The following is a summary of the receipts and payments of the Moonlight Rotary Club during the year ended 31 December 2019

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The following is a summary of the receipts and payments of the Moonlight Rotary Club
during the year ended 31 December 2019.
N
Receipts:
Cash and Bank balances b/d 210
Sales of competition tickets 437
Members’ subscriptions 1,987
Donations 177
Refund of rent 500
Balance c/d 13
3,324
Payments:
Secretarial expenses 163
Rent 1,402
Visiting speakers’ expenses 1,275
Donations to charities 35
Prizes for competitions 270
Stationery and printing 179
3,324
The following valuations as at 31 December 2019 are also available:
2018 2019
N N
Equipment (original cost N1,420) 975 780
Subscriptions in arrears 65 85
Subscriptions in advance 10 37
Owing to suppliers of competition prizes 58 68
Inventory of competition prizes 38 46
Required:
a) Calculate the Accumulated Fund of Moonlight Rotary Club as at 1 January 2019.
b) Prepare the following accounts as at 31/12/2019:
i. The Subscriptions Account;
ii. The Competition prizes account.
c) Prepare an Income and Expenditure Account for the Moonlight Rotary Club for the year
ended 31 December 2019 and a Statement of Financial Position as at that date.