Bagagga Golf Club (BGC) has prepared the following trial balance for the year ended 31 October, 2017.

N.B " this question is carrying a lot of marks so please make sure you are correct"

Bagagga Golf Club (BGC) has prepared the following trial balance for the year ended 31 October, 2017. Dr. Cr. Sbs '000 Sbs '000 Subscriptions received 221,400 Land at cost 150,000 Canteen delivery van at cost 58,500 Golf equipment 23,000 Club furniture 45,600 Canteen fridge at cost 4,500 Canteen furniture at cost 8,500 Accumulated depreciation: Canteen delivery van 11,700 Club furniture 9,120 Canteen fridge 900 Canteen furniture 1,700 Coach's salary 24,000 Gardener's wages 12,000 Rent & Utilities 47,770 Donations 12,450 54,500 Fundraising dinner event 43,500 Canteen sales 34,560 Canteen inventory 1 November, 2016 5,600 Canteen purchases 24,000 Accumulated fund 1 November, 2016 50,300 Canteen receivables 45,410 Canteen payables 42,050 Canteen bank balance 3,400 Club bank balance 5,000 469,730 469,730 Additional information Additional information: 1. 20% of the subscriptions received relate to life subscription which is recognizable over a period of 20 years. 2. 30% of the ordinary subscriptions relate to the forthcoming financial year. 3. Golf equipment is written off as a period cost at the end of each year. 4. The club depreciates non-current assets as follows: Rate (% per annum) Method Canteen van 20 Straight line Club furniture Reducing balance Canteen furniture Reducing balance Canteen fridge Straight line 5. Closing inventory of the canteen was Shs 6,700,000. 6. The club apportions rent and utilities between the club and the canteen in the ratio of 3:1 respectively. 7. Rent and utilities outstanding at the end of the year were Shs 12,850,000. Required: Prepare for BGC, for the year ended 31 October 2017, a statement of: (0) profit or loss for the canteen. (ii) (ii) income and expenditure. (iii)(ii) financial position. 10 10 20 Detailed explanation please this questions is carrying lot of marks and it will be presented in a class Bagagga Golf Club (BGC) has prepared the following trial balance for the year ended 31 October, 2017. Dr. Cr. Sbs '000 Sbs '000 Subscriptions received 221,400 Land at cost 150,000 Canteen delivery van at cost 58,500 Golf equipment 23,000 Club furniture 45,600 Canteen fridge at cost 4,500 Canteen furniture at cost 8,500 Accumulated depreciation: Canteen delivery van 11,700 Club furniture 9,120 Canteen fridge 900 Canteen furniture 1,700 Coach's salary 24,000 Gardener's wages 12,000 Rent & Utilities 47,770 Donations 12,450 54,500 Fundraising dinner event 43,500 Canteen sales 34,560 Canteen inventory 1 November, 2016 5,600 Canteen purchases 24,000 Accumulated fund 1 November, 2016 50,300 Canteen receivables 45,410 Canteen payables 42,050 Canteen bank balance 3,400 Club bank balance 5,000 469,730 469,730 Additional information Additional information: 1. 20% of the subscriptions received relate to life subscription which is recognizable over a period of 20 years. 2. 30% of the ordinary subscriptions relate to the forthcoming financial year. 3. Golf equipment is written off as a period cost at the end of each year. 4. The club depreciates non-current assets as follows: Rate (% per annum) Method Canteen van 20 Straight line Club furniture Reducing balance Canteen furniture Reducing balance Canteen fridge Straight line 5. Closing inventory of the canteen was Shs 6,700,000. 6. The club apportions rent and utilities between the club and the canteen in the ratio of 3:1 respectively. 7. Rent and utilities outstanding at the end of the year were Shs 12,850,000. Required: Prepare for BGC, for the year ended 31 October 2017, a statement of: (0) profit or loss for the canteen. (ii) (ii) income and expenditure. (iii)(ii) financial position. 10 10 20 Detailed explanation please this questions is carrying lot of marks and it will be presented in a class