The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows 112 GHS Accumulated fund (1/06/2019) 31860000 Massage Palour inventory at beginning (1/06/2019) 6075000 Massage Palour Purchases 11430000 Building (Cost) 28845000 Equipment (Cost) 3600000 Furniture and fittings (Cost) 2250000 Subscriptions 2700000 Affiliation Fees 337500 Savings Account 7650000 Venue of the "Weekend in Paradise Trip" 157500 Executive Mens Club Entrance fees 270000 Massuer's Wages and Salaries 1125000 Accumulated Depreciation Building 11538000 Equipment 900000 Furniture and Fittings 225000 Salaries 1080000 Rent 432000 "Weekend in Paradise Trip" expenses 270000 Administrative expenses 783000 Interest on Savings account 427500 Sale of "Weekend in Paradise Trip" tickets 3420000 Bank account (Current) 5625000 Donation for "Weekend in Paradise Trip" 832500 Revenue from Massage Palour 17100000 Life membership fees 832500 Utilities 445500 140211000 Additional Information 1. Massage Palour inventory (31st May 2020) 1215000 2. Subscription paid in advance by member for the year 2020/2021 540000 3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year 22500 5. Affiliation fees was paid for the next 3 years on 1 June 2019 6. Utilities were prepaid at the end of the year 63000 7. Salaries were accrued at the end at the end of the year 90000 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. Prepare an Income and Expenditure Statement and a Statement of Financial Position for the 2019/2020 Financial year 2. Use the information in 1. to fill the attached excel form. QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records Balances as at 31/12/2019 Property, plant and equipment 1125000 Accumulated Depreciation 274050 inventories 405000 Receivables 225000 Pepayments-Rates 9000 Bank 45000 Cash 13500 Creditors 90000 Electricity Accrued 5625 Balances as at 31/12/2020 inventories 762750 Receivables 270000 Pepayments-Rates 10125 Bank overdraft 348750 Cash 13500 Creditors 103500 Electricity Accrued 6750 The records show cash and bank transactions as follow: Cash Receipts Balance B/D 13500 Sales 337500 Cash Payments Deposit into bank 337500 Bank Receipts Balance B/D 45000 Accounts Receivable 3150000 5% Loan received 675000 Sale proceeds from sale of motor van 184500 Cash banked 337500 Bank Payments Accounts Payables 2475000 Rates 202500 Electricity 45000 Telephone 33750 Loan Interest 33750 Insurance 22500 Wages and Salaries 450000 Drawings 562500 Property, Plant and Equipment 900000 Sundry Expenses 15750 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off 225000 Accumulated Depreciation of the motor van that was disposed off 42750 Discount received during the year amounted to 45000 During the year the owner gifted a pair of earings to his daughter worth 45000
QUESTION 1
The
112
GHS
Accumulated fund (1/06/2019)
31860000
Massage Palour inventory at beginning (1/06/2019)
6075000
Massage Palour Purchases
11430000
Building (Cost)
28845000
Equipment (Cost)
3600000
Furniture and fittings (Cost)
2250000
Subscriptions
2700000
Affiliation Fees
337500
Savings Account
7650000
Venue of the "Weekend in Paradise Trip"
157500
Executive Mens Club Entrance fees
270000
Massuer's Wages and Salaries
1125000
Accumulated
Building
11538000
Equipment
900000
Furniture and Fittings
225000
Salaries
1080000
Rent
432000
"Weekend in Paradise Trip" expenses
270000
Administrative expenses
783000
Interest on Savings account
427500
Sale of "Weekend in Paradise Trip" tickets
3420000
Bank account (Current)
5625000
Donation for "Weekend in Paradise Trip"
832500
Revenue from Massage Palour
17100000
Life membership fees
832500
Utilities
445500
140211000
Additional Information
1. Massage Palour inventory (31st May 2020)
1215000
2. Subscription paid in advance by member for the year 2020/2021
540000
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum
4. Interest on saving includes an amount from the 2018/2019 year
22500
5. Affiliation fees was paid for the next 3 years on 1 June 2019
6. Utilities were prepaid at the end of the year
63000
7. Salaries were accrued at the end at the end of the year
90000
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. Prepare an Income and Expenditure Statement and a
2. Use the information in 1. to fill the attached excel form.
QUESTION 2
You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records
Balances as at 31/12/2019
Property, plant and equipment
1125000
Accumulated Depreciation
274050
inventories
405000
Receivables
225000
Pepayments-Rates
9000
Bank
45000
Cash
13500
Creditors
90000
Electricity Accrued
5625
Balances as at 31/12/2020
inventories
762750
Receivables
270000
Pepayments-Rates
10125
Bank overdraft
348750
Cash
13500
Creditors
103500
Electricity Accrued
6750
The records show cash and bank transactions as follow:
Cash Receipts
Balance B/D
13500
Sales
337500
Cash Payments
Deposit into bank
337500
Bank Receipts
Balance B/D
45000
3150000
5% Loan received
675000
Sale proceeds from sale of motor van
184500
Cash banked
337500
Bank Payments
Accounts Payables
2475000
Rates
202500
Electricity
45000
Telephone
33750
Loan Interest
33750
Insurance
22500
Wages and Salaries
450000
Drawings
562500
Property, Plant and Equipment
900000
Sundry Expenses
15750
ADDITIONAL INFORMATION
The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum
Cost of motor van that was disposed off
225000
Accumulated Depreciation of the motor van that was disposed off
42750
Discount received during the year amounted to
45000
During the year the owner gifted a pair of earings to his daughter worth
45000
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