ILLUSTRATION 5 From the following particulars, prepare Income and Expenditure Account of the Houston Golf Club for the year ended 31st December, 2014 $ $ Subscriptions received for 2014 10,500 Expenses for 2014 paid 8,000 Entrance Fees received for 2014 750 Expenses unpaid 230 Subscriptions and Entrance Fees for 2013 (estimated $150 realised) 280 Liabilities for 2014 paid (estimated $700) 600 Subscriptions and Entrance Fees for 2015 1,550 Audit Fees for 2014 not paid 200 Subscriptions for 2014 to be taken at (due $2,000) 1,000 Profit on Service Account net 2,300 Miscellaneous Fees 2,100 Interest on Loans Paid 320 Provide for depreciation Capital Expenditure written off 1,200 Surplus from 2013 A/C 4,000 Capital Expenditure in 2014 2,120