Question One The Secretary of Zambia Club has not been keeping proper financial records. Now members have demanded to know if the club has had a surplus or a deficit at 31* December 2017. However, the Secretary has been able to provide the following information: Balances at 31 December: 2017 2016 K Long-term borrowing 18 400 28 000 Bank overdraft 13 000 Subscriptions received in advance 12 240 10 400 Income received in advance 10 000 7600 Accrued expenses 2 600 3 200 Furniture at cost 50 000 50 000 Equipment at cost 93 000 93 000 Bank (favourable) 4960 Stationery inventory 20 400 19 600 Additional information relating to entries not yet taken into account is as follows: 1) During the year 2017, the club experienced a break-in and lost K200 000. The Secretary was not surcharged and the club accepted the loss. 2) Depreciation on Furniture is K10 000 and on Equipment is K18 600. Required: Calculate the estimated surplus or deficit for the club for the year ended 31* December 2017. Question One The Secretary of Zambia Club has not been keeping proper financial records. Now members have demanded to know if the club has had a surplus or a deficit at 31* December 2017. However, the Secretary has been able to provide the following information: Balances at 31 December: 2017 2016 K Long-term borrowing 18 400 28 000 Bank overdraft 13 000 Subscriptions received in advance 12 240 10 400 Income received in advance 10 000 7600 Accrued expenses 2 600 3 200 Furniture at cost 50 000 50 000 Equipment at cost 93 000 93 000 Bank (favourable) 4960 Stationery inventory 20 400 19 600 Additional information relating to entries not yet taken into account is as follows: 1) During the year 2017, the club experienced a break-in and lost K200 000. The Secretary was not surcharged and the club accepted the loss. 2) Depreciation on Furniture is K10 000 and on Equipment is K18 600. Required: Calculate the estimated surplus or deficit for the club for the year ended 31* December 2017