Self-test Sylett Cricket Club has been in existence for a number of years.

On 1 April 2005 the club’s assets and liabilities were as follows.

£

Sports equipment 40,000 Subscriptions due 250 Subscriptions received in advance 100 Cash at bank 10,000 Members pay an annual subscription of £50, which entitles them to use the club’s facilities. During the year ended 31 March 2006 the club had 1,000 members.

The club’s treasurer has produced the following summary of receipts and payments for the year ended 31 March 2006.

Receipts £ Payments £

Subscriptions 50,250 Clubhouse rent 1,600 Interest free loan from a member 4,000 Groundsman’s wages 8,500 Competition receipts 800 Repairs to equipment 320 Sale of surplus sports equipment 240 Competition fees 350 Sports equipment 4,000 Notes:

(i) On 31 March 2006 the groundsman was owed £140 wages, and £120 clubhouse rent was prepaid.

(ii) Depreciation on sports equipment was estimated at £2,500 for the year.

(iii) The surplus sports equipment sold during the year had a net book value of

£600.

(iv) Members’ subscriptions at 31 March 2006:

all subscriptions outstanding at 1 April 2005 had been received;

£50 subscriptions had been received in advance;

some subscriptions had not been paid.

For the Sylett Cricket Club for the year ended 31 March 2006, prepare:

(a) the subscriptions account;

(b) the income and expenditure account.

(Edexcel Accounting 7011, May 2006)