You have agreed to take over the role of bookkeeper for the AB sports and social club. The summarized statement of financial position on 31.12.X1 as prepared by the previous bookkeeper contained the following items. All figures are in £s.

The bank account summary for the year to 31.12.X2 contained the following items.
Receipts
_________________________________________£
Subscriptions.........................................11,000
Banking - bar and café..............................20,000
- sole of sportswear..................................5,000
- hire of sportswear..................................3,000
Interest on deposit account............................800
Payments Rent and repairs of clubhouse..........6,000
Heating oil..............................................4,000
Sportswear..............................................4,500
Grounds person......................................10,000
Bar and café purchases...............................9,000
Transfer to deposit account.........................6,000
You discover that the subscriptions due figure as at 31.12.X1 was arrived at as follows.
____________________________________£
Subscriptions unpaid for 20X0.................10
Subscriptions unpaid for 20X1...............230
Subscriptions paid for 20X2....................40
Corresponding figures at 31.12.X2 are:
____________________________________£
Subscriptions unpaid for 20X0.................10
Subscriptions unpaid for 20X1...............000
Subscriptions paid for 20X2....................90
Subscriptions paid for 20X2..................200
Subscriptions due for more than 12 months should be written off with effect from 1.1.X2.
Asset balances at 31.12.X2 include:
Heating oil for clubhouse.....................700
Bar and café inventories.....................5000
New sportswear, for sale, at cost............4000
Used sportswear, for hire, at valuation.....1000
Closing payables at 31.12.X2 are:
For bar and café inventories..................800
For sportswear..................................450
For heating oil for clubhouse..................200
Two-thirds of the sportswear purchases made in 20X2 had been added to inventories of new sportswear in the figures given in the list of assets above, and one-third had been added directly to the inventory of used sportswear for hire.
Half of the resulting 'new sportswear for sale at cost' at 31.12.X2 is actually over two years old. You decide, with effect from 31.12.X2, to transfer these older items into the inventory of used sportswear at a valuation of 25 per cent of their original cost.
No cash balances are held at 31.12.X1 or 31.12.X2. The equipment for the grounds person is to be depreciated at 10 per cent per annum, on cost.
Required
Prepare the income and expenditure account and statement of financial position for the AB sports club for 20X2, in a form suitable for circulation to members. The information given should be as complete and informative as possible within the limits of the information given to you. All workings must be submitted.

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Assets Heating oil for clubhouse Bar and café inventories New sportswear, for sale, at cost Used sportswear, for hire, at valuation Equipment for grounds person cost 1,000 7,000 3,000 750 5,000 (3,500 1,500 200 1,000 10,000 -depreciation Subscriptions due Bank current account - deposit account Claims Accumulated fund Payables -bar and café goods 23,150 ,000 300 sportswear