Required From the following, taken from the books of Bingo Club, prepare: (a) The income and expenditure account for the period ended 31 December 2002; (b) The subscriptions account balanced property); and (c) The refreshments account in order to determine the profit or loss to be transferred to the income and expenditure account. Balances at 1 January 2002: 18 570 10 000 16 000 2400 1 400 Accumulated funds Loan from West Bank (15%) Club equipment (cost) Accumulated depreciation on club equipment Stock on hand: Refreshments Stationery Income received in advance : Subscriptions Income receivable: subscriptions in arrears Bank balance Petty cash balance 420 140 4860 250 Buildings, at cost 8 090 Statement of receipts and payments for the year ended 31 December 2002: Receipts Balances (1/1/2002) 4 860 250 Bank Petty cash Subscriptions: 2001 2002 2003 60 8 760 220 12 680 Refreshments sales Entrance fees 380 Donations 1 800 29 010 Payments Interest on loan 750 350 200 7 860 100 Stationery Affiliation fees Refreshments purchases Honorarium Water and electricity Wages Postage Balance (31/12/2002) 480 3 600 20 Bank 15 400 250 Petty cash 29 010 Adjustments: 1. Stock on hand: adjustments, R1 420 Stationery, R170 2. Subscriptions still outstanding for 1991 should be written off. 3. R240 (subscription fee) is still outstanding for 1992. 4. Entrance fees should be treated as revenue income. 5. Provide for outstanding interest on loan. 6. Calculate depreciation on club equipment at 15% p.a. on the diminishing balance method