QUESTION 3 40 MARKS The treasurer of Manchester United Football Club has prepared a receipts and payments statement. Manchester United Football Club Receipts and Payments Statement for the year ended 31 December 20X6 Receipts Payments Bank balance 01.01.20X6 1 000 Payment for bar supplies Subscription: Wages: Groundsman 20X5 (Arrears) 350 Wages: Barman 20X6 18 450 Bar Expense 5 250 2 450 2 100 1 720 Page 2 of 3 20X7 (in advance) Bar Sales Donation Received 220 10 500 1 125 1 360 480 Repairs to Stand seat Ground Maintenance Secretary's Expenses Transport Expense Telephone Expense Bank balance 31.12.20X6 1 520 2 640 3 650 9 185 31 000 31 000 Notes: 1. Bar Inventory Bar Supplies - Owing Bar Expense - Owing Transport Cost - Owing 31.12.20X5 N$ 2 550 1 880 120 31.12.20X6 N$ 3 250 1 950 180 195 2. The land and football stands were valued on 31 December 20X5 at Land N$ 22 100; Football stands N$ 14 500; the stands are to be depreciated by 10 percent per annum. Furniture and fittings on 31 December 20X5 were valued at N$13 500 and are to be depreciated at 10 percent per annum. 3. Subscription owing by members amounted to N$ 350 on 31 December 20X5, and N$420 On 31 December 20X6. Required: a) Prepare a statement of affairs as at 31 December 20X5. b) Draw up a Bar Trading Statement. c) Income and Expenditure Statement for the year ended 31 December 20X6. d) Prepare Statement of Financial Position as of 31 December 20X6. 02 Marks 09 Marks 12 Marks 17 Marks TOTAL MARKS: 100