QUESTION TWO The following is the receipts and Payments of Bachelors and Spinsters Club during the year ended 31" December 2009 RECEIPTS AND PAYMENTS GHS000 GHS 000 Cash and bank balance (1/1/09) 300,000 Honorarium to pastors 12,000 Sale of competition tickets 150,000 Publicity of Miss Spinster 100,000 Membership subscription: 2008 44,000 Donation to charity 45,000 2009 366,000 Rent 13,000 2010 15,000 Hire of club house for Patron's subscription 100,000 Miss Spinster 226,000 Life membership subscription 250,000 Prizes for competition 22,000 Donations 50.000 Stationery and printing 110,000 Miss Spinster proceeds 500,000 Communication 18,000 Sale of furniture 15,000 New furniture 260,000 Cash and bank bal. c/d 984,000 1.790.000 1.790,000 Assets and liabilities position were given as follows 01/01/09 31/12/09 GHS 000 GHS000 Furniture and fittings 150,000 See notec Motor vehicles 100.000 100,000 Subscription due but unpaid 48,000 Rent paid in advance 8,000 5.000 Telephone bills due 12,000 20,000 The following additional information is given a. It the policy of the club to transfer Life Membership dues from a deceased member into the income and Expenditure Account. Four people paying GHS1,500,000 each died during the year b. Only 10% of the patrons' subscription is absorbed into the income for each year. c. All non-current assets are depreciated at 10% on cost. During the year, furniture costing GHS10,000,000 was sold for GHS15,000,000 d. All subscriptions due for more than one year should be written off. Required: 1. Determine the Accumulated fund at 01/01/09 50.000 2. Prepare the income and Expenditure account for the year ended 31/12/09 3. A statement of financial position as at 31/12/09