.00 a. Of the subscription received NGN40.00 was in arrears the previous year while NGN100.00 was paid in advance for the coming year. In addition NGN60.00 was owing at 31st December. b. Rates prepaid amounted to NGN10.00 c. General Expenses include NGN15.00 owing since the previous year. d. Wages of NGN24.00 were due and unpaid at 31st December. e. The Club had the following properties on 1st January: Club House, NGN4800.00, Equipment NGN3000.00, and Bank Deposit NGN2000.00 f. Depreciate Club House by 5% and .equipment, including addition within the year, by 10%. You are required to prepare the Receipt and Payments Account and Income and Expenditure Account for the year ended 31st December, 2005 and a Balance sheet as at that date.

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