From the following Receipts and Payments Account of A.S.C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date. Receipts and Payments Account for the year ended on 31 March, 2016 Receipts Amount(Rs.) Cr. Amount(Rs.) Dr.Payments By Salaries By Electricity By Books To Balance b/d Cash in hand 7,950 Cash at bank 50,800 To Life membership fees20, 500 To Donations 1,00,000 To Tuition fees 1,30,000 To Term fees 1,00,000 To Admission fees 40,000 4, 49, 250 67,000 26,200 41,300 By Furniture 45,000 By Stationery 18,300 By Fixed deposits2, 00, 000 By Balance c/d Cash Bank 1,450 50,000 4, 49, 250 Additional information: (1) Particulars 4, 49, 250 Furniture 40,000 4, 49, 250 01.04.2015 Amount (Rs.)31.03.2016 Amount $$(Rs.) (2) 50% of 75,000 Building fund 1,50,000 Fixed deposits 1, 60,000 Capital fund 1,20,750 donations are received for building fund. (3) Life membership fees are to be capitalised. (4) Tuition fees includes Rs. 12,000 received for the last year. (5) Outstanding tuition fees for the current year amounted to Rs. 4,200.