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Please help me urgent i will give good rating The treasurer of the Business Club has produced the following receipts and payments account for the
Please help me urgent i will give good rating
The treasurer of the Business Club has produced the following receipts and payments account for the year ended 31 December 2020: RM Receipts Bank balances b/d Sales of competition tickets Members' subscriptions Entrance fees Interest on saving accounts RM Payments 750 Printing & stationery 19.875 Rent and repairs 8,250 Competition prizes 2,250 Judges' expenses 600 Sundry expenses Utilities Savings account Bank balances c/d 31,725 1,200 4,050 6,750 1,800 5,175 2,400 5,250 5,100 31,725 The following valuations are also available: As at 31 December 2020 RM 6,225 12,750 Equipment (NBV) Savings account Interest due on savings account Subscriptions in arrears Subscriptions in advance Inventory of competition prizes Prepaid rent and repairs 2019 RM 7,200 7,500 75 150 225 2,850 563 90 150 938 150 Required: (a) An account showing the surplus or deficit made by the club on the competitions. (6 marks) (b) A subscriptions account showing clearly the amount to be transferred to the club's income and expenditure account for the year. (6 marks) (c) An income and expenditure account for the club. (8 marks)Step by Step Solution
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