(a)[2]
Explain what the phrase ‘accumulated fund’ means.
(b)[3]
Calculate the accumulated fund at 1 April 2018.
(c)[8]
Prepare the subscriptions account for the year ended 31 March 2019.
(d)[4]
Prepare an extract from the statement of financial position at 31 March 2019 to show how the balances on the subscriptions account are recorded.
(e)[4]
Discuss two ways, other than a life membership scheme, by which the club could raise its future annual surplus.
(f)[4]
Discuss whether the treasurer’s suggested accounting treatment for life membership is correct. Support your answer by referring to any relevant accounting concept.