ILLUSTRATION 7 Income and Expenditure Account of city Sports Club for the year ended 31st March, 2015 was as follows: Expenditure Amount Income Amount $ $ To Salaries 1,20,000 By Subscriptions 1,60,000 To Printing and Stationery 6,000 By Entrance Fees 10,000 To Rent 12,000 By Contribution for Annual dinner 20,000 To Repairs 10,000 By Profit on Annual Sports meet (realised in cash) 20,000 To Sundry Expenses 8,000 To Annual Dinner Expenses 30,000 To Interest to Bank 6,000 To Depreciation on Sports Equipment 6,000 To Excess of Income over Expenditure 12,000 2,10,000 2,10,000 The above account had been prepared after the following adjustments: Subscription Outstanding on 31-3-2014 12,000 Subscriptions received in Advance on 31-3-2014 9,000 Subscriptions received in Advanced on 31-3-2015 5,400 Subscriptions Outstanding on 31-3-2015 15,000 Salaries outstanding at the beginning and at the end of the financial year were $ 8,000 and $ 10,000 respectively. Sundry expenses included prepaid insurance expenses of $1,200. The Club owned a freehold ground valued $2,00,000. The Club has sports equipment on 1-4-2014 valued at $52,000. At the end of the year, after depreciation, the sports equipment amounted to $54,000. The Club raised a loan of $40,000 from a bank on 1-1-2014, which was unpaid till 31-3-2015. On 31-3-2015, cash in hand was $32,000. Prepare Receipts and Payments Account of the Club for the year ended 31st March, 2015 and Balance Sheet as on that date