Self-test The Charford Social Club presents you with the following receipts and payments for the year ended 31 December 2002.

Receipts £ Payments £
Subscriptions 4,200 Rent 500 Sales of draw tickets 900 New furniture 200 Sales of annual dance ticket 1,000 Caretaker’s wages 5,200 Sales of refreshments 4,000 Light and heat 1,870 Draw prizes 400 Dance expenses 340 Purchase of refreshments 1,500 Additional information:
£80 subscriptions received were owing from last year (2001) and £120 was received for the next year (2003). On 31 December 2002, £90 subscriptions are in arrears.
Furniture is to be depreciated by 10 per cent on the year-end value (value of furniture at 1 January 2002 was £6,000).
Creditors for refreshments amounted to £500 at l January 2002, and to £600 at 31 December 2002.
An electricity account for £100 is unpaid at 31 December 2002.
Prepare an income and expenditure account for the year ended 31 December 2002.
(Edexcel Accounting 7011, January 2003)