The treasurer of the Senior Social Club has prepared the following summary of the club's receipts and payments for the year ended 30 November 20X2.

On 1 December 20X1 the club owned equipment that had cost £3,650 and which was valued at £2,190. The club's equipment as at 30 November 20X2 (inclusive of any purchases during the year) was valued at £1,947. The following information is available:
As at____________________ 1Dec 20X1________30 Nov 20X2
Inventory of prizes ...................86.........................108
Owing to suppliers of prizes .......314........................507
Subscriptions in arrears ............240........................580
Subscription in advance .............65........................105

Required
a. Calculate the value of the accumulated fund of the club as at 1 December 20X1.
b. Prepare a subscriptions account for the year ended 30 November 20X2 showing clearly the amount to be transferred to the club's income and expenditure account for the year.
c. Prepare a statement showing the surplus or deficit made by the club on competitions for the year ended 30 November 20X2.
d. Prepare an income and expenditure account for the year ended 30 November 20X2.
e. Prepare the club's statement of financial position as at 30 November 20X2.

Transcribed Image Text:

Senior Social Club Receipts and payments account for the year ended 30 November 20X2 Cash and bank balances b/ Members' subscriptions Donations Sales of competition tickets 810 Secretarial expenses 4,250 Rent 1480 Visiting speakers' expenses 1,126 Donations to chorities 685 2,500 1,466 380 550 1,220 469 396 7,666 Prizes for competitions Purchase of equipment Stationery ond printing Balance c/f