The ZED Sports Club has a shop which sells sportswear. The following details relate to the shop for the year ended 29 February 2020. Opening inventory $ 900 Closing inventory $ 970 Purchases $ 7600 Mark-up 40% All the shop sales and purchases are for cash. All the club's receipts are paid into the bank and all payments are made by cheque. On 1 March 2019 the club's bank balance was overdrawn by $845. In addition to the shop sales and purchases, the following receipts and payments were made during the year ended 29 February 2020. Subscriptions received $ 11400 Competition fees received $ 915 Payments for competition prizes $ 390 Purchases of fittings $ 4000 Rent and insurance $ 4575 Wages of shop assistant $ 2000 The club's bank statement at 29 February 2020 showed a positive balance of $7162. On comparing the bank statement with the cash book, the treasurer found: 1 Competition fees, $260, had not been recorded by the bank. 2 A cheque paid for $25 for competition prizes had been charged twice by the bank. 3 The payment for fittings, $4000, was made on 27 February 2020, and had not been recorded on the bank statement.

1. (a)Calculate the shop sales for year ended 29 February 2020.[4]
2. (b)Prepare the receipts and payments account for the ZED Sports Club for the year ended 29 February 2020. Balance the account and bring down the balance on 1 March 2020.[8]
3. (c)Prepare the bank reconciliation statement for ZED Sports Club at 29 February 2020.[5]
4. (d)State three differences between a receipts and payments account and an income and expenditure account.[3]