The treasurer of the Senior Social Club has prepared the

#8252
The treasurer of the Senior Social Club has prepared the following summary of the club's
receipts and payments for the year ended 30 November 20X2.On 1 December 20X1 the club
owned equipment that had cost £3,650 and which was valued at £2,190. The club's equipment
as at 30 November 20X2 (inclusive of any purchases during the year) was valued at £1,947.
The following information is available:As at____________________ 1Dec 20X1________30
Nov 20X2Inventory of prizes ...................86.........................108Owing to suppliers of prizes
.......314........................507Subscriptions in arrears ............240........................580Subscription
in advance .............65........................105Requireda. Calculate the value of the accumulated
fund of the club as at 1 December 20X1.b. Prepare a subscriptions account for the year ended
30 November 20X2 showing clearly the amount to be transferred to the club's income and
expenditure account for the year.c. Prepare a statement showing the surplus or deficit made by
the club on competitions for the year ended 30 November 20X2.d. Prepare an income and
expenditure account for the year ended 30 November 20X2.e. Prepare the club's statement of
financial position as at 30 November 20X2.View Solution:
The treasurer of the Senior Social Club has prepared the

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