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Kericho Sports Club has been operating for some time now. The treasurer analysed the cash book and produced the following Receipts and Payments account for

Kericho Sports Club has been operating for some time now. The treasurer analysed the cash book and produced the following Receipts and Payments account for the year ended 31st Dec. 2018.

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Receipts Balance b/f Subscriptions Payments 1,067,000 Loan repayment (capital) 170,000 1,780,000 Rent of ground 79,000 Restaurant sales 4,030,000 Repairs and maintenance 124,000 Telephone Social events Miscellaneous 34,000 Rates 320,000 177,000 Water 38,000 56,000 Restaurant Purchase 2,937,000 Electricity 506,000 Insurance 221,000 Repairs to equipment 326,000 Expenses on social events 67,000 Maintenance of ground 133,000 Wages to grounds men 140,000 Telephone 103,000 Restaurant expenses 144,000 Loan interest 97,000 Miscellaneous 163,000 Balance c/d 1,700,000 7,144,000 7,144,000 The treasurer also provided a list of assets and liabilities at different dates. Balances as at; 1.1 2018 31.12 .2018 Restaurant debtors 231,000 50,000 Prepaid rates 68,000 76,000 Accrued subscriptions 778,000 425,000 Restaurant creditors 427,000 901,000 Accrued electricity 130,000 35,000 Restaurant Stock 291,000 394,000 Prepaid Subscriptions Accrued water charges Pavilion at cost Loans to sports club 398,000 65,000 13,000 23,000 13,098,000 ? 1,080,000 ?

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To address the requirements for Kericho Sports Club we need to prepare three financial statements a Restaurant Trading Profit and Loss Account for the year ended 31st December 2018 b Income and Expend... blur-text-image

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