please assist urgently:

The following information was taken from the accounting records of Sea View Golf Club:

SEA VIEW GOLF CLUB

STATEMENT OF FINANCIAL POSITION

AS AT $31$ DECEMBER $2021$

$2021$

R

ASSETS

Non$-$current assets $269000$

Property at cost $250000$

Furniture

Cost price $20000$

Less: Accumulated depreciation $-4000$

Equipment

Cost price $10000$

Less: Accumulated depreciation $-7000$

Current assets $48500$

Inventory $10100$

Bank $38400$

TOTAL ASSETS $317500$

FUNDS AND LIABILITIES

Accumulated funds $120000$

Opening balance $90000$

Surplus for the year $30000$

Current liabilities

Creditors $197500$

TOTAL FUNDS AND LIABILITIES $317500$

Additional information to be taking into account:

$1.$ The following transactions took place during the year ending $31$ December $2021$:

R

Buildings purchased on cash $100000$

Entrance fees received $10000$

Sundry expenses paid $3000$

Other fees received $14000$

Insurance paid $800$

Maintenance of golf course paid $18000$

Salaries paid $17000$

Stationery purchased $1000$

Membership fees received $48000$

Payments to creditors $48000$

$2.$ Accrued membership fees on $31$ December $2020$ amounted to R$2100.$

$3.$ Equipment must be depreciated at $20\%$ per annum on the cost price.

$4.$ Furniture must be depreciated at $5\%$ per annum on the reducing balance method.

$5.$ Membership fees received during the $2021$ financial year, include an amount of R$4200$

related to the $2022$ financial year.

$6.$ Membership fees of R$1500$ are still outstanding on $31$ December $2021.$

$7.$ Insurance premiums amount to R$100$ per month.

$8.$ Entrance fees must be capitalised

Question $1$:

Trail Climbing and Hiking offers a range of outdoor activities to surrounding communities in Waterberg. The non$-$profit organisation received R$10000$ entrance fees from its two new members. It is the policy of the entity to capitalise $20\%$ of the entrance fees received.

Determine the amount that will appear in the Statement of Income and Expenditure.

A$.$ R$9000$

B$.$ R$8000$

C$.$ R$5000$

D$.$ R$2000$

Question $2$:

A non$-$profit entity:

A$.$ Can never enter any profitable projects

B$.$ Aims to generate profit

C$.$ Must apply any surplus to the benefit of its members

D$.$ Distribute any surplus to its members

Question $3$:

Which of the following statement is correct regarding non$-$profit entities?

A$.$ Where a profit is realised this is known as a surplus

B$.$ Where a profit is realised this is known as a deficit

C$.$ Where a profit is realised this is called a profit

D$.$ Where a profit is realised this is called capitalised

Question $4$:

The statement of income and expenditure of a non$-$profit entity is used to:

$($i$)$ determine the results of the entity$$s activities for the financial period

$($ii$)$ portray profit or loss for the year

$($iii$)$ portray a surplus or deficit for the period

$($iv$)$ determine the cash on hand of the entity at a specific point in time.

A$.($i$)$ & $($ii$)$

B$.($i$)$ & $($iii$)$

C$.($iii$)$ & $($iv$)$

D$.($ii$)$ & $($iv$)$

Question $5$:

The following information was obtained from the records of Terrace Golf Club.

The following cash transactions took place during the year ending $31$ December $2023.$

The bank balance on $1$ January $2023$ was R$5000.$

R

Membership fees

$1000$

Entrance fees

$300$

Profit on sale of asset

$8000$

Affiliation fees

$700$

Championship fees

$250$

R

Golf equipment

$500$

Credit losses

$1500$

Cost of refreshments

$250$

Sundry expenses

$150$

Depreciation

$2000$

Loss on sale of asset

$2500$

Maintenance of clubhouse

$300$

Calculate the bank balance on $31$ December $2023.$

A$.$ R$6500$

B$.$ R$5060$

C$.$ R$5600$

D$.$ R$6050$

Question $6$:

Membership fees received in advance in the current year are recorded as:

A$.$ A liability

B$.$ An income

C$.$ An asset

D$.$ An expense

Question $7$:

Irrecoverable membership fees are classified under the following account:

A$.$ Accumulated fund

B$.$ Credit losses

C$.$ Membership fees

D$.$ None of the above

Question $8$:

The amount of $$Entrance Fees$$ received by a non$-$profit organisation $($if it is received regularly$)$ is shown in which of the following?

A$.$ Liability side of statement of financial position

B$.$ Assets side of statement of financial position

C$.$ Debit side of income and expenditure account

D$.$ Credit side of income and expenditure account

Question $9$:

Depreciation for the year is included in the Statement of Receipts and Payments.

True

False