The following is the Receipts and Payments Account of the Jolly Makers Club in respect of the year ending March 31,1998: Receipts To Balance b/d 1.4.97 March 31, 1998 " Subscription 1996-97 1997-98 1998-99 "Profit on sports meeting "Interest on Investment Sundry receipts 80 4,220 160 $ 2,050 4,460 2,850 2,000 250 11,610 Payments March 31, 1998 By Salaries "Rates and Taxes Stationery Telephone "" Investments Govt. Securities Sundry expenses " Balance c/d The following additional facts are ascertained: $ 4,160 1,200 800 200 2,500 1,850 900 11,610 (1) Stock of stationery on April 1, 1997, was $ 100 and on March 31, 1998, $ 180 (2) Rates and taxes were prepared to the extent of $ 400. (3) Telephone charges outstanding amounts to $ 75. (4) In 1996-97 subscription received in advance amounting to $ 200 for current year and $ 180 were due on March 31, 1998 for 1997-98. (5) On March 31, 1997, the Building stood in the books at $ 20,000 and it is required to write off depreciation at 5%. Investments at March 31, 1997, were $ 40,000. You are required to prepare Income and Expenditure Account for the year ended March 31, 1998.