Goods taken for personal use amounted to $5,0000. Required: a. b. Calculate the capital as at January 1, 2020 and December 31, 2020. Ascertain the amount for net profit for the year via the balance sheet. Section C (10 marks) (5 marks) 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 120,000 Canteen creditors 145,600 320,000 Fixtures & fittings 46,000 Entrance fees 37,600 Independence fair expenses 22,300 Rental of hall 18,000 Wages for canteen staff 68,000 Rental of lockers 8500 Laundry expenses 7600 Canteen debtors 345 200 Prizes and trophies 8,800 Independence fair 172 300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 Additional information: 1,021,600 1,021,600 1 July 2019 30 June 2020 $ $ Club house Fixtures and Fittings Sports equipment Canteen debtors 500,000 500,000 64,000 100,000 50,000 45000 105,000 85,000 66,000 59,000 Canteen creditors 12,000 24,000 Canteen stock 11,500 6,700 Subscription un arrears Subscription in advance 2,000 3,400 Accrued hall rental 2,000 Repairs paid in advance 700 500