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QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows
		GHS
Accumulated fund (1/06/2019)		48002400
Massage Palour inventory at beginning (1/06/2019)		9153000
Massage Palour Purchases		17221200
Building (Cost)		43459800
Equipment (Cost)		5424000
Furniture and fittings (Cost)		3390000
Subscriptions		4068000
Affiliation Fees		508500
Savings Account		11526000
Venue of the "Weekend in Paradise Trip"		237300
Executive Mens Club Entrance fees		406800
Massuer's Wages and Salaries		1695000
Accumulated Depreciation	Building	17383920
	Equipment	1356000
	Furniture and Fittings	339000
Salaries		1627200
Rent		650880
"Weekend in Paradise Trip" expenses		406800
Administrative expenses		1179720
Interest on Savings account		644100
Sale of "Weekend in Paradise Trip" tickets		5152800
Bank account (Current)		8475000
Donation for "Weekend in Paradise Trip"		1254300
Revenue from Massage Palour		25764000
Life membership fees		1254300
Utilities		671220
		211251240
Additional Information
1. Massage Palour inventory (31st May 2020)		1830600
2. Subscription paid in advance by member for the year 2020/2021		813600
3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum
4. Interest on saving includes an amount from the 2018/2019 year		33900
5. Affiliation fees was paid for the next 3 years on 1 June 2019
6. Utilities were prepaid at the end of the year		94920
7. Salaries were accrued at the end at the end of the year		135600
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. Provide answers for the following
Profit or loss from Massage Palour Profit or loss from "Weekend in Paradise Trip" Subscription in the Income and expenditure Account Executive mens club entrance fees Interest on savings Affiliation fees Salaries Rent Administrative expenses Utilities Depreciation for Building Depreciation for Equipment Depreciation for Furniture and Fittings Surplus or Deficit for the year Net Book Value of Buildings Net Book Value of Equipment Net Book Value of Fixture and Fittings Savings Account Massage Palour Inventory Bank Current Account Total Prepayment Total Accruals Total Assets Total Current liabilities Total Long Term Liabilities Closing balance of Accumulated Fund

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