The following information is available for the Axton Chess Club. Receipts and Payments Account for the year ended 31 March 2015 2$280 of the subscriptions in arrears on 1 April 2014 were subsequently received. 3 Subscriptions not paid after 12 months were considered irrecoverable. REQUIRED (a) Prepare the subscriptions account for the year ended 31 March 2015, showing the transfer to the income and expenditure account. Balance the account and bring down the balances on 1April 2015. (b) Prepare the income and expenditure account for the year ended 31 March 2015. (c) Prepare the statement of financial position at 31March2015. Chopter 14 195 Accounts of Man Profit Orgenesstions Additional information at 30 April 2012. 1 Subscriptions of $25 were paid in advance and $60 were in arrears. 2 An invoice for refreshment purchases, 575 , had not been entered in the books. 3 inventory of refreshenents $430. 4 General cipenses accrucd $170. 5 Fixtures and fittings were valued at 51350 . REQUiRED (b) Prepare, for the year ended 30 April 2012: (i) Subscriptions account, Bulance the account on that date. [4] (ii) Refreshmeats trading account. [3] [5] (c) Prepare an income and expenditure account for the year ended 30 April 2012. (d) State two differences between a receipts and payments account and an income and expenditure account