The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2020: Receipts Balance brought forward Kshs. Payments 288,000 Salaries and wages Ksh. 254,000 Subscriptions: Year 2008/2019 New equipment 565,000 249,000 Receipts and maintenance 124,000 2009/2020 2,050,000 Office expenses 415,000 2010/2021 194,000 Printing and stationery 168,000 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 4,561,000 4,561,000 Balances as at Furniture and fittings (net) Equipment (net) Investments at cost Subscriptions in arrears Salaries accrued Stock of beverages Subscriptions in advance 31 March 2019 Kshs. 31 March 2020 Kshs. 240,000 690,000 3,500,000 300,000 375,000 68,000 72,000 162,000 184,000 85,000 Additional information 1. 2. 3. Subscriptions in arrears are written-off after twelve months. 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 Kshs. 500,000 were sold on 30 March 2020 for Kshs. 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 2020. (10 marks)