Four (a) State and briefly explain any three distinguishing features between (i) A receipts and payments account and Income and expenditure account. [6 marks] (b) The accountant of SILOBI Sports Club has extracted the following information from the books of account for the year ended 31 March 2001: Receipts Sh. Payments Balance brought forward 288,000 Salaries and wages 254,000 Subscriptions: New equipment 565,000 Year 1999/2000 249,000 Repairs and 124,000 maintenance 2000/2001 2,050,000 Office expenses 415,000 2001 194,000 Printing and stationery 168,000 2002 Dinner dance 723,000 Purchase of beverages 497,000 Beverage sales 657,000 Dinner dance expenses 315,000 Investments income 400,000 Refund of subscriptions 45,000 Sports prizes 25.000 Transport 248,000 Investments 1,500,000 Balance carried forward 405,000 3.561,000 4,561,000 Balances as at 31 March 2000 31 March 2001 Sh. Sh Furniture and fittings (net) 240,000 Equipment (net) 690,000 Investments at cost 3,500,000 Subscriptions in arrears 300,000 375,000 Salaries accrued 68,000 72.000 Stock of beverages 162,000 184,000 Subscriptions in advance 85,000 Additional information: 1. Subscriptions in arrears are written-off after twelve months. 2. 3. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture and fittings and equipment respectively. Investments, which had cost Sh.500, 000 were sold on 30 March 2001 for Sh.625,000. No entries have been made in the books in this respect. Required: (a) Income and expenditure account for the year ended 31 March 2001. [10 marks] (b) Balance sheet as at 31 March 2001. [9 marks]