QUESTION $3-20$ MARKS $($CLO $4)$

L & A Water Park Tours operates an employee sports club. The figures below relates to the club as at January $1,2020$: Sports equipment $$40,000$; furniture $$120,000$; bar stock $$35,000$; creditors for bar stock $$20,000,$ subscription outstanding $$12,000,$ cash at bank $$14,000$

The treasurer provided the following details of receipts and payment that took place during the year:

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