The following represents information that was extracted from the books of Cool Out Social Club, a non-profit organization.

The assets and liabilities of the club at the beginning of the year are as follows:

January 1, 2012
Equipment	2,500,000
Subscriptions in arrears	200,000
Subscriptions in advance	130,000
Creditors for bar stocks	350,000
Stock of Journals	850,000
Bar Stocks	800,000
Rent Owing	150,000
Electricity Owing	105,000
Cash Balance (favourable)	621,274

The receipts and payments for the period ending December 31, 2012 are as follows:

Details	$
Receipts
Members Subscriptions	2,354,478
Sale of barbecue tickets	623,274
Refreshments	454,079
Other activities	1,238,595
Sale of journals	2,899,949
Payments
Purchase of office furniture	178,000
Rent	600,000
Stationery	125,000
Electricity	1,094,573
Printing	228,439
Purchase of journals	1,379,053
Cost of barbecue tickets and prizes	300,073
Purchase of Refreshments	229,240
Stipend paid for accounting work	449,100

Notes:

(i) Closing stock of journals were valued at $600,000.

(ii) $50,000 was pre-paid for rent as at December 31, 2012.

(iii) $25,494 was outstanding for electricity as at December 31, 2012.

Required:

a. What is the Accumulated Funds as at January 1, 2012?

b. At the end of 2012, what do you think the cash balance is?

c. At the end of 2012, what is the gross income/loss from the sale of Journals?

d. At the end of 2012, what is the amount of surplus/deficit for the club?