Question
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS Accumulated fund (1/06/2019) 6655200 Massage Palour
| QUESTION 1 | ||
| The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows | ||
| GHS | ||
| Accumulated fund (1/06/2019) | 6655200 | |
| Massage Palour inventory at beginning (1/06/2019) | 1269000 | |
| Massage Palour Purchases | 2387600 | |
| Building (Cost) | 6025400 | |
| Equipment (Cost) | 752000 | |
| Furniture and fittings (Cost) | 470000 | |
| Subscriptions | 564000 | |
| Affiliation Fees | 70500 | |
| Savings Account | 1598000 | |
| Venue of the "Weekend in Paradise Trip" | 32900 | |
| Executive Mens Club Entrance fees | 56400 | |
| Massuer's Wages and Salaries | 235000 | |
| Accumulated Depreciation | Building | 2410160 |
| Equipment | 188000 | |
| Furniture and Fittings | 47000 | |
| Salaries | 225600 | |
| Rent | 90240 | |
| "Weekend in Paradise Trip" expenses | 56400 | |
| Administrative expenses | 163560 | |
| Interest on Savings account | 89300 | |
| Sale of "Weekend in Paradise Trip" tickets | 714400 | |
| Bank account (Current) | 1175000 | |
| Donation for "Weekend in Paradise Trip" | 173900 | |
| Revenue from Massage Palour | 3572000 |
| Life membership fees | 173900 |
| Utilities | 93060 |
| 29288520 | |
| Additional Information | |
| 1. Massage Palour inventory (31st May 2020) | 253800 |
| 2. Subscription paid in advance by member for the year 2020/2021 | 112800 |
| 3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum | |
| 4. Interest on saving includes an amount from the 2018/2019 year | 4700 |
| 5. Affiliation fees was paid for the next 3 years on 1 June 2019 | |
| 6. Utilities were prepaid at the end of the year | 13160 |
| 7. Salaries were accrued at the end at the end of the year | 18800 |
| 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 | |
| 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. |
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