Payments Account of Our Paradise Club for the surPayments72025530032. Following is the Receipts and Payments Account ofe over expenditure 76,984)31 March, 2010:Receipts2.400Cash in hand50 SalariesCash at bank565 RentSubscriptions (includingPostage7100 for 2008-09 andPrinting and stationery300< 150 of 2010-11)4,550 Electricity chargesInterest on investments1502,000 Meeting expensesBank interest1,000Purchase of library booksSale of furniture1,000Investments in bonds155Cash in handCash in bank7.4907,490The following additional information is supplied to you:(1) On 1st April, 2009 the Club had the following assets and liabilities:(a) investments costing 40,000, (b) furniture 3,000. (c) library books 25,000(b) liability for rent 60 and for salary 7200.(2) On 31st March, 2010, rent of 80 and salary of 250 were in arrear.(3) The book value of furniture sold was 250.Prepare the income and Expenditure Account of the Club for the year ending 31st March.2010 and the Balance Sheet as on that date.(Ans. Surplus 72.450; Balance sheet total 751,385]1,480