The following is a summary of the receipts and payments of the Miniville Rotary Club during the
Question:
The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2016.
The following valuations are also available:
Required:
(a) Calculate the value of the accumulated fund of the Miniville Rotary Club as at 1 August 2015.
(b) Reconstruct the following accounts for the year ended 31 July 2016:
(1) the subscriptions account, (2) the competition prizes account.
(c) Prepare an income and expenditure account for the Miniville Rotary Club for the year ending 31 July 2016 and a statement of financial position as at that date.
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