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1. The following is the Receipts and Payments Account of Lion Club for the year ended 31st March, 2016. Receipts Opening balance: Cash Bank Subscription received Entrance donation Interest received Sale of assets Miscellaneous income Receipts at Coffee room Soft drinks Swimming pool Tennis court *|Payments Salaries 10,000 Creditors 3,850 Printing and stationary 2,02,750 Postage 1,00,000 Telephones and telex 58,000 Repairs and maintenance 8,000 Glass and table linen 9,000 Crockery and cutlery Garden upkeep 10,70,000 Membership fees 5,10,000 Insurance 80,000 Electricity 1,02,000 Closing balance: Cash Bank 21,53,600 1,20,000 15,20,000 70,000 40,000 52,000 48.000 12,000 14,000 8,000 4,000 5,000 28,000 8,000 2,24,600 21,53,600 The assets and liabilities as on 1.4.2015 were as follows: Stock Fixed assets (net) 5,00,000 3,80.000 Investment in 12% Government securities 5,00,000 Outstanding subscription 12,000 Prepaid insurance 1.000 Sundry creditors 1,12,000 Subscription received in advance 15,000 Entrance donation received pending membership 1,00,000 Gratuity fund 1,50,000 The following adjustments are to be made while drawing up the accounts: Subscription received in advance as on 31st March, 2016 was 18,000 C) Outstanding subscription as on 31st March, 2016 was 7,000. (i) Outstanding expenses are salaries 8,000 and electricity 15,000. (iv) 50% of the entrance donation was to be capitalized. There was no pending membership as on 31st March, 2016. (W) The cost of assets sold net as on 1.4.2015 was 10,000. (vi) Depreciation is to be provided at the rate of 10% on assets. Scammed with CamScanner (vii) A sum of 20,000 received in October 2015 as entrance donation from an applicant was to be refunded as he has not fulfilled the requisite membership qualifications. The refund was made on 3.6.2016. (viii) Purchases made during the year amounted ? 15,00,000 (ix) The value of closing stock was 2,10,000. (x) The club as a matter of policy, charges off to income and expenditure account all purchases made on account of crockery, cutlery. glass and linen in the year of purchase. You are required to prepare an Income and Expenditure Account for the year ended 31st March, 2016 and the Balance Sheet as on 31st March, 2016 along with necessary workings