Prepare Income andExpenditure Account and Balance Sheet for the year ended December 31,2006 from the following Receipt and Payment Account and Balance Sheetof culture club: Receipt and Payment Account for the year ending December 31, 2006 Receipts Amount Rs Payments Amount Rs Opening cash balance 12,000 Furniture 4,000 Subscription Telephone expenses 800 2005 2,000 Salary 2006 22,000 24,000 2005 1,000 Entrance fees 2,800 2006 4,000 Locker rent 1,000 Newspapers 700 Life membership fee 1,200 Sundry expenses 1,000 Government grant 11,000 Defence bonds 18,000 Land 20,000 Closing cash balance 2,500 52,000 52,000 Balance Sheet for the year ending December 31, 2005 Liabilities Amount Rs Assets Amount Rs Advance locker rent 200 Cash in hand 12,000 Subscription Received in Advance 1,000 Outstanding Expenses 3,000 Outstanding salary 2,000 Building 35,000 Loan 10,000 Capital fund 36,800 50,000 50,000