QUESTION (38 marks)(45 minutes) The following information was obtained from the financial records of Trotmann Tennis Club: 1. List of balances as at 30 June 2020- Accumulated fund. Equipment at cost Accumulated depreciation Equipment Bank (favourable) Inventorytennis balls Accrued membership fees Membership fees received in advance Prepaid rent... Accrued wages. R 21 000 15 550 6 380 10 577 708 140 125 600 70 2. Cash transactions for the year ended 30 June 2021: R 4 550 60 29 625 325 1 800 160 36 960 Receipts: Visitor fees Membership fees: July 2019 - June 2020 July 2020 - June 2021 July 2021 - June 2022 Entrance fees.. interest received on bank account Donations... Payments: Water and electricity Refreshments Stationery.... Tennis balls. Affiliation fees Honorarium Wages Maintenance of tennis courts Rental: tennis courts Equipment (purchased 30 October 2020 3520 1280 1 080 3790 120 2 500 11 000 1 608 9 200 1700 3. RBOO R85 Additional information: 3.1 The entrance fees must be capitalised, 3.2 Inventory on hand at 30 June 2021: Tennis balls Refreshments 3.3 The club rented the tennis courts for R850 per month during the 2021-financial year. 3.4 The accrued membership fees of 2018/2019, not yet received, must be written off as irrecoverable 3.5 The club had 100 members throughout the year and the membership fees amounted to R25 per month for the 2021 financial year. 3.6 Wages of R350 were in arrears on 30 June 2021. 3.7 Provision must be made for depreciation on equipment at 30% per annum according to the diminishing balance method 3.8 Equipment with a cost price of R1 032 and accumulated depreciation of R816 on 1 July 2020 must be written off on 30 June 2021. (Round the depreciation off to the nearest Rand.) REQUIRED 4.1 Prepare the membership fees account in the general ledger of Trotmann Tennis Club for the 2021 financial year. (5) (16) 4.2 Prepare the statement of income and expenditure of Trotmann Tennis Club for the year ended 30 June 2021 in compliance with the requirements of the International Financial Reporting Standards, appropriate to the business of the club. 4.3 Prepare the statement of financial position of Trotmann Tennis Club as at 30 June 2021 in compliance with the requirements of the International Financial Reporting Standards, appropriate to the business of the club. (17) [38]