The Treasurer of Catch them Young Club has prepared a summary of the receipts and payments for the year ended 31/12/2016 as follows:

Receipts and Payments Account

GH GH

Balance b/d: Bar purchases 66,048

Bank balance 8,492 Rent and rates 2,840

Cash in hand 216 Telephone 180

Subscriptions 10,040 Light and Heating 1,224

Admission fees 600 Postage and Stationery 608

Bar receipts 80,016 Wages and Insurance 18,616

General expenses 1,208

Travel and Transport 488

Balance c/d:

Bank balance 8,048

Cash in hand 104

______

99,364 99,364

The following information is also relevant.

1. Outstanding amounts and prepayments were:

31/12/2015 31/12/2016

GH GH

Subscription outstanding 504 580

Rent Outstanding 300 200

Rates prepaid 104 116

Bar purchases outstanding ` 840 1360

2. The bar stock on 31/12/2015 and 2016 were GH 1,380,000 and GH

1,184,000 respectively.

3. On 31/12/2013, fixtures and fittings were valued at cost as GH 3,000,000

and equipment at GH2,246,000.

4. During the year ended 31/12/2016 a second had computer was bought at a

cost of GH800,000. This has not yet been paid for.

5.Depreciation is charged for a full year irrespective of the date of acquisition

at rates of 10% on fixtures and fittings and 20% straight line method on equipment.

Required:

Use the above information to answer the following questions:

1. What is the name of the organization that the final account is being prepared for and what type of organization is it?

2. What is the opening accumulated fund?

3. The gross profit and loss figure on the bar trading account is?

4. What is the purchase figure for the period?

5. What is the total income in the income and expenditure account?

6. What is the total expenditure in the income and expenditure account?

7. What is the amount of subscription charged to the income & expenditure account?

8. What is the amount of Rent & Rate to be charged in the income and expenditure account?

9. What is the goods available for sale in the bar trading account?

10. What is the total depreciation charge for the year in the income and expenditure?

11. What is the heading of the profit statement?

12. The total net book value for the entire asset as at 31/12/16 is?

13. What is the total current asset?

14. The total current liabilities is?

15. What is the closing accumulated fund?

16. What is the Net Current Assets?

17. What is the total depreciation figure in the balance sheet?

18. The total cost of asset in the balance sheet is?

19. What is the cost of sales for the Bar Trading account?

20. What is the heading of the balance sheet?

Prepare the Balance sheet for Catch them Young club as at 31^st December 2016.