From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended March 31, 2017 and the Balance Sheet as on that date.
Receipt and Payment Account for the year ending March 31, 2017
Additional Information:
(a) The club has 100 members each paying an annual subscription of Rs.900.
Subscriptions outstanding on March 31, 2016 were Rs.3,600.
(b) On March 31, 2017, salary outstanding amounted to Rs.1,000, Salary paid included Rs. 1,000 for the year 2016.
(c) On April 1, 2017 the club owned land and building Rs.25,000, furniture Rs.2,600 and books Rs.6,200.
