The Happy Wanderers Rambling Club is a non-profit making organization catering for the leisure pursuits of those interested in walking, hiking and rambling, each admitted member agreeing to pay a membership fee of £10 per annum on 1st January each year. In addition, fees are also charged for each outing/excursion. The club has a small clubhouse which serves as headquarters and also houses a bar and kitchen for light refreshments and snacks.

(2) the record of members’ annual fees revealed the following:
as at Ist January 19_2, 4 members had not paid their fees for 19_1 as at 31st December 19_2, 5 members had not paid their fees for 19_2, whilst 1 member had paid in advance for 19_3.
The annual fee had been set in 19_9 and had not changed since that date. It is the policy of the Club to write off as bad debts any annual fees outstanding for two years or over.

(3) certain members owed a total of £15 for outings and excursions as at 31st December 19_2.
(4) equipment and fittings had a book value at Ist January 19_2 of £1 200 with £800 depreciation having been provided to that date. All‘equipment and fittings are depreciated at a rate of 10% per annum on cost.
(5) the £140 spent on purchases and repairs of equipment and fittings included £40 for repairs. It is Club policy to charge a full year’s depreciation in the year of acquisition.
(6) bar stock held at 1st January 19_2 had all been purchased on Ist December 19.1 at a cost of £30. At 31st December 19_2 stock on hand had cost £60.
Using the information and details above you are required to prepare:

(a) an Income and Expenditure Account for the year ended 31st December 19_2, and

(b) a Balance Sheet as at 31st December 19_2.
Your workings should show clearly the value of the Club’s Accumulated Fund at Ist January 19_2.

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Below is a summary of the Cash/Bank book as maintained by the Treasurer: Cash/Bank Book details Year ended 31st December 19_2 Balance at 1/1/2 300 Receipts from members: Wages-bar staff Rent and rates 200 400 annual fees for 19_2 450 Insurance 80 annual fees for 19_1 30 Lighting and heating 110 annual fees for 19_3 outings and excursions 10 Equipment and fittings: 490 purchase and repairs 140 Bar and snack takings 1 030 - Creditors bar & snack purchases 500 Telephone, postage and stationery Magazines and periodicals 85 76 Balance at 31st December 19_2 719 2 310 2310 The above details represent the only accounting records which have been maintained apart from the following information: (1) the following sundry balances were applicable as at the start and end of the year: