From the following balances relating to the accounts of a small football club as at 31 March 20X8 draw up the income and expenditure account and the statement of financial position as at that date.
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Club house at cost
|
25,000
|
|
Accounts receivable
|
1,200
|
|
Accounts payable
|
990
|
|
Inventory 31 March 20X8
|
550
|
|
Gross profit on bars, etc.
|
5,600
|
|
Gross profit on events
|
8,200
|
|
Furniture and fittings at cost
|
3,400
|
|
General expenses
|
2,300
|
|
Insurance
|
500
|
|
Heat and light
|
2,200
|
|
Subscriptions to the club
|
12,300
|
|
Accumulated fund 1 April 20X7
|
8,400
|
|
Provision for depreciation as at 1 April 20X7:
|
|
|
Clubhouse
|
1,000
|
|
Furniture and fittings
|
340
|
|
Bank and cash
|
1,680
|