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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 $2021$

$2021$

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 $48000$

$2.$ 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 membership fees account in the general ledger for the year ending $31$ December $2021$ by filling in the missing amounts in the membership fees account provided to you below.

PLEASE USE ONLY NUMBERS AND THE MINUS SIGN $($WHERE NEEDED$)$ IN YOUR ANSWER, E$.$G$.100000$ OR $-100000$ NO SPACES AND NO BRACKETS, OTHERWISE YOUR ANSWER WILL BE MARKED AS INCORRECT!

Membership fees

Accrued membership fees

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

Bank $2021$

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

Income received in advance

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

Accrued membership fees

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

Income and expenses

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

Answer & Explanation Solved by verified expert

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