Question:

Correction of wrong statements

Modern (India) Citizens Club was registered in a city and the accountant prepared the following Receipts and Payments Account for the year ended on Mar 31, 2008 and showed a deficit of Rs 14,520:

Receipts	Rs	Payments	Rs
Subscriptions	62,130	Premises	30,000
Fair Receipts	7,200	Honorarium to Secretary	12,000
Variety Show Receipts (net)	12,810	Rent	2,400
Interest	690	Rates and Taxes	3,780
Bar Collections	22,350	Printing and Stationery	1,410
Cash Spent more	1,000	Wages	2,520
		Sundry Expenses	5,350
		Fair Expenses	7,170
		Bar Purchases Payments	17,310
		Repaks	960
		New Car
		(Less Proceeds of Old Car Rs 9,000)	37,800
		Deficit
	1,20,700		1,20,700

Information

	Apr 1, 2007 Rs	Mar 31, 2008 Rs
Cash in Hand	450
Bank Balance as per Pass Book	24,690	10,440
Cheque issued not presented for Sundry Expenses	270	90
Subscriptions Due	3,600	2,940
Premises at Cost	87,000	1,17,000
Accumulated Depreciation on Premises	5,64,000
Car at Cost	36,570	46,800
Accumulated Depreciation Car	30,870
Bar Stock	2,130	2,610
Creditors for Bar Purchases	1,770	1,290

Cash overspent represents honorarium to secretary not withdrawn due to cash deficit and his annual honorarium is Rs 12,000.

Depreciation on premises and car is to be provided at 5% and 20% on written down value.

Required: Prepare the correct Receipts and Payments Account, Income and Expenditure Account for the year 20072008 and Balance Sheet as Mar 31, 2008.

Please proper explain and do not copy from Chegg. Otherwise, I have to report the answer.