From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended March 31, 2017 and the Balance Sheet as on that date. Receipt and Payment Account for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Balance b/d 3,500 General expenses 900 Subscription: 2015-16 2016-17 2017-18 2,000 70,000 3,000 75,000 Salary Postage Electricity charges Furniture 16,000 1,300 7,800 26,500 Sale of old Books 2,000 Books 13,000 (Costing Rs 3,200) Newspapers 600 Rent from use of hall 17,000 Meeting expenses 7,200 Sale of newspapers 400 T.V. set 16,000 Profit from entertainment 7,300 Balance c/d 15,900 1,05,200 1,05,200 Additional Information: (a) The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on March 31, 2016 were Rs 3,600. (b) On March 31, 2017, salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012. (c) On April 1, 2017 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.