The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the year ended 31 December 2013:

(i) Refreshment inventory was valued: 31 December 2012 £680; 31 December 2013 £920. There was nothing owing for refreshment inventory on either of these dates. (ii) On 1 January 2013 the club’s equipment was valued at £32,400. Included in this figure, valued at £420, was the equipment sold during the year for £340. (iii) The amount to be charged for depreciation of equipment for the year is £5,200. This is in addition to the loss on equipment sold during the year. (iv) Subscriptions owing by members at 31 December 2012 nil; at 31 December 2013 £860.

You are required to:

(a) Draw up the refreshment trading account for the year ending 31 December 2013. For this purpose £4,680 of the wages is to be charged to this account; the remainder is to be charged in the income and expenditure account.

(b) Calculate the accumulated fund as at 1 January 2013.

(c) Draw up the income and expenditure account for the year ending 31 December 2013, and a statement of financial position as at 31 December 2013.

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Receipts Balance at bank 1 January 2013 Subscriptions received Profits from dances Profit on exhibition Refreshment takings Sale of equipment 3,900 45,060 4,116 890 16,290 340 70,596 Payments Refreshment supplies bought Wages of attendants and cleaners Rent of building New equipment bought Travelling expenses of teams Balance at bank 31 December 2013 4,320 31,400 8,700 18,200 1,900 6,076 70,596