Read the following and answer the questions below.

On 1 January 2015 the Happy Haddock Angling Club had the following assets:

During the year to 31 December 2015 the Club received and paid the following amounts:

The snack bar inventory on 31 December 2015 was £900.
The games equipment should be depreciated by 20%.

(a) Prepare an income and expenditure account for the year ending 31 December 2015. Show, either in this account or separately, the snack bar profit or loss.

(b) Prepare a statement of financial position as at 31 December 2015.

Transcribed Image Text:

Cash at bank f 200 Snack bar inventory 800 Club house buildings 12,500