The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS Accumulated fund (1/06/2019) 23364000 Massage Palour inventory at beginning (1/06/2019) 4455000 Massage Palour Purchases 8382000 Building (Cost) 21153000 Equipment (Cost) 2640000 Furniture and fittings (Cost) 1650000 Subscriptions 1980000 Affiliation Fees 247500 Savings Account 5610000 Venue of the "Weekend in Paradise Trip" 115500 Executive Mens Club Entrance fees 198000 Massuer's Wages and Salaries 825000 Accumulated Depreciation Building 8461200 Equipment 660000 Furniture and Fittings 165000 Salaries 792000 Rent 316800 "Weekend in Paradise Trip" expenses 198000 Administrative expenses 574200 Interest on Savings account 313500 Sale of "Weekend in Paradise Trip" tickets 2508000 Bank account (Current) 4125000 Donation for "Weekend in Paradise Trip" 610500 Revenue from Massage Palour 12540000 Life membership fees 610500 Utilities 326700 102821400 Additional Information 1. Massage Palour inventory (31st May 2020) 891000 2. Subscription paid in advance by member for the year 2020/2021 396000 3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year 16500 5. Affiliation fees was paid for the next 3 years on 1 June 2019 6. Utilities were prepaid at the end of the year 46200 7. Salaries were accrued at the end at the end of the year 66000 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
QUESTION 1
The
GHS
Accumulated fund (1/06/2019)
23364000
Massage Palour inventory at beginning (1/06/2019)
4455000
Massage Palour Purchases
8382000
Building (Cost)
21153000
Equipment (Cost)
2640000
Furniture and fittings (Cost)
1650000
Subscriptions
1980000
Affiliation Fees
247500
Savings Account
5610000
Venue of the "Weekend in Paradise Trip"
115500
Executive Mens Club Entrance fees
198000
Massuer's Wages and Salaries
825000
Accumulated
Equipment 660000
Furniture and Fittings 165000
Salaries
792000
Rent
316800
"Weekend in Paradise Trip" expenses
198000
Administrative expenses
574200
Interest on Savings account
313500
Sale of "Weekend in Paradise Trip" tickets
2508000
Bank account (Current)
4125000
Donation for "Weekend in Paradise Trip"
610500
Revenue from Massage Palour
12540000
Life membership fees
610500
Utilities
326700
102821400
Additional Information
1. Massage Palour inventory (31st May 2020)
891000
2. Subscription paid in advance by member for the year 2020/2021
396000
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum
4. Interest on saving includes an amount from the 2018/2019 year
16500
5. Affiliation fees was paid for the next 3 years on 1 June 2019
6. Utilities were prepaid at the end of the year
46200
7. Salaries were accrued at the end at the end of the year
66000
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
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