As at March 31,2008 thefollowing balances have been extrated from the books of the IndianChartered Accountants Recreation Club and you are asked to prepare(1) Trading Account for ascertaining gross profit derived fromrunning restaurant and dining room and (2) Income and ExpenditureAccount for the year ended March 31, 2008 (3) and a Balance Sheet asat that date. Debit Balances Rs Credit Balances Rs Stock-in-hand 1170 Receipts Dining Room 87,660 Purchases 24,660 Subscriptions 9,450 Dining Room 32,370 Billiard's Receipts 7,300 Rent 10,470 Sunday Receipts 410 Wages 18,690 Interest on Fixed Deposit 270 Repairs and Renewals 5,400 Sundry Creditors 5310 Fuel and Light 5,280 Grant from Institute (permanent) 42,000 Misc. Expenses 4,050 Income and Exp. A/c (1.4.07) 1,380 Cash in hand 560 Suspense A/c (See note) 60 Cash at bank 2,760 Fixed Deposit 8,500 Sundry Debtors 2,250 China glass, cutlery and linen 600 Billiard Table 2,070 Fixtures and Fittings 870 Furniture 4,140 Club Premises 30,000 1,53,840 1,53,840 On March 31,2008 stockof restaurant consisted of Rs 900 and Rs 60 respectively. Providedepreciations Rs 60 on fixtures and fittings, Rs 390 on billiardtable and Rs 560 on furniture.