Revision Question 1 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 ($) Accrued salaries 1,200 Prepaid insurance 700 Subscription in arrears 3,750 Subscription in advance 1,750 Accrued electricity 0 Stock of stationery 2.250 Equipment 25,600 Building 120.000 31 December 2020 ($) 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. b. Statement of financial position as at 31 December 2020