The Comrades club makes up its account to 31st December in each year. On 31st December, 2014 the treasurer left the club premises and has not been seen since. An examination of the records showed that the books had not been written up for a considerable time, and it was decided to reconstruct the figures from 1st January 2014.
A summary of the Bank Account for the year showed the following:
The following information is also obtained:
1. The barman places takings in the bank ‘night safe’ on his way home for crediting to the club account. The duplicate paying-in-slips total ~ 40,612 for the year. The treasurer had no access to bar takings or stock.
2. The receipt counterfoils for members’ subscriptions total ~ 3,050 for the year.
3. A summary of expenditure for petty cash and wages was as follows:
Glasses, crockery and maintenance—-~ 1,310; Wages—-~ 2,658; National Insurance—-~ 210; Sundry expenses ~
257.
4. Outstanding amounts and prepayments at 31st December, were : 2013 2014
Rates prepaid 26 28
Rent outstanding 40 82
Electricity outstanding 24 18
5. The Bar stock on 1st January, 2014 was ~ 3,607 and on 31st December, 2014 was ~ 2,916. The cash in hand with the treasurer at the beginning of the year was ~ 35.
You are required to prepare :
(i) A summary of the cash position for the year ended 31st December, 2014 indicating the amount, if any, to be claimed under the club’s fidelity insurance policy;
(ii) An Income and Expenditure Account for the year 2014.