The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 20X9.

The following valuations are also available:

Required:

(a) Calculate the value of the accumulated fund of the Miniville Rotary Club as at 1 August 20X8.

(b) Reconstruct the following accounts for the year ended 31 July 20X9:

(i) The subscriptions account,

(ii) The competition prizes account.

(c) Prepare an income and expenditure account for the Miniville Rotary Club for the year ended 31 July 20X9 and a balance sheet as at that date.

Transcribed Image Text:

Miniville Rotary Club Receipts and Payments Account for the year ended 31 July 20X9 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 Secretarial expenses Rent Visiting speakers' expenses Donations to charities Prizes for competitions Stationery and printing £ 163 1,402 1,275 35 270 179 £3,324