11:10 QUESTION 2: [ 30 marks] The Golden Club is a not for profit organization. Accounts are prepared annually on 31 December. Below are the assets and liabilities of the club at the beginning of the year 2018. Assets and liabilities as at 1 Jan 2018 Assets Building Furniture $ Liabilities $ 1. 40000 Accumulated fund 79605 Life 10000 Life Membership 5600 Sport Equipment 15000 Old People's Welfare 2100 Inventory-Refreshments Needy Students 4440 3500 Bank Deposit 25000 Cash in hand 1000 Subscription in arrears 375 Refreshments Trade payable Subscriptions in advance Expenses accrued (Elec & Water) 2750 170 210 94875 Receipts & Payments Account for the year ended 31 Dec 2018 94875 Receipts $ Subscriptions Payments Purchases of Refreshments 14440 $ 29880 Subscriptions Life 3500 General Expenses 18770 Membership fees (5 members) Profit on Fancy fair 15220 Old people's Welfare activities 9990 Donations 18600 Needy Students Welfare activities 10710 Sale of Refreshments 47680 Electricity & Water 2975 Annual Dinner & Ball 6800 Bank Deposits 16000 New Sports Equipment 3000