The Eastern Music Club produced the following receipts and payments summary for the year ended 31 March 2019.

Receipts: $ Subscriptions 30 000 Sales of refreshments 50 000 Loan from bank 30 000 Income from concerts 116 800 Sale of surplus equipment 30 000

Payments: Balance, 1 April 2018 12 000 Purchase of new equipment 10 000 Hire of hall for concerts 27 000 Printing 14 000 Equipment maintenance and repairs 8 000 Purchases of refreshments 23 000 Salaries 45 000 Cost of concerts 83 500 Sundry expenses 760 Sponsorship from banks 1 000 Balance, 31 March 2019 ?

Additional information

31 March 2018 31 March 2019 $ $ Salaries in arrears 2 800 1 600 Subscriptions owing 1 600 2 600 Subscriptions prepaid 1 000 400

Printing accrued 2 600 2 800 Equipment (cost $200000)at NBV 160 000 ? Food and drink inventory 15 400 13 200

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. (b) Prepare the income and expenditure account of the Eastern Music Society for the year ended 31 March 2019.