From the Receipts and Payments Account and the information given, prepare Income andExpenditure Account and Balance Sheet of Sports Club: (10 Marks)Receipts and Payments Account for the year ended 31" March, 2014DrReceiptsAmountPaymentsAmountTo Balance byd5,100 | By Purchase of sports equipment 5,000To subscriptions:By electricity1,5002012 - 13800 | By General Expenses2,2502013 - 143,000 | By Honorarium to Secretary3,2501,250 | By Books4,250To Sale of newspapers)250 By Newspapers600To Life membership6,000 | By Furniture (Purchase)4,00010 sale of Old furniture400 | By Fixed Deposit made with Bank 10,000(Book value 3600)(on [email protected]%)To Rent received for the use2,750 By Balancecld2,200of HallTo Govt. grant10,000To profit from entertainment 3,50032,45032.450Additional Information:1) The club has 100 members each paying annual subscription of 3 1001) On 31.03.2014 general expenses outstandig amounted to 250ii) On 01.04.2013, the club owned Buliling valued at 7 10000, furniture # 12,000 and Books ?6000iv) Sports Equipment 241915 as on 1.4,2013Depreciation was to be allowed on furniture @5%(on opening balanc) Sports Equipielt at the end of the year were 3 3600.​