From the following Receipt and Payment Account for the year ending March 31, 2015 of Negi's Club, prepare Income and Expenditure Account for the same period:
Receipt and Payment Account for the year ending March 31, 2015

The following additional information is available:
(i) Salaries outstanding – Rs. 1,500,
(ii) Entertainment expenses outstanding – Rs. 500,
(iii) Bank interest receivable – Rs. 150,
(iv) Subscriptions accrued – Rs. 400,
(v) 50 per cent of entrance fees is to be capitalised,
(vi) Furniture is to be depreciated at 10 per cent per annum.

Explanation

Books of Negi's Club
Income and Expenditure Account for the year ending 31.3.2015