State and briefly explain any three distinguishing features between (i) receipts and payments account and (ii) income and expenditure account

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State and briefly explain any three distinguishing features between (i) receipts and payments account and (ii) income and expenditure account

a) State and briefly explain any three distinguishing features between (i) receipts and

payments account and (ii) income and expenditure account. (6 marks )

b) The accountant of Mamba Sports club has extracted the following information from the books of account for the year ended 31st March 2012

Receipts shs Payments shs
Balance b/f 288,000 Salaries and wages 254,000
Subscriptions:
New equipment 565,000

Year 2010/2011 249,000 Repairs and maintenance 124,000
2011/2012 2,050,000 Office expenses 415,000
2012/2013 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
Investment income 400,000 Refund of subscriptions 45,000
Sports prizes 25,000

Transport 248,000

Investments 1,500,000

Balance c/d 405,000

4,561,000 4,561,000

Balances as at 31 March 2011 31 March 2012
Sh Sh

Furniture and fittings(net)
240,000 –

Equipment
690,000 –

Investments at cost
3,500,000 –

Subscriptions in arrears
300,000 375,000

Salaries accrued
68,000 72,000

Stock of beverages
162,000 184,000

Subscriptions in advance
85,000 –

Additional information:

1. Subscriptions in arrears are written-off after twelve months

2. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture and fittings and equipment respectively

3. Investments, which had cost sh 500,000 were sold on 30 March 2012 for sh 625,000.

No entries have been made in the books in this respect.

Required:

i) Income and expenditure account for the year ended 31 March 2012 (8 marks)

ii) Statement of financial position as at 31 March 2012
QUESTION FOUR

(6 marks)

 

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