uestion 2 (30 marks) (Individual) Set A The bookkeeper of Fuji Naturalist Club prepared its Profit & Loss statement for the three months ended 31 March 2017 as follows: Fuji Naturalist Club Profit & Loss Statement for the quarter ended 31 March 2017 Entrance Fees Revenue Membership Fees Revenue Meeting Room Rental Revenue6,300 7,516 86,000 99,816 Operating Expenses: Advertising & Road Show Salaries & Wages Utilities Depreciation Insurance Interest on loan 8,320 53,200 3,564 9,600 13,416 25 Repairs & Maintenance Total Operating Expenses 1720 95845 3,971 Net Profit The accountant made inquiries on the accounts and discovered the following: i) Road show cost of $7,500 was paid on 15 March. The event will happened in June in Orchard Road. The amount was included in the profit and loss statement. Outdoor Supplies, the club's business partner, has agreed to buy membership for 50 members. The membership will be for one year with effect from 1 April 2017 They have paid the entrance fees of $99 per member but will pay the annual membership fees on 1 April. The entrance fees received was has been recorded in the accounting book. The amount was included in the profit and loss statement. i The reported membership fees do not include the outstanding amount for the first quarter of 2017. 30 members have not paid for January to March 2017, 25 members have not paid for February to March 2017 and 80 members have not paid for March 2017. Annual membership fee is $180 iv) The club signed a 12-month contract for $2,000 with GC Aircon Service on 31 March 2017 for servicing of all their air-conditioning units. The contract will start on 15 April 2017. Payment will be done on 14 April. v) The club obtained a bank loan $10,000 on 1 August 2016 at an annual interest of 396. The principal amount will only be paid at the end of 36 months. The interest is to be paid semi-annually on 31 January and 31 July