The following is a receipt and payment account prepared by Railways Golf Club for the year ended 31 December 2010. Receipts and Payments Account as at 31 Dec 2010 Date Details Amount Date Details Amount 2010 Shs 2010 Shs 1.1 Cash in hand 10,000 Grounds man wages 75,000 1. 1 Balance at bank 283,000 Purchase of mowing machine 150,000 Donations and Subscriptions 260,000 Rent of grounds 25,000 Receipts from tea party sales 30,000 Cost of Tea party 25,000 Donations for traveling 10,000 Travelling expenses 40,000 Sale of Equipment 8,000 Printing and stationery 28,000 Net proceeds from Dinner 78,000 Repairs to equipment 50,000 31.12 Bank Interest 3,000 Honoraria to Secretary and Treasury 40,000 Balances: 31.12 Cash in Hand 25,000 Bank 224,000 682,000 682,000 Additional Information: Balances on: 1.Jan 2010 31 Dec 2010 Subscriptions due in (Shs) 15,000 10,000 Amounts due for printing and stationery (Shs) 10,000 8,000 Un-presented cheques made for repairs (Shs) 30,000 25,000 Bank interest not entered in the cashbook as at 31.12. 2010 (Shs) 2,000 Estimated value of machine and equipment (Shs) 80,000 175,000 For the year ending 31st December 2010, the honoraria to the treasurer are to be increased by Shs 20,000, and the grounds-man is to receive a bonus of Shs 20,000. The equipment sold had been bought at Shs 2000. Required: Compute the opening balance of the accumulated fund. (4 marks) The income and expenditure account for the year ended 31st December 2010 (7 marks) The balance sheet as at 31st December 2010. (5 marks)