b. Calculate the capital as at January 1, 2020 and December 31, 2020. (10 marks) Ascertain the amount for net profit for the year via the balance sheet. (5 marks) Section C You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding. You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d Subscription Entrance fees Rental of hall Rental of lockers Canteen debtors Independence fair Additional Information: Club house Fixtures and Fittings Sports equipment Canteen debtors Canteen creditors Canteen stock Subscription on arrears Subscription in advance Accrued hall rental Repairs paid in advance $ $ 120,000 Canteen creditors 145,600 320,000 Fixtures & fittings 46,000 37,600 Independence fair expenses 22,300 18,000 Wages for canteen staff 68,000 8500 Laundry expenses 7600 345 200 Prizes and trophies 8,800 172,300 Utilities 9500 Honorarium Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 1 July 2019 30 June 2020 $ $ 500,000 500,000 64,000 100,000 50,000 45000 105,000 85,000 66,000 59,000 12,000 24,000 11,500 6,700 2,000 3,400 2,000 700 500 Proceeds from the independence fair are to be utilized for construction of a tennis court. The following accounts are required: a. Trading Account for the Canteen for the year ended 30, June 2020. (9 marks) b. Trading Account for the independence Fair for the year ended June 30, 2020 (9 marks) b. Income and Expenditure Account for the year ended 30 June 2020. (15 marks) c. Balance sheet as at 30 June 2020. Additional Marks (workings 31 marks) (19 marks) Total 74 marks MARK SCHEME Cover Sheet/ Title Page Introduction Table of contents Content Reference (APA; include in text citation) Page number Font size Headings Bibliography Grammar Organization Management report TOTAL < Mark (s) 1 3 2 147 6 175