Use the following information to answer questions 13 to 15: The following information pertains to Mike's Tennis Club a small tennis club for children in Soweto. 1. Extraxt from the list of balances at 31 December 20.7 R Accumulated fund (1 January 20.7)... 36 243 Equipment.......... 21 000 Accumulated depreciation: Equipment. 3 040 Long-term loan: Mr B Summers... 4 000 Bank (debit balance).... 15 310 Inventory: Tennis balls January 20.7). 1 250 Fixed deposit.. 24 000 Entrance fees. 750 Bank charges.... 140 Donations received. 9 650 Repairs.. 200 Wages.... 6 200 Rent expenses for tennis courts. 2 500 Tennis balls (purchases). 450 Interest on loan... 320 Affiliation fees. 180 Honarium...... 1 750 Interest on fixed deposit... 1 000 Membership fees received. 9 360 Refreshments: Inventory (1 January 20.7). 250 Purchases.. 2 720 Sales...... 4 000 Inventory (31 December 20.7). 400 2. (a) (b) (c) (d) (e) (f) Additional Information: Entrance fees and donations received must be capitilised. Membership fees were R100 in 20.6, R120 in 20.7 and will be R140 in 20.8. On 1 January 20.7, the membership fees of five members for 20.6 were still due. An amount of R120 was prepaid by members on 31 December 20.6. On 31 December 20.7 four members paid their membership fees for 20.8. Membership fees received during 20.7 included the membership fees of three members who did not pay in 20.6. The other two members must be written off as irrecoverable. On 31 December 20.7, two member's membership fees for 20.7 were still outstanding. Inventory on hand at 31 December 20.7 is as follows: Tennis balls R480 (g) (h) (0) Mr B Summers, a retired tennis coach, lent Mike's Tennis Club R4 000 on 1 January 20.7 at an interest rate of 12% per annum. The loan is repayable on 1 January 20.8. 0) On 1 March 2017 Mike's Tennis Club made a fixed deposit of R24 000 at an interest rate of 10% per annum at WMB Bank. The interest only gets credited on 28 February 20.8. (k) Mr B Peter's wages of R750 for December 2017 must still be paid. (1) Mike's Tennis Club rents the tennis courts from, Soweto Country Club, at R250 per month. (m) You may assume that the surplus for the year, after all the above adjustments have been taken into account, amounted to R6 777. 13. The amount that must be posted to the income and expenditure account in the membership account at 31 December 20.7 will be: (1) R8 860 (2) R9 420 (3) R8 660 (4) R8 620 (5) R8 420 14. The amount for accumulated fund in the statement of changes in equity for the year ended 31 December 20.7 will be: (1) R36 243 (2) R43 020 (3) R52 670 (4) R43 770 (5) R53 420 15. The amount for trade and other payables in the statement of financial position as at 31 December 20.7 will be: (1) R 160 (2) R 750 (3) R480 (4) R 500 (5) R1 410
