On 1 January 2010 The Happy Haddock Angling Club had the following assets: Cash at bank Snack bar inventory Club house buildings RM 200 800 12,500 During the year to 31 December 2010 the Club received and paid the following amounts: RM RM Receipts: Paymants: Subscriptions 2010 3,500 Rent and rates 1,500 Subscriptions 2011 380 Extension to dub house 8,000 Snack bar income 6,000 Snack bar purchases 3,750 Visitors' fees 650 Secretarial expenses 240 Loan from bank 5,500 Interest on loan 260 Competition fees 820 Snack bar expense 600 Games equipment 2,000 Balance c/d 500 16,850 16,850 Notes: The snack bar inventory on 31 December 2010 was RM900 The games equipment should be depreciated by 20% Required: a) Prepare an income and expenditure account for the year ended 31 December 2010. b) Prepare a balance sheet as at 31 December 2010.