The treasurer of the Glades Social Club is able to provide the following information about the club's most recent financial year which ended on 30 June 2014.

Additional information: 

• The loans from members are interest free, but are to be repaid in January 2015. 

• Suppliers of refreshments were owed $310 on 30 June 2014. 

• General al expenses were prepaid $60 on 30 June 2014. 

• There was a refreshments inventory valued at $380 on 30 June 2014. 

• Members' subscriptions $480 were due on 30 June 2014. 

• Members' subscriptions $710 had been received in advance for the year ended ending 30 June 2015. 

• The club buildings should be depreciated by 2.5 per cent on cost. 

• The treasurer valued the furniture and equipment at $20 500 on 30 June 2014. 

• The club's policy is to regard 10 per cent of the life membership fund as income for the year under review.

Prepare: 

a. A calculation of the club's accumulated fund at 1 July 2013 

b. A subscriptions account for the year ended 30 June 2014 

c. A refreshments trading account for the year ended 30 June 2014 

d. An income and expenditure account for the year ended 30 June 2014 

e. A statement of financial position at 30 June 2014.

Transcribed Image Text:

Assets and liabilities at 1 July 2013 2$ Cash at bank 3 840 Club buildings cost Cost 280 000 Provision for depreciation 21 000 Club furniture and equipment at valuation 17 500 Inventory: refreshments 870 Subscriptions due 650 Subscriptions received in advance 210 General expenses due Life membership fund 380 14 500