QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows GHS Accumulated fund (1/06/2019) 30160800 Massage Palour inventory at beginning (1/06/2019) 5751000 Massage Palour Purchases 10820400 Building (Cost) 27306600 Equipment (Cost) 3408000 Furniture and fittings (Cost) 2130000 Subscriptions 2556000 Affiliation Fees 319500 Savings Account 7242000 Venue of the "Weekend in Paradise Trip" 149100 Executive Mens Club Entrance fees 255600 Massuer's Wages and Salaries 1065000 Accumulated Depreciation Building 10922640 Equipment 852000 Furniture and Fittings 213000 Salaries 1022400 Rent 408960 "Weekend in Paradise Trip" expenses 255600 Administrative expenses 741240 Interest on Savings account 404700 Sale of "Weekend in Paradise Trip" tickets 3237600 Bank account (Current) 5325000 Donation for "Weekend in Paradise Trip" 788100 Revenue from Massage Palour 16188000 Life membership fees 788100 Utilities 421740 132733080 Additional Information 1. Massage Palour inventory (31st May 2020) 1150200 2. Subscription paid in advance by member for the year 2020/2021 511200 3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum 4. Interest on saving includes an amount from the 2018/2019 year 21300 5. Affiliation fees was paid for the next 3 years on 1 June 2019 6. Utilities were prepaid at the end of the year 59640 7. Salaries were accrued at the end at the end of the year 85200 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. 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 Balances as at 31/12/2019 Property, plant and equipment 1065000 Accumulated Depreciation 259434 inventories 383400 Receivables 213000 Pepayments-Rates 8520 Bank 42600 Cash 12780 Creditors 85200 Electricity Accrued 5325 Balances as at 31/12/2020 inventories 722070 Receivables 255600 Pepayments-Rates 9585 Bank overdraft 330150 Cash 12780 Creditors 97980 Electricity Accrued 6390 The records show cash and bank transactions as follow: Cash Receipts Balance B/D 12780 Sales 319500 Cash Payments Deposit into bank 319500 Bank Receipts Balance B/D 42600 Accounts Receivable 2982000 5% Loan received 639000 Sale proceeds from sale of motor van 174660 Cash banked 319500 Bank Payments Accounts Payables 2343000 Rates 191700 Electricity 42600 Telephone 31950 Loan Interest 31950 Insurance 21300 Wages and Salaries 426000 Drawings 532500 Property, Plant and Equipment 852000 Sundry Expenses 14910 ADDITIONAL INFORMATION The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum Cost of motor van that was disposed off 213000 Accumulated Depreciation of the motor van that was disposed off 40470 Discount received during the year amounted to 42600 During the year the owner gifted a pair of earings to his daughter worth 42600 REQUIRED: 1. Prepare an Income Statement and a Statement of Financial Position for the 2020 Financial year