Question 1 (25 marks) Following is the receipts and payments account of HIGH DISTINCTION CLUB for the year ended 31 December 2020: HIGH DISTINCTION CLUB Receipts and Payment Account for the year ended 31 December 2020 Balance b/d 7,250 Salaries 12.500 Subscription 81,750 Stationery 1,700 Donations 18,000 Electricity charges 9,550 Sales of newspapers & magazine 300 Insurance 7,500 Proceeds from charity show 16,500 Equipment 30,000 Interest on investments 7,000 Sundry expenses 500 Sundry incomes 400 Expense on charity show 12,900 Newspapers & magazines 1,000 Speakers fees 16,500 Following are the balance of assets and liabilities as at: 1 January 2020 (RM) Accrued salaries 1.200 Prepaid insurance 700 Subscription in arrears 3.750 Subscription in advance 1.750 Accrued electricity 0 Stock of stationery 2.250 Equipment 25,600 Building 120,000 31 December 2020 (RM) 1.800 300 2.500 1.000 1.250 700 50,200 114,000 You are required to prepare: a. Income & expenditure statement for the year ended 31 December 2020. (13.5 marks) b. Statement of financial position as at 31 December 2020. (11.5 marks)