1. Provide answers for the following a. Profit or loss from Massage Palour b. Profit or loss from "Weekend in Paradise Trip" c. Subscription in the Income and expenditure Account d. Executive mens club entrance fees e. Interest on savings f. Affiliation fees g. Salaries h. Rent i. Administrative expenses j. Utilities k. Depreciation for Building l. Depreciation for Equipment m. Depreciation for Furniture and Fittings n. Surplus or Deficit for the year o. Net Book Value of Buildings p. Net Book Value of Equipment q. Net Book Value of Fixture and Fittings r. Savings Account s. Massage Palour Inventory t. Bank Current Account u. Total Prepayment v. Total Accruals w. Total Assets x. Total Current liabilities y. Total Long Term Liabilities z. Closing balance of Accumulated Fund
|
QUESTION 1
|
||
|
The
|
||
|
|
|
GHS |
|
Accumulated fund (1/06/2019)
|
48002400 |
|
|
Massage Palour inventory at beginning (1/06/2019)
|
9153000 |
|
|
Massage Palour Purchases
|
17221200 |
|
|
Building (Cost)
|
43459800 |
|
|
Equipment (Cost)
|
5424000 |
|
|
Furniture and fittings (Cost)
|
3390000 |
|
|
Subscriptions
|
4068000 |
|
|
Affiliation Fees
|
508500 |
|
|
Savings Account
|
11526000 |
|
|
Venue of the "Weekend in Paradise Trip"
|
237300 |
|
|
Executive Mens Club Entrance fees
|
406800 |
|
|
Massuer's Wages and Salaries
|
1695000 |
|
|
Accumulated |
Building |
17383920 |
|
|
Equipment |
1356000 |
|
|
Furniture and Fittings |
339000 |
|
Salaries
|
1627200 |
|
|
Rent
|
650880 |
|
|
"Weekend in Paradise Trip" expenses
|
406800 |
|
|
Administrative expenses
|
1179720 |
|
|
Interest on Savings account
|
644100 |
|
|
Sale of "Weekend in Paradise Trip" tickets
|
5152800 |
|
|
Bank account (Current)
|
8475000 |
|
|
Donation for "Weekend in Paradise Trip"
|
1254300 |
|
|
Revenue from Massage Palour
|
25764000 |
|
|
Life membership fees
|
1254300 |
|
|
Utilities
|
671220 |
|
|
|
|
211251240 |
|
|
|
|
|
Additional Information
|
|
|
|
1. Massage Palour inventory (31st May 2020)
|
1830600 |
|
|
2. Subscription paid in advance by member for the year 2020/2021
|
813600 |
|
|
3. Depreciation : Building 2% per annum, Equipment 25% Furniture and fittings10% per annum
|
|
|
|
4. Interest on saving includes an amount from the 2018/2019 year
|
33900 |
|
|
5. Affiliation fees was paid for the next 3 years on 1 June 2019
|
|
|
|
6. Utilities were prepaid at the end of the year
|
94920 |
|
|
7. Salaries were accrued at the end at the end of the year
|
135600 |
|
|
8. Parker Exclusive Mens Club organised a "Weekend in Paradise Trip" for its members during the year
|
|
|
|
9. The Parker Exclusive Mens Club is affiliated to the International Association of Executive Clubs
|
|
|
|
|
|
|
|
REQUIRED: |
|
|
|
1. Provide answers for the following |
|
|
|
a. Profit or loss from Massage Palour b. Profit or loss from "Weekend in Paradise Trip" c. Subscription in the Income and expenditure Account d. Executive mens club entrance fees e. Interest on savings f. Affiliation fees g. Salaries h. Rent i. Administrative expenses j. Utilities k. Depreciation for Building l. Depreciation for Equipment m. Depreciation for Furniture and Fittings n. Surplus or Deficit for the year o. Net Book Value of Buildings p. Net Book Value of Equipment q. Net Book Value of Fixture and Fittings r. Savings Account s. Massage Palour Inventory t. Bank Current Account u. Total Prepayment v. Total Accruals w. Total Assets x. Total Current liabilities y. Total Long Term Liabilities z. Closing balance of Accumulated Fund
|
|
Step by step
Solved in 5 steps with 10 images
