Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March, 2019: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 Dr. Cr. Receipts (₹) Payments (₹) To Cash in Hand (Opening) 2,600 By Rent 18,000 To Entrance Fee 3,200 By Wages 7,000 To Donation for Building 23,000 By Billiard Table 14,000 To Locker Rent 1,200 By Furniture 10,000 To Life Membership Fee 7,000 By Interest 2,000 To Profit from Entertainment 3,000 By Postage 1,000 To Subscription 40,000 By Salary 24,000 By Cash In Hand (Closing) 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, 2018 is ₹ 1,200 and ₹ 2,300 on 31st March, 2019; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2018 and ₹ 1,500 is still unpaid. On 1st April, 2018 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2019. The club has a loan of ₹ 20,000 ( 10% p.a.) which was taken, in year ended 31st March, 2018.