Steel Circle Club is a bowling club that has been in existence since 1998. The club has 230 members around South Africa. A yearly bowling tournament is generally held at the end of June every year. The club relies on membership fees and donations to finance its activities every year. You have been recently appointed the Senior Bookkeeper of the Club and have been provided with the following financial information: Membership fees is R650 per member yearly. All members have paid in full in 2018. The club received a private donation from an International Bowling Institute of R150 000. The club owns a property of which is rented to tents. Rental amounted to R77 000 for the year. Each event held by the club, beverages were offered on sale. Beverage sales made amounted to R48 750. Wages and other expense that relate to the sale of beverages are R19 000 and R6 800 respectively. Cost Items of the club: Details 2018 (R) Sundry expense 46 500 Maintences of bowling racks 36 200 Insurance 27 750 Finance cost (see notes below) ? Depreciation on equipment (see notes below) ? Salaries and wages 92 700 Advertising 27 100 Administration costs (see notes below) ? Telephone costs 8 400 Notes: A loan from Peoples Bank was made of R51 400 on 1 March 2018 at interest rate of 9% per annum. Depreciation on equipment is accounted for using the straight-line method. Equipment of R64 000 at cost has a useful life of 8 years and residual value of R8 000. Rental income is R3 500 monthly. Advertising expense was for 10 months. Insurance is R1 850 per month. Administration cost was paid for the entire year, but it increased by 10% on 1 May 2018. The total amount for administration cost for the year should be R13 686. Julys payment is outstanding, provide for this amount. Financial year-end is 31 July 2018. Required: Prepare the Income and Expenditure Statement for Steel Circle Club the year-ended 31 July 2019.