Tutorial Accounting for Club The treasurer of Accounting Club has prepared the following receipts and payments account for the year ended 31 October 2012 from the bank statement. Receipts: Balance at...

Extracted text: Tutorial Accounting for Club The treasurer of Accounting Club has prepared the following receipts and payments account for the year ended 31 October 2012 from the bank statement. Receipts: Balance at bank 1 November 2011 RM Payments: RM 7,790 Equipment 1,760 Printing and stationery Subscriptions: Ordinary 2,020 2,110 Insurance 1,980 Life 8,800 Telephone and electricity 2,970 Wages (kiosk) 84,480 Purchases (kiosk) 480 Donation 9,240 Takings from kiosk 64,020 Balance at bank 31 October 2012 26,650 106,150 106,150 The following information is available: 1. Cheques issued for kiosk purchases amounting to RM1,190 were unpresented as at 31 October 2012. 2. The takings from the kiosk on 30 October 2012 amounting to RM1,410 were deposited on the same day but the amount was not credited by the bank until 2 November 2012. 3. Depreciation of 10% on cost is to be provided for the equipment. 4. The captain of the kiosk is entitled to a commission of 5% on the gross profit from the kiosk before any charges are made for wages. 5. A life membership scheme was introduced on 2 November 2011 and its fee is to be apportioned over a ten-year period. 6. Balances as at: 31.10.2011 31.10.2012 RM RM Insurance owing 350 Telephone and electricity owing Subscriptions received in advance Inventory (kiosk) Subscriptions in arrears Equipment (original cost RM7,700) 350 530 130 90 3,920 4,160 400 310 6,160 Required: Prepare the kiosk trading account for the year ended 31 October 2012. a) Compute the accumulated fund of the Accounting Club at 1 November 2011. b) Prepare the income and expenditure account for the year ended 31 October 2012. c) Prepare the statement of financial position as at 31 October 2012. d)