Following is the summary of cash transactions of the Royal Club for the year ended 31st March, 2018: RECEIPTS AND PAYMENTS ACCOUNT Dr. Cr. Receipts ₹ Payments ₹ To Balance b/d (cash) 31,900 ​By Rent 16,800 To Entrance Fees 25,500 By Wages 24,500 To Subscriptions 1,60,000 By Electricity Charges 7,200 To Donations 16,500 By Honorarium 43,500 To Life Membership Fees 25,000 By Books 21,300 To Profit on Entertainment 5,600 By Office Expenses 45,000 By 3% Fixed Deposit 80,000 (1st October, 2017) By Balance c/d (Cash at Bank) 24,200 By Balance c/d (Cash in Hand) 2,000 2,64,500 2,64,500 In the beginning of the year , the club possessed Books of ​₹ 2,00,000 and Furniture of ₹ 85,000. Subscriptions in arrears in the beginning of the year amounted to ₹ 3,500 and at the end of the year ₹ 4,500 and six months Rent ₹ 6,000 was due both in the beginning of the year and at the end of the year.​Prepare Income and Expenditure Account of the club for the year ended 31st March , 2018 and ist Balance Sheet as at that date after writing off ₹ 5,000 and ₹ 11,300 on Furniture and books respectively.​