Illustration: The Income and Expenditure Account of Yogi's Club for the year 1998 is as follows: Expenditure Rs. Income Rs. To Salaries and wages 9,500 By Subscriptions 15.000 To Misc. expenses 1,000 By Entrance fees 500 received To Audit fees 500 By Profit on annual sports meet: To Chief executive's 2,000 Receipts 3,000 honorarium To printing & Stationery 900 Expenses 1,500 1,500 To Annual day celebration en Expenses 3,000 Less donations 2,000 1,000 To Interest on bank loan 300 To Depreciation on sports 600 equipment 1.200 r49 To Excess of income over expenditure 17,000 17.000 Prepare (i) Receipts and Payments Account for the year 1998 and (ii) Balance Sheet as at the end of 1998 from the following information: (i) Subscriptions: Outstanding as on 31-12-1997 1,200 Received in advance as on 31-12-1998 900 Received in advances as on 31-12-1998 540 Outstanding as on 31-12-1998 1,500 (i) Salaries: Outstanding as on 31-12-1997 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. (w) 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