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QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...

QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows

GHS
Accumulated fund (1/06/2019)
5805600
Massage Palour inventory at beginning (1/06/2019)
1107000
Massage Palour Purchases
2082800
Building (Cost)
5256200
Equipment (Cost)
656000
Furniture and fittings (Cost)
410000
Subscriptions
492000
Affiliation Fees
61500
Savings Account
1394000
Venue of the "Weekend in Paradise Trip"
28700
Executive Mens Club Entrance fees
49200
Massuer's Wages and Salaries
205000
Accumulated Depreciation
Building
2102480
Equipment
164000
Furniture and Fittings
41000
Salaries
196800
Rent
78720
"Weekend in Paradise Trip" expenses
49200
Administrative expenses
142680
Interest on Savings account
77900
Sale of "Weekend in Paradise Trip" tickets
623200
Bank account (Current)
1025000
Donation for "Weekend in Paradise Trip"
151700
Revenue from Massage Palour
3116000
Life membership fees
151700
Utilities
81180
25549560
Additional Information
1. Massage Palour inventory (31st May 2020)
221400
2. Subscription paid in advance by member for the year 2020/2021
98400
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum
4. Interest on saving includes an amount from the 2018/2019 year
4100
5. Affiliation fees was paid for the next 3 years on 1 June 2019
6. Utilities were prepaid at the end of the year
11480
7. Salaries were accrued at the end at the end of the year
16400
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.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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