Those questions carry a lot of marks so please make a sure correction

and Detailed explanation, please

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Bagagga Golf Club (BGC) has prepared the following trial balance for the year ended 31 October, 2017.

$ $

Dr. Cr.

Subscriptions received 221,400

Land at cost 150,000

Canteen delivery van at cost 58,500

Golf equipment 23,000

Club furniture 45,600

Canteen fridge at cost 4,500

Canteen furniture at cost 8,500

Accumulated depreciation:

Canteen delivery van 11,700

Club furniture 9,120

Canteen fridge 900

Canteen furniture 1,700

Coach's salary 24,000

Gardener's wages 12,000

Rent & Utilities 47,770

Donations 12,450 54,500

Fundraising dinner event 43,500

Canteen sales 34,560

Canteen inventory 1 November, 2016 5,600

Canteen purchases 24,000

Accumulated fund 1 November, 2016 50,300

Canteen receivables 45,410

Canteen payables 42,050

Canteen bank balance 3,400

Club bank balance 5,000

. 469,730 469,730

Additional information:

1. 20% of the subscriptions received relate to life subscription which is recognizable over a period of 20 years.

2. 30% of the ordinary subscriptions relate to the forthcoming financial year.

3. Golf equipment is written off as a period cost at the end of each year.

4. The club depreciates non-current assets as follows:

Rate (% per annum) Method

Canteen van 20 Straight line

Club furniture 10 Reducing balance

Canteen furniture 10 Reducing balance

Canteen fridge 20 Straight line

5. Closing inventory of the canteen was $ 6,700,000.

6. The club apportions rent and utilities between the club and the canteen in the ratio of 3:1 respectively.

7. Rent and utilities outstanding at the end of the year were $ 12,850,000.

Required: Prepare for BGC, for the year ended 31 October 2017, a statement of:

1. profit or loss for the canteen.
2. income and expenditure.
3. financial position.

Detailed explanation please this questions is carrying a lot of marks and it will be presented in a class