From the following Receipts and Payments Account of City Club and from the information supplied , prepare Income and Expenditure Account for the year ended 31st March , 2018 and Balance Sheet as at that date: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March ,2018 Dr. Cr. Receipts Amount (₹) Payments Amount (₹) To Balance b/d 7,000 By Salaries 28,000 To Subscriptions: By General Expenses 6,000 2016-17 5,000 By Electricity Charges 4,000 2017-18 20,000 By Books 10,000 2018-19 4,000 29,000 By Newspapers 8,000 To Rent 14,000 By Balance c/d 4,000 (Received from the Use of Hall) To Profit from Entertainment 8,000 To Sale of Old Newspapers 2,000 60,000 60,000 (a) The club has 50 members each paying an annual subscription of ₹ 500. Subscriptions Outstanding on 31st March,2017 were ₹ 6,000.(b) On 31st March, 2018, Salries Outstanding amounted to ₹ 2,000 . Salaries paid in the year ended 31st March, 2018 included ₹ 6,000 for the year ended 31st March , 2017.(c) On 1st April , 2017, the club owned Building valued at ₹ 2,00,000; Furniture ₹ 20,000 and Books ₹ 20,000.(d) Provide depreciation on Furniture at 10%.