Receipts and Payments Account of Shankar Sports Club is given below, for the year ended 31st March, 2018:​ RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 Dr. Cr. Receipts ₹ Payments ₹ To Cash in Hand (Opening) To Entrance Fee To Donation for Building To Locker Rent To Life Membership Fee To Profit from Entertainment To Subscription 2,600 3,200 23,000 1,200 7,000 3,000 40,000 By Rent By Wages By Billiard Table By Furniture By Interest By Postage By Salary By Cash In Hand (closing) 18,000 7,000 14,000 10,000 2,000 1,000 24,000 4,000 80,000 80,000 Prepare Income and Expenditure Account and Balance Sheet with the help of following information:Subscription outstanding on 31st March, 2017 is ₹ 1,200 and ​₹ 2,300 on 31st March, 2018; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2017 and ₹ 1,500 is still unpaid. On 1st April, 2017 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2018. The club has a loan of ​₹ 20,000( 10% p.a.) which was taken , in year ended 31st March,2017.