Receipt and PaymentAccount of Shankar Sports club is given below, for the year endedDecember 31, 2006 Receipt and Payment Account for the year ending December 31, 2006 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 andExpenditure Account and Balance Sheet with help of followingInformation:Subscriptionoutstanding on 31st December 2005 is Rs 1, 200 and Rs 2,300 on31.12.2006, opening stock of postage stamps is Rs 300 and closingstock is Rs 200, Rent Rs 1,500 related to 2005 and Rs 1,500 is stillunpaid.On January 1, 2006 theclub owned furniture Rs 15,000, Furniture valued at Rs 22,500On 31.12.2006. The clubtook a loan of Rs 20,000 ( 10% p.a.) in 2005.