From the followingReceipt and Payment Account of a club, prepare Income and ExpenditureAccount for the year ended December 31, 2006 and the Balance Sheet ason that date. Receipt and Payment Account for the year ending December 31, 2006 Receipts Amount Rs Payments Amount Rs Balance b/d 3,500 General expenses 900 Subscription: 2005 2006 2007 1,800 70,000 3,000 75,000 Salary Postage Electricity charges Furniture 16,000 1,300 7,800 26,500 Sale of old Books 2,000 Books 13,000 (Costing Rs 3,200) Newspapers 600 Rent from use of hall 17,000 Meeting expenses 7,200 Sale of newspapers 400 T.V. set 16,000 Profit from entertainment 7,300 Balance c/d 15,900 1,05,200 1,05,200 AdditionalInformation: (a) The club has 100 members each paying an annual subscription of Rs900. Subscriptions outstanding on December 31, 2005 were Rs 3,600. (b) On December 31, 2006 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2005. (c) On January 1, 2006 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.