Sven sports club is located in an urban area providing sports and recreational facilities to its members. It is a non-profit organization working for the last five years. Its most recent result for the year ended 31 March 2020 are as follows:

Sven Sports Club

Income and Expenditure Account

For the year ended 31 March 2020

Details	$	Details	$
General expenses	15,000	Subscription fees	225,000
Utility bills	37,500	Entrance fees	7,500
Printing and stationery	13,500	Donations received	30,000
Annual dinner expenses	45,000	Government grants	22,500
Bank charges	13,500	Profit from annual sports	9,000
Depreciation of equipment	9,000
Salaries	22,500
Surplus	138,000
	294,000		294,000

The above account had been prepared after the following adjustments:

	31 March 2020	31 March 2021
Outstanding subscriptions	8,100	22,500
Prepaid subscriptions	18,000	13,500
Outstanding salaries	12,000	13,500

• Utility bills of $1,500 are outstanding at the year end.
• Club owns a ground valued at $300,000.
• Club owned sports equipment of $78,000 at the start of the year. The balance of sports equipment account at the end of the year was $81,000.
• Sven sports club borrowed a loan of $60,000 at the start of year which is still outstanding.
• Cash and bank balance at the start of year amounted to $48,000.