The following is a summary of the receipts and payments for the year ended 31 December, 2008 of Shadow Social Club:
|
Receipts:
|
N
|
|
Club subscriptions
|
3,825,000
|
|
Donations
|
337,500
|
|
Christmas dance
|
191,250
|
|
Bar takings
|
6,075,000
|
|
Payments:
|
|
|
Rates
|
202,500
|
|
General expenses
|
5,895,000
|
|
Bar purchases
|
4,162,500
|
|
Christmas dance expenses
|
33,750
|
Other relevant information at the beginning and end of the year are as follows:
|
01/01/08
|
31/12/08
|
|
N
|
N
|
|
Subscriptions due
|
200,500
|
135,000
|
|
Subscriptions paid in advance
|
11,250
|
22,500
|
|
Rates owing
|
101,250
|
112,500
|
|
Bar stock
|
450,000
|
562,500
|
|
Club premises (cost N11,250,000)
|
4,500,000
|
4,050,000
|
|
Furniture (cost N2,250,000)
|
675,000
|
450,000
|
|
Bank and cash in hand
|
360,000
|
495,000
|
You are required to prepare the Club's:
(a) Bar Trading Account for the year ended 31 December 2008.
(b) Income and Expenditure Account for the year ended 31 December 2008 and a Balance Sheet as at that date.