From the following Receipts and Payments Account and additional information given below , prepare Income and Expenditure Account and Balance Sheet of Rural Literacy Society as on 31st March, 2018: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31 st March, 2018 Dr. Cr. Receipts Amount (₹) Payments Amount (₹) To Balance b/d By General Expenses 32,000 Cash in Hand 40,000 By Newspaper 18,500 Cash at Bank 1,55,500 By Electricity 30,000 To Subscriptions: By Fixed Deposit with Bank 1,80,000 2016-17 12,000 (On 30th September, 2017 10%p.a.) 2017-18 2,65,000 By Books 70,000 2018-19 5,000 2,82,000 By Salary 36,000 To Sale of Old Newspaper 12,500 By Rent 65,000 To Government Grant 1,20,000 By Postage Charges 3,000 To Sale of Old Furniture 37,000 By Furniture (purchased) 1,05,000 (Book value ₹50,000) By Balance c/d: To Interest received on Fixed Deposit 4,500 Cash in Hand 30,000 Cash at Bank 82,000 6,51,500 6,51,500 Additional information:(i) Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018 ₹ 15,000.(ii) On 31st March , 2018, salary outstanding ₹ 6,000 and one month rent paid in advance.(iii) On 1st April, 2017, society owned furniture ₹ 1,20,000 and books ₹ 50,000.