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QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS 16567200 3159000 5943600 14999400 1872000 1170000

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QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS 16567200 3159000 5943600 14999400 1872000 1170000 Accumulated fund (1/06/2019) Massage Palour inventory at beginning (1/06/2019) Massage Palour Purchases Building (Cost) Equipment (Cost) Furniture and fittings (Cost) Subscriptions Affiliation Fees Savings Account Venue of the "Weekend in Paradise Trip Executive Mens Club Entrance fees Massuer's Wages and Salaries Accumulated Depreciation Building Equipment Furniture and Fittings Salaries 1404000 175500 3978000 81900 140400 585000 5999760 468000 117000 561600 Rent 224640 140400 407160 222300 "Weekend in Paradise Trip" expenses Administrative expenses Interest on Savings account Sale of "Weekend in Paradise Trip" tickets Bank account (Current) Donation for "Weekend in Paradise Trip" Revenue from Massage Palour 1778400 2925000 432900 8892000 432900 Life membership fees Utilities 231660 72909720 631800 280800 11700 Additional Information 1. Massage Palour inventory (31st May 2020) 2. Subscription paid in advance by member for the year 2020/2021 3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year 5. Affiliation fees was paid for the next 3 years on 1 June 2019 6. Utilities were prepaid at the end of the year 7. Salaries were accrued at the end at the end of the year 8. Parker Exclusive Mens Club organised a "Weekend in Paradise Trip" for its members during the year 9. The Parker Exclusive Mens Club is affiliated to the International Association of Executive Clubs 32760 46800 REQUIRED: 1. Prepare an Income and Expenditure Statement and a Statement of Financial Position for the 2019/2020 Financial year 2. Use the information in 1. to fill the attached excel form. QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta, to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records QUESTION 2 You have been contacted by the owner of a Jewelery Retail shop. Magna Qarta, to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records 585000 142506 210600 117000 4680 23400 46800 2925 396630 140400 5265 181350 7020 53820 3510 Balances as at 31/12/2019 Property, plant and equipment Accumulated Depreciation inventories Receivables Pepayments-Rates Bank Creditors Electricity Accrued Balances as at 31/12/2020 inventories Receivables Pepayments-Rates Bank overdraft Cash Creditors Electricity Accrued The records show cash and bank transactions as follow: Cash Receipts Balance B/D Sales Cash Payments Deposit into bank Bank Receipts Balance B/D Accounts Receivable 5% Loan received Sale proceeds from sale of motor van Cash banked Bank Payments Accounts Payables Rates Electricity Telephone Loan Interest Insurance Wages and Salaries Drawings Property. Plant and Equipment Sundry Expenses ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum 7020 175500 175500 23400 1638000 351000 95940 175500 1287000 105300 23400 17550 17550 11700 234000 292500 468000 8190 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum 117000 22230 23400 23400 Cost of motor van that was disposed off Accumulated Depreciation of the motor van that was disposed off Discount received during the year amounted to During the year the owner gifted a pair of earings to his daughter worth 1. Prepare an Income Statement and a Statement of Financial Position for the 2020 Financial year 2. Use the information in 1. to fill the attached excel form. 1 x Sheet1 + 2 A 14 15 16 18 19 20 21 22 QUESTION 1 1 Profit or loss from Massage Palour 2 Profit or loss from Weekend in Paradise Trip 3 Subscription in the Income and expenditure Account 4 Executive mens club entrance fees Sinterest on savings Afiliation fees 7 Series 8 Rent Administrative expenses 10 Utilities 11 Depreciation for Building 12 Depreciation for Equipment 13 Depreciation for Furniture and Fittings 14 Surplus or Deficit for the you 24 15 Net Book Value of Buildings 16 Net Book Value of Equipment 17 Net Book Value of Fixture and Fittings 18 Savings Account 19 Massage Polour inventory 20 Bank Current Account 21 Total Prepayment 22 Total Accruals 2Total Assets 24 Total Current liabilities 25 Total Long Term Liabilities 26 Closing balance of Accumulated Fund 49 50 50 52 QUESTION 2 1 Sales 2 Cost of Sales 3 Gross Profit 4 Total Other Income 60 Sales 6 Electricity interest on loon 8 Telephone insurance 10 Wages and Salaries 11 Sundry Expenses 12 Depreciation 13Net Profit 14 Net Book Value of PPE 15 Inventory 16 Receivables 17 Prepayment and Accruals 18 Bank 19 Cash 75 78 80 20 Total current abies 21 Total Long termiabile 22 Closing Balance of Equity 2 30

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