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Question 2 (20 marks) Following is the Receipts and Payments accounts of Hanoi Football Club for the year ended 31 December 2019: Receipts Payments $ 2,096 56,400 Bank (as at 1 January 2019) Subscription received for 2018 1,400 Paid to bar inventory suppliers Wages for Barman Repair to stands 16,250 30,800 1,450 Subcription received for 2019 Bar sales Donations received 142,400 Ground maintenance 4,630 2,500 2,460 Secretary's expenses Transport expense 4,672 Bar expenses 568 Bank as at 31 December 2019 92.766 179.196 179.196 Following are the additional information to be considered: 1. At 31 December 2018, the following assets were valued i. Football stand was valued at $36,000, and they are to be depreciated by 15% per annum. ii. Equipment was valued at $6,500 and to be depreciated 25% per annum. 2. The following were the opening and closing balances 31 Dec 2018 31 Dec 2019 (S) (S) 17,650 15,245 13,246 11,567 Inventory in the bar - at cost Owing for bar suplliers Bar expense owing Transport expense owing 560 473 234 3. Subscription owing by members on 31 December 2018 was $1,400 and 31 December 2019 was $4,600. Required: a) Show the relevant workings of Bar Trading account and Subscription account. (show all your workings) (9.0 marks) b) Prepare the Income and Expenditure account. (show all your workings) (6.0 marks) c) When single entries are used? (5.0 marks)