City Sports Club- Receipt and Payment statement for the year ended 31.12.1997 Receipt Bank 01.01.1997 Subscription received Profits and dances Profit on exhibition Coffee bar takings Sale of equipment Payment I 456 I 776 887 565 673 2 893 8 250 I 298 Coffee supplies bought 3 790 Wages of attendants & cleaners 186 Rent of rooms 112 New equipment bought 798raellig expenses of teams 66 Bank 31.12.1997 8 250 Notes: 1. Coffee bar inventories: 31.12.1996 was $59, on 31.12.1997 was $103 2. On 01.01.1997 club equipment was valued at $2 788. included in this figure, valued at $77 was equipment sold during the year for $66 3. The amount to be charged for depreciaion of equipment for the year is $279. This is in addition to the loss on equipment sold during the year 4. Subscription owing by members 31.12.1996 nil, at 31.12.1997 $29 REQUIRED: (a) Draw up the Coffee trading statement for the year ended 31.12.1997. $650 of the wages is to be charged to the coffee bar and the remainder will be shown in the income & expenditure statement (b) Calculate the accumulated fund as at 01.01.1997 (c) Draw up the Income and expenditure statement and Statement of financial position at 31.12.1997