a) State and briefly explain any three distinguishing features between (i) receipts and
payments account and (ii) income and expenditure account. (6 marks )
b) The accountant of Mamba Sports club has extracted the following information from the books of account for the year ended 31st March 2012
Receipts shs Payments shs
Balance b/f 288,000 Salaries and wages 254,000
New equipment 565,000
Year 2010/2011 249,000 Repairs and maintenance 124,000
2011/2012 2,050,000 Office expenses 415,000
2012/2013 194,000 Printing and stationery 168,000
Dinner dance 723,000 Purchase of beverages 497,000
Beverage sales 657,000 Dinner dance expenses 315,000
Investment income 400,000 Refund of subscriptions 45,000
Sports prizes 25,000
Balance c/d 405,000
Balances as at 31 March 2011 31 March 2012
Furniture and fittings(net)
Investments at cost
Subscriptions in arrears
Stock of beverages
Subscriptions in advance
1. Subscriptions in arrears are written-off after twelve months
2. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture and fittings and equipment respectively
3. Investments, which had cost sh 500,000 were sold on 30 March 2012 for sh 625,000.
No entries have been made in the books in this respect.
i) Income and expenditure account for the year ended 31 March 2012 (8 marks)
ii) Statement of financial position as at 31 March 2012
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