The Sew and Soup Club offers membership to people who are interested in sharing sewing and knitting patterns. It runs a refreshment café for members. The club had the following assets and liabilities at 31 December. 2020 2021 $ $ Subscriptions in advance 2260 1745 Subscriptions in arrears 1820 2115 Inventory of refreshments 1070 1130 Rent paid in advance 500 500 Trade payables for refreshment supplies 1940 1580 Bank balance 4628 7743 The following totals are for the year ended 31 December 2021. Receipts $ Subscriptions received (all by cheque) 13900 Cash sales from refreshments 17650 Payments Rent 6000 Wages 7000 Other expenses 5000 Trade payables for refreshment supplies 10435 REQUIRED

1. (a)(i)Prepare the subscriptions account for the year ended 31 December 2021. Balance the account and bring down the balances on 1 January 2022. Sew and Soup Club Subscriptions account Date Details $ Date Details $[6]
2. (a)(ii)Explain whether the treasurer should be satisfied with the amount of cash received from member subscriptions during the year ended 31 December 2021.[3]
3. (b)Calculate the profit on refreshments for the year ended 31 December 2021. $ $[7]
4. (c)Prepare the current assets section of the club's statement of financial position at 31 December 2021. Sew and Soup Club Statement of financial position (extract) at 31 December 2021 Current Assets $ $[4]