From the followingReceipt and Payment Account of Jan Kalyan Club, prepare Income andExpenditure Account and Balance Sheet for the year ending December31, 2006. Receipt and Payment Account for the year ending December 31, 2006 Receipts Amount Rs Payments Amount Rs Cash in hand as on 1.1.06 6,800 Salaries 24,000 Subscription 60,200 Traveling Expenses 6,000 Donation 3,000 Stationery 2,300 Sale of furniture (Book value Rs 6000) 4,000 Rent 16,000 Entrance fee 800 Repair 700 Life membership fee 7,000 Books purchased 6,000 Interest on investment ( 5% for full year) 5,000 Building purchased 30,000 Cash in Hand as 31.12.2006 1,800 86,800 86,800 AdditionalInformation: As on 1.01.2006 As on 31.12.2006 (i) Subscription received in advance 1,000 3,200 (ii) Outstanding subscription 2,000 3,700 (iii) Stock of stationery 1,200 800 (iv) Books 13,500 16,500 (v) Furniture 16,000 8,000 (vi) Outstanding rent 1,000 2,000