When a Welfare Association was formed on 1.1.20X2, the tenants of all 820 flats on University Street joined as members. The membership fee was agreed at £20 per month. Five hundred and sixty of these tenants agreed also to pay an additional fee of £50 per month for crèche facilities. The council promoted the Association by donating a three-roomed flat, rent-free, for use as offices and approving an annual grant of £50,000. At the end of the first year the Association prepared its Receipts and Payments account as follows.

Other information
1. Expenditure unpaid at the end of the year is as follows:
2. Sports consumables costing £3,000 remain unused as at 31.12.20X2.
Creche employee's salary.............25600
Security guard's salary..................2700
Supplier of crèche consumables......13500
3. Membership fees and crèche fees due for a seven-month period were written off because a tenant had left the country.
4. One-tenth of the cost of furniture should be written off as depreciation.
5. The snooker tables should be depreciated over four years using the sum of digits method.
6. £300 of administration expenses paid relate to next year.
7. £1,000 was posted to crèche wages instead of to the wages of the security guards.
Required
Prepare the income and expenditure account for the year ended 31 December 20X2 and a statement of financial position as at that date.

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University Street Flat Tenants Welfare Association Receipts and payments account for the year to 31.12.20x2 Receipts Membership fees for year 20X2 Membership fees for year 20Xx3 Crèche lees for year 20X2 Crèche lees for year 20x3 Grant from borough council Sale: Xmas raffle tickets Payments 133,600 Security Guard's salary 12,800 Crèche wages 251,000 Furniture 39,200 77,600 32,800 25,600 32,000 42,900 9,000 10,300 22,400 27,300 2,500 Grounds maintenance 50,000 Snooker tables 14,900 Crèche consumables Xmas porty roffle Xmas porty expenses Sports consumables Admin, expenses