The Eastern Music Club produced the following receipts and payments summary for the year ended 31 March 2019. Receipts: $ 30 000 Subscriptions Sales of refreshments Loan from bank 50 000 30 000 Income from concerts 116 800 Sale of surplus equipment 30 000 Payments: 12 000 Balance, 1 April 2018 Purchase of new equipment 10000 Hire of hall for concerts 27000 14 000 Printing Equipment maintenance and repairs 8 000 23 000 Purchases of refreshments Salaries 45 000 Cost of concerts 83 500 Sundry expenses 760 Sponsorship from banks 1000 Balance, 31 March 2019 ? Additional information: 31 March 2018 31 March 2019 $ $ 2 800 1600 Salaries in arrears Subscriptions owing Subscriptions prepaid 1 600 2 600 1 000 400 3 2 600 2 800 Printing accrued Equipment (cost $200 000), at NBV 160 000 ? ? Food and drink inventory 15 400 13200 The bank loan was received on 1 July 2018, Interest is charged at 12% per annum. No Interest had been paid by the year end. The equipment sold was purchased on 1 June 2017 and had a NBV of $32 000. Depreciation is provided at 20% on cost for equipment in use at the year end. REQUIRED (a) Prepare the trading section of the income statement for the year ended 31 March 2019.[4] (b) Prepare the income and expenditure account of the Eastern Music Society for the year ended 31 March 2019.[6]