Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use correct formats , especially for the statement of financial position, that is the most important one. Thank you QUESTION 3 50 MARKS The

image text in transcribedimage text in transcribed

image text in transcribed Please use correct formats , especially for the statement of financial position, that is the most important one. Thank you

QUESTION 3 50 MARKS The Katutura Theatre Club has been in existence for several years. Members pay annual subscription fee of N$ 120, which allow them to join trips to professional productions at a reduced rate. On the 31 May 2020, the club's assets and liabilities were as follows: Motor vehicle valued at N$ 14 500, Office equipment valued at 2 800, Cash on hand N$ 80, Bank balance N$ 3 100 (overdrawn), Saving with Swabou N$ 100, Subscription in arrears N$ 1 260, Bar Creditor N$ 2 440 and Subscription received in advance NS 200. The club is also running a bar to raise more funds for the club activities. The following information occurred throughout - 31 May 2021. Receiots 1 060 Subscriptions received through the bank For year ended 31 May 2020 For year ended 31 May 2021 For year ended 31 May 2022 12 900 570 Bar Sales 9 800 1 600 5 200 6 300 1 220 810 960 750 Donation Received Payments Payment for bar supplies Wages: Club Manager Wages: Bar lady Bar expense Repairs theatre building Theatre secretary expense Transport expense for club members Club telephone expense The following information as at 31 May 2021 Bar Inventory Drawings by members Bar supplies - Owing Depreciation expense: Motor Vehicle Depreciation expense: Office equipment 460 180 1 380 11 400 1 390 600 250 REQUIRED 03 Marks Calculate accumulated capital as at 31 May 2020 Prepare bar trading as at 31 May 2021 Prepare income and expenditure statement as at 31 May 2021 12 Marks 17 Marks Prepare statement of financial position as at 31 May 2021 18 Marks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of International Financial Accounting And Reporting

Authors: Roger Hussey

1st Edition

9814280232, 9789814280235

More Books

Students also viewed these Accounting questions