Question No.03- Islamabad Club prepared the following Receipts and Payments Account for the year ended 31st December 2015. Marks (10 + 10) Receipts Rs. Payments Rs. To balance b/d 7,600 By Sports Equipment purchased on 1.10.2015 30,000 To subscriptions By Postage and stationery 700 2014 2,000 By Salaries and wages 5,000 2015 37,000 By upkeep of ground 1,000 2016 3,000 By electric charges 2,300 To admission fees 4,000 By tournaments expenses 8,000 To Lockers rents 1,000 By balance c/d 8,800 To interest on Govt. Securities 1,200 55,800 55,800 The fixed assets of the club on 1st January 2015 include the following: sports equipments Rs. 40,000, furniture Rs. 6,000. 10% Govt.Securities Rs. 16,000 and Club ground Rs. 25,000. Prepare income and expenditure Account of Islamabad Club for the year ended 31st December, 2015 and a Balance Sheet as at that after taking into account the following information. (a) Subscriptions for 2015 collected in 2014 for Rs. 1,500. (b) Subscriptions for 2015 are outstanding for Rs.1,000 (c) Depreciation to be provided at 15% p.a. on sports equipment and 7.5% p.a. on furniture.