The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is as follows   112       GHS   Accumulated fund (1/06/2019)   31860000   Massage Palour inventory at beginning (1/06/2019)   6075000   Massage Palour Purchases   11430000   Building (Cost)   28845000   Equipment (Cost)   3600000   Furniture and fittings (Cost)   2250000   Subscriptions   2700000   Affiliation Fees   337500   Savings Account   7650000   Venue of the "Weekend in Paradise Trip"    157500   Executive Mens Club Entrance fees   270000   Massuer's Wages and Salaries   1125000   Accumulated Depreciation Building 11538000     Equipment 900000     Furniture and Fittings 225000   Salaries   1080000   Rent    432000   "Weekend in Paradise Trip" expenses   270000   Administrative expenses   783000   Interest on Savings account   427500   Sale of "Weekend in Paradise Trip" tickets   3420000   Bank account (Current)   5625000   Donation for "Weekend in Paradise Trip"   832500   Revenue from Massage Palour   17100000   Life membership fees   832500   Utilities   445500       140211000           Additional Information       1. Massage Palour inventory (31st May 2020)   1215000   2. Subscription paid in advance by member for the year 2020/2021   540000   3. Depreciation : Building 2% per annum, Equipment 25% 10% per annum       4. Interest on saving includes an amount from the 2018/2019 year   22500   5. Affiliation fees was paid for the next 3 years on 1 June 2019       6. Utilities were prepaid at the end of the year   63000   7. Salaries were  accrued at the end at the end of the year   90000   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. Use the information in 1. to fill the attached excel form.                                               QUESTION 2     You have been contacted by the owner of a Jewelery Retail shop, Magna Qarta , to prepare their accounts. You observe that they do not have a full set of accounts. However, you extract the following data from their records             Balances as at 31/12/2019       Property, plant and equipment   1125000   Accumulated Depreciation   274050   inventories   405000   Receivables   225000   Pepayments-Rates   9000   Bank   45000   Cash   13500   Creditors   90000   Electricity Accrued   5625           Balances as at 31/12/2020       inventories   762750   Receivables   270000   Pepayments-Rates   10125   Bank overdraft   348750   Cash   13500   Creditors   103500   Electricity Accrued   6750           The records show cash and bank transactions as follow:       Cash Receipts Balance B/D 13500     Sales 337500   Cash Payments Deposit into bank 337500           Bank Receipts Balance B/D 45000     Accounts Receivable 3150000     5% Loan received 675000     Sale proceeds from sale of motor van 184500     Cash banked 337500           Bank Payments         Accounts Payables 2475000     Rates 202500     Electricity 45000     Telephone 33750     Loan Interest 33750     Insurance 22500     Wages and Salaries 450000     Drawings 562500     Property, Plant and Equipment 900000     Sundry Expenses 15750           ADDITIONAL INFORMATION       The loan was received on 1st January 2019 and depreciation for PPE is at 20% per annum       Cost of motor van that was disposed off   225000   Accumulated Depreciation of the motor van that was disposed off   42750   Discount received during the year amounted to   45000   During the year the owner gifted a pair of earings to his daughter worth   45000