The Curtain-up Drama Club was formed several years ago. The club operates a life membership scheme. The club's treasurer is able to supply the following information about the year ended 31 December 2014. 

At 1 January the club had the following assets and liabilities.

It is the treasurer's policy to regard 10 percent of the life membership fund as income for the year. The club committee has decided that the special donation should not be regarded as income for the year under review.

On 31 December 

• members' subscriptions due were $220 

• members' subscriptions received in advance were $110 

• $180 was owing for rent of premises 

• Some administration expenses were prepaid $50 

• Costumes and stage sets were valued at $17 500. 

Prepare: 

a. A calculation of the club's accumulated fund at 1 January 2014.

b. A subscriptions account for the year ended 31 December 2014. 

c. An income and expenditure account for the year ended 31 December 2014 

d. A statement of financial position at 31 December 2014.

Transcribed Image Text:

2$ Costumes and stage sets at valuation Rent prepaid 11 900 270 Subscriptions due from members 90 Cash at bank 3 150 Administration expenses due 140 Subscriptions received in advance 320 Life membership fund 5 600 Receipts and payments account for the year ended 31 December 2014 Receipts $ Payments $ Balance at bank 3 150 Rent of premises 1 740 1 January 2014 Members' 3 200 Purchase of new 8 800 subscriptions costumes and stage sets Life membership subscriptions 1 300 Production costs 2 300 Special donation 6 000 Administration expenses 490 Ticket sales for 4480 Competition prizes 380 productions Competition receipts 630 Balance at bank 31 December 2014 5 050 18 760 18 760