Compensa .7 Prepare Income and Expenditure Account and Balance Sheet of Iqra Foundation from the following Receipts and payment Account for the period ended on 30" June, 20 2017. Receipts Amount Payments Amount (Rs.) (Rs.) Balance 62,740 Grants to members 13,200 Entrance fee (25 @ 25,000 Salaries 6,750 Rs.100) Rend and rates 12,660 Annual subscription: Postage & telegram 1,360 2016 2,000 Repair to premises 4,250 2017 29,000 Investment 130,000 2018 1,500 32,500 Furniture purchased 17,000 Legacies 126,000 Cash in office 35,780 Miscellaneous receipts 34,500 Cash at bank 7,800 Sale of old furniture 15,000 Donations 4,060 299,800 299.800 Additional information: i) Annual subscription for each member is Rs. 1200, Rs. 2400 being in arrear for 2016. ii) Prepaid rent and rates Rs. 3000. iii) Postage and telegram Rs. 560 related to 2016, One-half of the legacies are to be treated as income. iv) At 1" July, 2016 the building and premises stood in the books at Rs. 350,000, investment Rs. 120,000 and furniture Rs. 30,000. v) Depreciation is to be provided at the rate of 10% p.a. on furniture and writing down investments by 5% (opening balance only). atween Bank Statement and