The Riding and Archery Cue (RACI is an archery and horse riding club operated in Bukit Ulu Tanberang for more than 25 years A summary of resend payments Receipts Annual fee Entrance fee Gift & Souvenir sales RM Payment 75,600 Rent 4,500 Stationery 62,400 Insurance Gift & souvenir creditors RM 2,750 360 6,000 21,645 Archery & horse magazine 274 Gift & souvenir purchases 1,350 Utility 3,456 Equipment 26,100 Salary for gift & souvenir staff 15,600 The RAC account balances for the year ended 31 December 2020 are as follows. 1 Jan 2020 31 Dec 2020 (RM) (RM) Bank 24,750 ? Gift & souvenir creditors 31,500 Building 240,000 27,900 240,000 Accumulated depreciation-Building 72,000 Horses 120,000 ? Equipment 54,000 Accumulated depreciation - Equipment 5,400 ? Gift & souvenir inventory 15,000 18,600 Accrued fee 765 360 Stationery 390 450 Accrued rent 950 1,590 Prepaid Insurance 1800 2,000 Additional information: The alpacation rate for all non-current assets is 10% of the cust. However, the us policy set the hoses are not depreciated The entrance fee is considered as revenue income.