The treasurer of the Ocean Fishing Club has prepared the following receipts and payments account for the year ended 31 March 2014. Receipts Balance at 1 April 2013 Subscriptions received Donations Receipts from annual family day Shop takings 6 570 7 400 1 450 2 300 7 690 Payments Payments to trade payables Shop wages Administration expenses New equipment Repairs to equipment Transfer to deposit account Balance c/d 2 974 3 670 2 790 5 600 2 500 7 000 876 25 410 25 410 1 April 2013 31 March 2014 859 784 13 000 Shop inventory Trade payables for shop Deposit account Equipment at cost Provision for depreciation Repairs to equipment owing Shop wages due Shop fittings at net book value 975 560 6 000 9 800 2 940 420 370 195 250 750 640 Additional information The donations are to be capitalised. There are 350 members who pay an annual subscription of $20. At 1 April 2013, 30 members had paid in advance for the coming year but 24 members had not yet paid for the year ended 31 March 2013. At 31 March 2014, 10 members had yet to pay and some members had paid in advance but the treasurer has not yet calculated how many. Interest of 5% per annum is credited to the deposit account by the bank on 31 March each year. This has not yet been entered in the books. The transfer of $7 000 to the deposit account was made on the 31 March 2014. Equipment is depreciated at 15% per annum using the reducing (diminishing) balance method. A full year's depreciation is charged in the year of purchase. m REQUIRED (a) (b) (c) Prepare the shop trading account for the year ended 31 March 2014. Prepare the income and expenditure account for the year ended 31 March 2014. Prepare the statement of financial position at 31 March 2014. Additional information The club wishes to buy a new boat for use by members. It will cost $12 500. REQUIRED (d) (e) Suggest three ways the club could raise the finance to purchase the new boat. State one advantage and one disadvantage of each method you have suggested