Question one The following is a receipts and payments account prepared by the treasurer of Joy golf club for the year ended 31 December 2021 1january: Cash in hand Bank Bank interest Donations and subscriptions Receipts form teas contribution to travelling Sales of equipment Proceeds from dinner Shs. Shs. 20,000 Salaries and Wages 98,000 193,000 Purchase of machine 180,000 34,000 Rent 42,000 350,000 Cost of teas 26,000 82,000 Travelling expenses 52,000 73,000 Printing 61,000 12,000 Repairs 85,000 98,000 Honoraria for 2011 62,000 31 Dec: Cash in hand 29,000 Bank 227,000 862,000 862,000 Additional information Baalnces due on: 1/1/2021 31/12/2021 Subscriptions due 20,000 25,000 Accrued printing expenses 17,000 12,000 Interest not recorded 8,000 Value of machinery and equipment 70,000 165,000 For the year ended 31/12/2021 the honoraria is to be increased by a total of Shs. 20,000. Prepaid repairs are sh. 30,000. The equipment disposed had a net book value of Shs. 9,000. Required: (i) Computation showing the balance on the accumulated fund on 1 January 2021 (ii) Income and Expenditure account (iii) Statement of financial position as at 31/12/2021