Accounting
QUESTION 1 | ||
The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows 145 | ||
USD | ||
Accumulated fund (1/06/2019) | 41205600 | |
Massage Palour inventory at beginning (1/06/2019) | 7857000 | |
Massage Palour Purchases | 14782800 | |
Building (Cost) | 37306200 | |
Equipment (Cost) | 4656000 | |
Furniture and fittings (Cost) | 2910000 | |
Subscriptions | 3492000 | |
Affiliation Fees | 436500 | |
Savings Account | 9894000 | |
Venue of the "Weekend in Paradise Trip" | 203700 | |
Executive Mens Club Entrance fees | 349200 | |
Massuer's Wages and Salaries | 1455000 | |
Accumulated Depreciation | Building | 14922480 |
Equipment | 1164000 | |
Furniture and Fittings | 291000 | |
Salaries | 1396800 | |
Rent | 558720 | |
"Weekend in Paradise Trip" expenses | 349200 | |
Administrative expenses | 1012680 | |
Interest on Savings account | 552900 | |
Sale of "Weekend in Paradise Trip" tickets | 4423200 | |
Bank account (Current) | 7275000 | |
Donation for "Weekend in Paradise Trip" | 1076700 | |
Revenue from Massage Palour | 22116000 | |
Life membership fees | 1076700 | |
Utilities | 576180 | |
181339560 | ||
Additional Information | ||
1. Massage Palour inventory (31st May 2020) | 1571400 | |
2. Subscription paid in advance by member for the year 2020/2021 | 698400 | |
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum | ||
4. Interest on saving includes an amount from the 2018/2019 year | 29100 | |
5. Affiliation fees was paid for the next 3 years on 1 June 2019 | ||
6. Utilities were prepaid at the end of the year | 81480 | |
7. Salaries were accrued at the end at the end of the year | 116400 | |
8. Parker Exclusive Mens Club organised a "Weekend in Paradise Trip" for its members during the year | ||
9. The Parker Exclusive Mens Club is affiliated to the International Association of Executive Clubs | ||
REQUIRED: | ||
1. Prepare an Income and Expenditure Statement and a Statement of Financial Position for the 2019/2020 Financial year | ||
2. Use the information in 1. to fill the attached excel form. |
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