The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the year ended 31 December 2017:

(1) Refreshment inventory was valued: 31 December 2016 £680; 31 December 2017 £920. There was nothing owing for refreshment inventory on either of these dates.
(2) On 1 January 2017 the club's equipment was valued at £32,400. Included in this figure, valued at £420, was the equipment sold during the year for £340.

(3) The amount to be charged for depreciation of equipment for the year is £5,200. This is in addition to the loss on equipment sold during the year.
(4) Subscriptions owing by members at 31 December 2016 nil; at 31 December 2017 £860.

You are required to:

(a) Draw up the refreshment trading account for the year ending 31 December 2017. For this purpose £4,680 of the wages is to be charged to this account; the remainder is to be charged in the income and expenditure account.

(b) Calculate the accumulated fund as at 1 January 2017.

(c) Draw up the income and expenditure account for the year ending 31 December 2017, and a statement of financial position as at 31 December 2017.

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Receipts Payments f Balance at bank 1 January 2017 3,900 Refreshment supplies bought 4,320 Subscriptions received 45,060 Wages of attendants and cleaners 31,400 Profits from dances 4,116 Rent of building 8,700 Profit on exhibition 890 New equipment bought 18,200 Refreshment takings Sale of equipment 16,290 Travelling expenses of teams 1,900 340 Balance at bank 31 December 2017 6,076 70,596 70,596