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 269 000 Property at cost 250 000 Furniture Cost price 20 000 Less: Accumulated depreciation -4 000 Equipment Cost price 10 000 Less: Accumulated depreciation -7 000 Current assets 48 500 Inventory 10 100 Bank 38 400 TOTAL ASSETS 317 500 FUNDS AND LIABILITIES Accumulated funds 120 000 Opening balance 90 000 Surplus for the year 30 000 Current liabilities Creditors 197 500 TOTAL FUNDS AND LIABILITIES 317 500 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 100 000 Entrance fees received 10 000 Sundry expenses paid 3 000 Other fees received 14 000 Insurance paid 800 Maintenance of golf course paid 18 000 Salaries paid 17 000 Stationery purchased 1 000 Membership fees received 48 000 Payments to creditors 48 000 2. Accrued membership fees on 31 December 2020 amounted to R2 100.
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 R4 200 related to the 2022 financial year.
6. Membership fees of R1 500 are still outstanding on 31 December 2021.
7. Insurance premiums amount to R100 per month. 8. Entrance fees must be capitalised. Where applicable, amounts must be rounded off to the nearest R1.
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. R800
F. R1 200
B. R18 000
G. R14 000
C. R1 000
H. R14 200
D. R43 200
I. R17 000
E. R3 000
J. R2 000