QUESTION 4 Madina Social Club, is a neighbourhood club whose sole aim is to promote wellbeing of neighbours through social functions. As such, the members pay an annual subscription of GH 50 and also have an opportunity of lifetime membership fee of GH600, besides organising fundraisers, concerts and other income generating netivities. The subscription payments for the year ended 2020 were as follows: A total of GH2,400 was received this year, out of which GH200 was arrears for 2019 and GH4300 is advance payment for the year 2021. il Payment outstanding for the current period amounted to GH 800. iii, 2019 Subscriptions received was GH$2,250, out of which GH550 was advance payments for the following year. The balance of life membership account as at 31/12/2019 was nil but 15 out of the total new members who joined this year opted for and made payment in full for Life membership. Life membership is assumed to last 15 years. Required: a) Prepare Madina Social Club Subscription account for the year ended 2020 as well as the Life membership account for the same period. (6 marks) b) Show the Income and Expenditure Statement and Statement of Financial Position extracts as at 31/12/2020. (8 marks) c) Explain why Life Membership is considered a liability (1 mark) (Total: 15 marks)