Question 2 Hypeton Social Club caters for students who attend colleges in the Corporate Area and St. Catherine. The club engages its members in the purchase and sale of national memorabilia to supplement its income. Proceeds from the clubs activities are used to fund the operations of the National Golden Age Home. On January 1, 2016 the club had the following balances: Motor van $2,500,000; furniture $400,000; debtors for memorabilia $500,000; electricity owing $6,000; secretary's subsistence paid in advance $14,000; creditors for memorabilia $1,100,000. For the financial year ending December 31, 2016 the secretary of the club provided the following information in relation to the club's activities: Receipts Members subscriptions Sale of memorabilia Payments $ $ Electricity 180,000 1,300,000 Party stock 600,000 4,600,000 Purchase of memorabilia 2,800,000 Refreshment, etc. sale 1,350,000 Refreshments, etc. 680,000 Receipts from parties 1,200,000 Secretary's subsistence 196,000 Miscellaneous income 300,000 Stationery 150,000 Rent 190,000 Notes: (ii) On December 31, 2016 the club owed $4,000 for electricity, while $15,000 rent related to January 2017. (iii) The opening cash balance on January 1, 2016 was $508,000. There was no opening or closing stocks of memorabilia. Required: (a) The Accumulated Fund Statement as at January 1, 2016. (8 marks) (b) The Receipts and Payments Account for the year ending December 31, 2016. (8 marks) (c) The Income & Expenditure Account for the financial year. (9 marks)