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QUESTION $(7\mathrm{.}5$ MARKS$)$ The following information was taken from the accounting records of Sea View Golf Club: SEA VIEW GOLF CLUB STATEMENT OF FINANCIAL POSITION AS AT $31$ DECEMBER $20212021$ R ASSETS Non$-$current assets $269000$ Property at cost $250000$ Furniture Cost price $20000$ Less: Accumulated depreciation $-4000$ Equipment Cost price $10000$ Less: Accumulated depreciation $-7000$ Current assets $48500$ Inventory $10100$ Bank $38400$ TOTAL ASSETS $317500$ FUNDS AND LIABILITIES Accumulated funds $120000$ Opening balance $90000$ Surplus for the year $30000$ Current liabilities Creditors $197500$ TOTAL FUNDS AND LIABILITIES $317500$ Additional information to be taking into account: $1.$ The following transactions took place during the year ending $31$ December $2021$: R Buildings purchased on cash $100000$ Entrance fees received $10000$ Sundry expenses paid $3000$ Other fees received $14000$ Insurance paid $800$ Maintenance of golf course paid $18000$ Salaries paid $17000$ Stationery purchased $1000$ Membership fees received $48000$ Payments to creditors $480002.$ Accrued membership fees on $31$ December $2020$ amounted to R$2100.3.$ Equipment must be depreciated at $20\%$ per annum on the cost price. $4.$ Furniture must be depreciated at $5\%$ per annum on the reducing balance method. $5.$ Membership fees received during the $2021$ financial year, include an amount of R$4200$ related to the $2022$ financial year. $6.$ Membership fees of R$1500$ are still outstanding on $31$ December $2021.7.$ Insurance premiums amount to R$100$ per month. $8.$ Entrance fees must be capitalised. Where applicable, amounts must be rounded off to the nearest R$1.$

Complete the statement of income and expenditure for the year ending $31$ December $2021$ by making use of the possible answers provided below. Please match the letter with the corresponding number in the statement of income and expenditure provided to you below.

Possible answers:

A

R$800$

F

R$1200$

B

R$18000$

G

R$14000$

C

R$1000$

H

R$14200$

D

R$43200$

I

R$17000$

E

R$3000$

J

R$2000$

SEA VIEW GOLF CLUB

STATEMENT OF INCOME AND EXPENDITURE

FOR THE YEAR ENDING $31$ DECEMBER $2021$

$2021$

R

INCOME

Membership fees

$1$

Blank $1.$ Fill in the blank, read surrounding text.

Other fees received

$2$

Blank $2.$ Fill in the blank, read surrounding text.

Less EXPENSES

Depreciation: Equipment

$3-$

Blank $3.$ Fill in the blank, read surrounding text.

Depreciation: Furniture

$4-$

Blank $4.$ Fill in the blank, read surrounding text.

Insurance

$5-$

Blank $5.$ Fill in the blank, read surrounding text.

Sundry expenses

$6-$

Blank $6.$ Fill in the blank, read surrounding text.

Maintenance of the golf course

$7-$

Blank $7.$ Fill in the blank, read surrounding text.

Salaries

$8-$

Blank $8.$ Fill in the blank, read surrounding text.

Stationery

$9-$

Blank $9.$ Fill in the blank, read surrounding text.

$?$

$10$

Blank $10.$ Fill in the blank, read surrounding text.

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