QUESTION 3 40 MARKS

The treasurer of Manchester United Football Club has prepared a receipts and payments statement.

Unam Football Club

Receipts and Payments Statement for the year ended 31 December 2019

Receipts

Bank balance 01.01.2018 1 000

Subscription:

2018 (Arrears) 350

2019 18 450

2020 (in advance) 220

Bar Sales 10 500

Donation Received 480

total: 31 000

Payment for bar supplies 5 250

Wages: Groundsman 2 450

Wages: Barman 2 100

Bar Expense 1 720

Repairs to Stand seat 1 125

Ground Maintenance 1 360

Secretary's Expenses 1 520

Transport Expense 2 640

Telephone Expense 3 650

Bank balance 31.12.2019 9 185

total: 31 000

Notes: 31.12.2018 31.12.2019

1. N$ N$

Bar Inventory 2 550 3 250

Bar Supplies - Owing 1 880 1 950

Bar Expense - Owing 120 180

Transport Cost - Owing 195

2.

The land and football stands were valued at 31 December 2018 at: Land N$ 22 100; Football stands N$ 14 500; the stands are to be depreciated by 10 per cent per annum. Furniture and fittings at 31 December 2018 was valued at N$13 500 and is to be depreciated at 10 per cent per annum.

3.

Subscription owing by members amounted to N$ 350 on 31 December 2018, and N$420

On 31 December 2019.

Required:

a) Show accumulated capital as at 31 December 2018. 02 Marks

b) Draw up a Bar Trading Statement. 09 Marks

c) Income and Expenditure Statement for the year ended 31 December 2019. 12 Marks

d) Prepare Statement of Financial Position as at 31 December 2019. 17 Marks