Nov 2016 Q5

The Dabi Golf Club prepares its accounts annually on 31st March. The Receipts and Payments Account for the year ended 31st March 2016 was as follows.

The following additional information is available:

i) The remaining assets and liabilities of the Club at the beginning and end of the year were:

ii) During the year equipment with a book value of GHȼ30,000 was sold for GHȼ25,000.
iii) Of the subscriptions due on 1st April 2015, GHȼ 220 remains unpaid. This is to be treated as an irrecoverable debt.
Required:
a) Calculate the Accumulated Fund on 1st April 2015.                                                                                                    (3 marks)

b) Prepare the Subscription Account for the year ended 31st March 2016.                                                                      (4 marks)

c) Prepare:                                                                                                                                                                      (13 marks)
i) Income and Expenditure Account for the year ended 31st March 2016

ii) Statement of Financial Position as at 31st March 2016.