From the following information and Receipts and Payments Account of Delhi Medical Society, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date.
Other information: On 31st March, 2017, the club possessed books of Rs. 2,00,000 and Furniture of Rs. 85,000. Provide depreciation on these assets @ 10% including the purchases during the year. Subscriptions in arrears in the beginning of the year amounted to Rs. 3,500 and at the end of the year Rs. 5,500 were outstanding. The Club paid three months rent in advance both in the beginning and at the end of the year.
