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Estimate the surplus or deficit the year ended december

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Question - The Secretary of Ba Zambia Club has not been keeping proper financial records. Now members have demanded that they want to know if the club has had a surplus or a deficit at 31st December 2017. The Secretary provided the following information:

Balances at 31st December:

2017

2016

Long-term borrowing

18400

28000

Bank overdraft

-

13000

Subscriptions received in advance

12240

10400

Income received in advance

10000

7600

Accrued expenses

2600

3200

Furniture at cost

40000

50000

Equipment at cost

74400

93000

Bank (favourable)

4960

-

Stationery inventory

20400

19600

Additional information relating to entries not yet taken into account is as follows:

1) During the year 2017, the club experienced a break-in and lost K200,000. The Secretary was surcharged and the members accepted the report.

2) It is a policy of the club to depreciate its assets annually.

Required -

(a) Estimate the surplus or deficit the year ended 31st December 2017.

(b) What is the difference between accrued income and deferred income?

Reference no: EM133092646

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