Reference no: EM132378773

Question 2

The Eagle Theatre Club has been in existence for a number of years. Members pay annual subscription fee of N$ 120, which allow them to join trips to professional productions at a reduced rate. On the 31 May 2018, the club's assets and liabilities were as follows:

Motor vehicle valued at N$ 14 500, Office equipment valued at 2 800, Cash on hand N$ 80, Bank balance N$ 3 100 (overdrawn), Saving with Swabou N$ 100, Subscription in arrears N$ 1 260,  Bar Creditor N$ 2 440 and Subscription received in advance N$ 200. The club is also running a bar to raise more funds for the club activities.

The following information occurred throughout - 31 May 2019.

Receipts

Subscriptions received through the bank

For year ended 31 May 2018 1 060

For year ended 31 May 2019 12 900

For year ended 31 May 2020 570

Bar Sales 9 800

Donation Received 1 600

Payments

Payment for bar supplies 5 200

Wages: Club Manager 6 300

Wages: Bar lady 1 220

Bar expense 810

Repairs theatre building 960

Theatre secretary expense 750

Transport expense for club members 460

Club telephone expense 180

The following information as at 31 May 2019

Bar Inventory 1 380

Drawings by members 11 400

Bar supplies - Owing 1 390

Depreciation expense: Motor Vehicle 600

Depreciation expense: Office equipment 250

REQUIRED

a) Calculate accumulated capital as at 31 May 2018

b) Prepare bar trading as at 31 May 2019

c) Prepare income and expenditure statement as at 31 May 2019

d) Prepare statement of financial position as at 31 May 2019