The Balance Sheet of Paramount Youth Centre as at 31 December 2009 is shown as follows:
Balance Sheet as at 31 December 2009:

The following transactions took place during the period 1 January 2010 to 31 December 2010:

• Receipts:
  Subscriptions (10,000 members @ N1,600 each) N16,000
  Donations N1,600
  Sale of tickets for annual dinner N10,800
• Payments:
  Electricity N4,000
  Expenses for annual dinner N6,200
  New games equipment N3,200
  Cleaners’ wages N2,080
  Repairs and renewals N1,660
  Motor van repairs N2,520

Notes:

1. An electricity bill of N900,000 was owed at 31 December 2010.
2. Depreciation should be calculated at 10% of cost of the assets.

You are required to prepare:
(a) The Receipts and Payments Account. (4 ½ Marks)
(b) The Income and Expenditure Account and Balance Sheet as at 31 December 2010. (10 ½ Marks)