The Warriors Wrestling Club The Warriors Wrestling Club has 150 members and is not registered for VAT. On 31 December 2019, six (6) members still owed their membership fees and ten (10) members had already paid their membership fees for 2020. On 31 December 2020, three (3) of the members who still owed membership fees for 2019, disappeared and the treasurer decided to write off the fees as irrecoverable. In 2020, 15 new members joined the club. The membership fee per member per year: R2 000 in 2019, R2 100 in 2020. New members must also pay an entrance fee. This entrance fee amounts to R5 000 per member. On 31 December 2020, four (4) members have not paid their membership fees yet and 12 members have paid their membership fees for 2021. Source: Klopper, J. 2020. Required Various options are given for each of the following questions/statements. Read through each question/statement and decide on the correct option. Each question/statement has only one correct option. 1.1 The membership fee accrued for 2019 will be shown in the: a. Statement of Income and Expenditure b. Statement of Financial Position c. Statement of Receipts and Payments d. Statement of Changes in Equity 1.2 At the end of 2019, the prepaid membership fee for 2020 is: a. R20 000 b. R21 000 c. R24 000 d. R25 200 COAGB1-B44 Supplementary/Deferred Assessment Paper Block 4 2021 | V1.0 Page 4 of 9 1.3 The membership fee calculated in Question 1.2 will be shown as a __________ in the financial statements of 2019. a. Asset b. Income c. Liability d. Expense 1.4 The amount of membership fees to be disclosed in the Statement of Income and Expenditure account for 2020 will be: a. R324 000 b. R307 700 c. R346 500 d. R340 200 1.5 The total income disclosed in the Statement of Income and Expenditure for 2020 will be: a. R382 700 b. R75 000 c. R415 200 d. R307 700 1.6 The accrued membership fees for 2020 will be shown as a __________ in the financial statements of 2020. a. Asset b. Income c. Liability d. Expense