From the following information of Wings Club for the year ended 31 st March,2019, prepareIncome and Expenditure Account:Receipts and Payments AccountDr.For the year ending 31 st March,2019 Cr.Receipts ₹ Payments ₹To Balance b/dTo Subscriptions:2017-182018-19To Entrance feeTo Income from entertainmentTo sale of old periodicals20,00036,0001,0007006,80030064,800By Investments @ 8%p.a.(on 1 st October,2018)By FurnitureBy SalariesBy StationeryBy Electricity chargesBy Balance c/d20,00010,8009,0002,4004,80017,80064,800Additional information:i. The club has 400 members each paying an annual subscription of ₹ 100. Subscriptionsstill outstanding for 2016-17 are ₹ 400.ii. Stock of stationery on 31 st March,2018₹ 1,500 and on 31 st March,2019 ₹ 1,720.iii. On 1 st April,2018 premises were ₹ 32,000. Depreciation on premises and furniture to becharged @ 5% and 10%p.a. respectively.