QUESTION ONE (10 Marks) (a) The University Teachers Association Ghana (UTAG) was re-launched on January 1, 2019. The following receipts and payments for the year ended December 31, 2019 have been extracted: Receipts Payments GHS GHS Subscription 63,000 Purchase of Building 20,400 Quiz competition fees 2,325 Wages 22,600 Bank interest 215 Rent and Rates 3.180 Sale of UTAG T-shirt 1,865 Heating and Lighting 3.370 Entrance fees 21,000 Postage and Stationery 205 Motor expense 5,000 Quiz competition prizes 660 Purchase of UTAG T-shirt 2.250 Balance c/d 30,740 88,405 88,405 The following additional notes are relevant: i. The annual subscription fee is GHS 125 per month. At 31 December, 2019 five (5) members had not paid their subscriptions but these monies were received in January 2020. ii. The building has a residual value of GHS400 and an estimated life of five (5) years. UTAG purchased one hundred T-shirts printed with its own design. As at 31 December, 2019 forty of the T-shirts remained as inventory. iv. GHS825 has been paid in advance in respect of rent and rates as at 31 December, 2019. As at 31 December, 2019 the following expenses have been accrued: Postage and Stationery GHS60 Wages GHS200 Required: 1. Subscription account as at year end. 2. Income and Expenditure account of UTAG for the year ended 31 December, 2019. 3. Statement of financial position as at the year end