10EX. Ogyven Sports Club had a membership of 140 who pay annual subscription of N2,000 each. For the year...

10EX. Ogyven Sports Club had a membership of 140 who pay annual subscription of N2,000 each. For the year 2005, the receipt & payment accounts showed the following:
R & P Account
Balance b/d 12,000
Subscriptions 200,000
Donations 50,000
Sales of games tickets 45,000
Cost of games 27,000
Rent 2,400
Ground man's wages 4,900
Cost of refreshment 6,000
Squash racquet 9,000
Hockey sticks 12,000
Games prizes 10,000
Annual awards 100,000
Balance c/d 232,700
Additional information
31/12/2004 31/12/2005
Subscription owing 30,000 25,000
Subscription in advance 10,000 15,000
Sport equipment 40,000
Sports equipment is to be depreciated at 50%
You are required to prepare
i. Subscription account
ii. Income and expenditure account
ii. A Statement of financial position[Balance sheet] as at 31st Dec. 2005. WAEC 2006 JUNE.
11X. Babou Social Club was formed on April 1, 2013 with 50 members, each paying an annual subscription of D12. The following information was extracted from the books of the club on 31st March, 2014.
(i) Amount realized during inauguration – D3,000; expenses on inauguration D1,000.
(ii) All members paid their subscription with the exception of five members who were still owing by 31st March, 2014.
(iii) Gate fees from organized football match were D500 and expenses incurred D300.