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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)

6655200

Massage Palour inventory at beginning (1/06/2019)

1269000

Massage Palour Purchases

2387600

Building (Cost)

6025400

Equipment (Cost)

752000

Furniture and fittings (Cost)

470000

Subscriptions

564000

Affiliation Fees

70500

Savings Account

1598000

Venue of the "Weekend in Paradise Trip"

32900

Executive Mens Club Entrance fees

56400

Massuer's Wages and Salaries

235000

Accumulated Depreciation

Building

2410160

Equipment

188000

Furniture and Fittings

47000

Salaries

225600

Rent

90240

"Weekend in Paradise Trip" expenses

56400

Administrative expenses

163560

Interest on Savings account

89300

Sale of "Weekend in Paradise Trip" tickets

714400

Bank account (Current)

1175000

Donation for "Weekend in Paradise Trip"

173900

Revenue from Massage Palour

3572000

Life membership fees

173900

Utilities

93060

29288520

Additional Information

1. Massage Palour inventory (31st May 2020)

253800

2. Subscription paid in advance by member for the year 2020/2021

112800

3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum

4. Interest on saving includes an amount from the 2018/2019 year

4700

5. Affiliation fees was paid for the next 3 years on 1 June 2019

6. Utilities were prepaid at the end of the year

13160

7. Salaries were accrued at the end at the end of the year

18800

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

Solution : Please find the attached image

ekkarill92 answered 2 years ago
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