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QUESTION 1 You are given the following infomation for Ruyi Soccer Club for 30 June 2018 Accumulated fund Membership fees received Membership fees in arrears (1 July 2017) Membership fees received in advance (1 July 2017 5 000 6 300 1 800 1 350 Additional information (1) On 30 June 2018, five members paid their membership fees of R450 in advance One membership fee was in arrears on 30 June 2018 During the course of the year, five new members joined the soccer club and paid an entrance fee of R150 per person. Two members soccer club membership fees of R900 that were not paid in the 2017 financial year (2) (3) (4) (5) You may assume that the surplus for the year ended 30 June 2018, after all the above must be written off as i rrecoverable adjustments have been taken into account amounted to R15 000 REQUIRED Marks (a) Prepare the membership fees account for the year of Ruyi Soccer Club. (b) The statement in changes in equity of Ruyi Soccer Club for the year ended 8 5 13 30 June 2018

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Membership Fees Account(Income) To opening Arrear Membership fees(01-07-2017 1800 By Advance membership fees(01-07-2017 1350 By cash By cash (New members) To Advance membership fees 450 6300 750 By arrear membership fees on 30-06-2018 by profit and loss A/C(Written off) 150 900 9450 To profit and loss A/C(Membership fees earned during the year 7200 9450 Statement of change in Equity Opening Fund Profit earned during the year 5000 total 12200 15000 Equity withdrawn during the year2800 Less-Closing Balance

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