Question 7 (34 marks) 65 minutes Given the information below, prepare an Income Statement and Balance Sheet for the year ended 31 Dec 2016 using the Accrual basis accounting 1. A foundation has given the camp a grant of NS 10 000 but a cheque is still to be sent, other grants amounted to NS 3 000. The campers fees amounted to N$ 25 000 2. The camp has incurred the following expenses, utilities NS 2 000 Salaries N$20 000, food and supplies NS 6000, insurance NS 4200, telephone NS 750, and printing and postage N$3500 3. The camp received an amount of NS 10 000 which has been vouched by 4. 5. 6. 7. 8. the government. Additional contributions from other donors were N$ 4 500, cash on hand amounts to N$ 127 Expenses (insurance) paid in advance were NS 1 050 and The value of fixed assets of the foundation amounted to N$ 20 000 Because cash is tight the camp has not paid the final installment to their printer for the year's brochures and they owed NS 1500 9. The president granted a loan amount of N$5000 to finance the costs of the camp