From the following Receipt and Payment Account and additional information relating to Excellent Cricket Club, prepare Income and Expenditure Account for the year ended March 31, 2015 and Balance Sheet as on date.

Assets at the beginning of the year were:
`{:(,,Rs),(,"Play ground","5,00,000"),(,"Cash in hand","18,000"),(,"Stock of sports materials","85,000"),(,"Printing and Stationery","11,000"),(,"Subscriptions receivable","28,000"):}`
Donations and Surplus on account of tournament are to be kept in Reserve for a permanent pavilion. Subscriptions due on March 31, 2015 were Rs. 42,000. Write-off fifty per cent of sports materials and thirty per cent of printing and stationery.

Explanation

Books of Excellent Cricket Club
Income and Expenditure Account for the year ending on March 31, 2015

Note: Since the opening balance of the capital fund is not given, the same has been ascertained by preparing opening balance sheet.
Balance Sheet of Excellent Cricket Club as on March 31, 2015

Balance Sheet of Excellent Cricket Club as on March 31, 2014