Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017 Receipt and Payment Account for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Opening Cash in hand 2,600 Rent 18,000 Entrance fees 3,200 Wages 7,000 Donation for building 23,000 Billiard table 14,000 Locker rent 1,200 Furniture 10,000 Life membership fee 7,000 Interest 2,000 Profit from entertainment 3,000 Postage 1,000 Subscription 40,000 Salary 24,000 Cash in hand 4,000 80,000 80,000 Prepare Income and Expenditure Account and Balance Sheet with help of following Information:Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500On March 31, 2017. The club took a loan of Rs 20,000 ( 10% p.a.) in 2017.