Following is the Receipts and Payments Account of Queen's Club, Kolkata for the year ended 31st March, 2014 : ReceiptsRs PaymentsRs Balance b/d (1-4-2013)Rent, Rates&Taxes15,000 Cash3,600Advertisement2,700 Current A/c with Bank7,570Salaries27,400 Subscriptions42,200Insurance Premium1,200Entrance fees3,800Electric Charges2,500Life Membership Fees6,000Telephone Expenses2,400Interest on Investments200 Furniture (Purchased on 1st October, 2013)8,000Balance c/d (31-3-2014): - Cash2,400 Current A/c with Bank1,770¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯63,370––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯63,370–––––––– Prepare Income and Expenditure A/c of the club for the year ended 31st March, 2014 and a Balance Sheet as at that date having due regard for the following information: Rs (1) Subscriptions Outstanding on 31st March 2013 4,000 Subscriptions Outstanding on 31st March, 2014 5,400 Subscriptions Received in advance on 31st March, 2013 1,500 Subscriptions Received in advance on 31st March, 2014 2,100 (2) Two months rent Rs 2,500 was due both at the beginning and end of the year. (3) As on 31st March, 2013, Premises stood in the books at Rs 55,000 and Investments at Rs 20,000. Depreciate furniture by 10% p.a.