Following is the Receipt and Payment Account of an Entertainment Club for the period April 1, 2016 to March 31, 2017. Receipts Receipt and Payment Account for the year ending March 31, 2017 Amount Amount Payments Balance b/d Salaries 24,000 Cash 27,500 Entertainment expenses 81,000 Bank 60,000 87,500 Telephone bill 35.000 Member's subscriptions: Subscription for periodicals 14,500 2015-2016 12,500 Printing and stationery 13.000 2016-2017 1,00,000 Sports expenses 50.000 2017-2018 10,000 1.22,500 Secretary's honorarium 30,000 Sale of furniture 8% Investments (31.3.2017) 1,00,000 (book value: 8,000) 10,000 Balance c/d: Legacies (general) 1,00,000 Cash 21,500 Sale of old periodicals 3.200 Bank 45,000 66,500 and newspapers Hire of ground used 48,750 for marriage Donation for sports fund 25,000 Locker Rent 17,050 4,14,000 4,14,000 Additional Information 1. The club had 225 members, each paying an annual subscription of 500. Subscription outstanding as on 31 March 2016 . 15,000. 2. Telephone bill outstanding for the year 2016-2017 is 3. Locker Rent 2016-17. 2,000. 3.050 outstanding for the year 2015-16 and 1,500 for 4. Salary outstanding for the year 2016-17 5. Opening Stock of Printing and stationery 4.000. 2,000 and closing stock of printing and stationery is 3,000 for the year 2016-17. 6. On 1st April 2016 other balances were as under: Furniture Building Sports fund 1,00,000 6,50,000 15,000 7. Depreciation Furniture and Building @ 12.5% and 5% respectively assuming that it is on reducing balance for the year ending March 31,2017 Prepare Income and Expenditure account and Balance Sheet as on that date.