12th Class - Non profit organisationMM:20Time: 30 Minutes1. The following is the receipts and payments account of Queen's club for the yearended 31" March, 2016.Receipts and payments accountDrFor the year ended 31 March 2016Amt ()ReceiptsTo Balance b/dTo SubscriptionsTo Tournament FundTo Interest(investment)To DonationsTo Sale of ConcertTicketsAmt() Payments1,82,000 By Salaries1,80,000 By Stationery1,64,000 By Rent65,000 By Telephone Expenses1,66,00032,00048,0008,0001,12,000 By Sports Material and Expenses 78,0002,47,000 By 6% Investments5,00,000By Miscellaneous Expenses 24,000By Concert Expenses58,000By Balance C/d36,0009,50,0009,50,000Additional information(1) Subscription include 12,000 for 2014-15 and 18,000 for 2016-17(11) Stock of stationery on 31" March, 2015 and 2016 was 7,200 and 5,400 respectively.(1) Stock of sports material at the beginning and end of the year was 12,000 and 21,000respectively(iv) Rent Includes 4,000 pald for March, 2015. Rent for March, 2016 is outstanding.(V) Telephone expense Include < 3,000 as quarterly rent up to 31"May, 2016(VI) The value of Building as on 31" March 2015, was 8,00,000 and you are required to write-offdepreciation at 10%(vil) The value of Investments on 31" March, 2015 was 10,00,000 and the club made similar additionalInvestment during the year on 19 October, 2015.You are required to prepare the income and expenditure account of the club for the year ended 31"March, 2016(12M)​