Question Four (a) State and briefly explain any three distinguishing features between (i) A receipts and payments account and Income and expenditure account. [6 marks] (b) The accountant of SILOBI Sports Club has extracted the following information from the books of account for the year ended 31 March 2001: 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 2001 for Sh.625, 000. No entries have been made in the books in this respect. Required: (a) Income and expenditure account for the year ended 31 March 2001. [10 marks] (b) Balance sheet as at 31 March 2001 . [9 marks] Question Four (a) State and briefly explain any three distinguishing features between (i) A receipts and payments account and Income and expenditure account. [6 marks] (b) The accountant of SILOBI Sports Club has extracted the following information from the books of account for the year ended 31 March 2001: 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 2001 for Sh.625, 000. No entries have been made in the books in this respect. Required: (a) Income and expenditure account for the year ended 31 March 2001. [10 marks] (b) Balance sheet as at 31 March 2001 . [9 marks]