You are required to prepare:

i. Income and expenditure account for the year ended 31st December 2019 and

ii. Balance Sheet as on that date

5/6 The following information about Noorjahan Sports & Arts Club for the year ending 31 December 2019 is presented before you: Receipts and Payments account for the year ended 31" December, 2019 Amount Amount Payments 5,000 Rent 60,800 Salaries 8,500 25,000 Receipts Balance b/d Subscriptions Donation (General purpose) Donation for building fund Miscellaneous receipts 2,500 5,000 58,000 800 20,000 700 Sundry expenses Investments purchased Journals Sports equipments purchased (30.06.2019) Balance c/d Sale of art works 30,000 Interest 100 500 130,200 43,500 130,200 Subscriptions outstanding at the end of 2018 were RO 5.500 and at the end of 2019 were RO 8000. Salaries outstanding at the end of 2018 and at the end of 2019 were RO 3,500 and RO 4,000 respectively. The depreciation for furniture is 10% per annum and sports equipments 20% On 31" December 2018, the club had investments worth RO 20,000, furniture RO 15,000 and sports equipments valued at RO 24,000