Prepare Income and Expenditure Account and Balance Sheet for the year ended March 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club: Receipt and Payment Account For the year ending March 31, 2016 Receipts Opening cash balance Subscription Amount (Rs.) 12,000 2014-15 2,000 2015-16 22,000 24,000 Entrance fees 2,800 Locker rent 1,000 Life membership 1,200 fee Government grant 11,000 Liabilities 52,000 Amount (Rs) Advance locker 200 rent Subscription 1000 received in Advance Outstanding 2,000 salary Loan Capital fund Payments 10,000 36,800 50,000 Furniture Telephone expenses Salary 2014-15 Balance Sheet for the year ending March 31, 2016 2015-16 Newspapers Sundry expenses Defence bonds Land Closing cash balance Assets Cash in hand Outstanding subscription Building Amount (Rs.) 4,000 800 1000 4000 700 1000 18000 20,000 2,500 52,000 Amount (Rs) 12,000 3,000 35,000 50,000