Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017 Receipts Opening Cash in hand Entrance fees Donation for building Locker rent Life membership fee Profit from entertainment Subscription Receipt and Payment Account for the year ending March 31, 2017 Amount Rs 2,600 3,200 23,000 1,200 7,000 3,000 40,000 80,000 Payments Rent Wages Billiard Table Furniture Interest Postage Salary Cash in hand Amount Rs 18,000 7,000 14,000 10,000 2,000 1,000 24,000 4,000 80,000 Prepare Income and Expenditure Account and Balance Sheet with help of following Information: Subscription outstanding on March 31, 2016 is Rs 1,200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid. On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500 On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017.