Illustration: The Income and Expenditure Account of Yogi's Club for the year 1998 is as follows: Expenditure To Salaries and wages To Misc. expenses To Audit fees Rs. Income 9,500 By Subscriptions 1,000 By Entrance fees received 500 By Profit on annual sports Rs. 15,000 500 meet: To Chief executive's honorarium 2,000 Receipts 3,000 To printing & Stationery 900 Expenses 1,500 1,500 To Annual day celebration Expenses 3,000 Less donations 2,000 1,000 To Interest on bank loan 300 To Depreciation on sports 600 equipment r49 To Excess of income over expenditure 1,200 17,000 17,000 (i) Received in advance as on 31-12-1998 Prepare (i) Receipts and Payments Account for the year 1998 and (ii) Balance Sheet as at the end of 1998 from the following information: Subscriptions: Outstanding as on 31-12-1997 1,200 900 Received in advances as on 31-12-1998 540 Outstanding as on 31-12-1998 (ii) Salaries: Outstanding as on 31-12-1997 1,500 800 Outstanding as on 31-12-1998 900 (iii) Audit fees: The fees for 1998 were outstanding on 31-12-1998, But during 1998, audit fees for 1997 amounting to Rs. 400 were paid. (iv) Prepaid insurance as on 31-12-1998 was Rs. 120. (v) The club had owned grounds having a book value of Rs. 20,000. The sports equipment as on 31-12-1997 and as on 31-12-1998 after depreciation amounted to Rs. 5,200 and Rs. 5,400 respectively. (vi) In 1997 the club had raised a bank loan of Rs. 4,000 which was outstanding throughout 1998. (vii) On 31st December 1998 cash in hand amounted to Rs. 3,200.