Following is the Receipts and Payments Account of the Chandigarh Club for the year ended on 31st March, 2013 : ReceiptsRs PaymentsRs Balance at Bank (1-4-2012)Refreshment Expenses Current Account300 (Foodstuffs purchased)8,000 Deposit Account2,400Crockery purchased3,000Interest600Books purchased2,000SubscriptionNewspapers200 (Rs 800 is for 2011-12)12,500Salaries11,000Profit on Entertainments1,500General Expenses1,200Refreshment ReceiptsAudit Fees800 (Food-stuffs sale)12,000Balance at Bank (31-3-2013) :Entrance Fee2,000 Current Account100 Deposit Account5,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯31,300––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯31,300–––––––– Assets on 1-4-2012 were : Building Rs 20,000; Govt. Securities Rs 10,000 and Stock of Foodstuffs Rs 1,800. There was also a Reserve Fund of Rs 3,500 on 1-4-2012. Arrears of subscriptions for 2011-12 were Rs 900 and arrears of subscritpion for 2012-13 were Rs 1,300. Stock of Foodstuffs at the close of the year was valued at Rs 1,500. The by-laws of the club provide that 50% of the entrance fees and 10% of the surplus of any year are to be transferred to Reserve Fund. Prepare Income and Expenditure Account of the club for the year ended 31st March, 2013 and a Balance Sheet as at that date.