From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended March 31, 2017 and the Balance Sheet as on that date. Receipts Balance b/d Sale of old Books Subscription: 2015-16 2000 2016-17 70,000 75,000 2017-18 3,000 (Costing Rs 3,200) Rent from use Receipt and Payment Account for the year ending March 31, 2017 Amount Rs 3,500 Profit from entertainment 2000 17,000 of hall Sale of News 400 papers 7,300 1.05.200 Payments General expenses Salary Postage Electricity charges Furniture Books Newspapers Meeting expenses T.V. set Balance o/d Amount Rs 900 16,000 1,300 7,800 26,500 13,000 600 7,200 16,000 15,900 1,05,200 Additional Information: (a) The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on March 31, 2016 were Rs 3,600. (b) On March 31, 2017, salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012. (c) On April 1, 2017 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.