Following is the Receipt and Payment Account of an Entertainment Club for the period April 1, 2016 to March 31, 2017.
Receipt and Payment Account for the year ending March 31, 2017

Additional Information
1. The club had 225 members, each paying an annual subscription of Rs. 500. Subscription outstanding as on 31 March 2016 Rs. 15,000.
2. Telephone bill outstanding for the year 2016-2017 is Rs. 2,000.
3. Locker Rent Rs. 3,050 outstanding for the year 2015-16 and Rs. 1,500 for 2016-17.
4. Salary outstanding for the year 2016-17 Rs. 4,000.
5. Opening Stock of Printing and stationery Rs. 2,000 and closing stock of printing and stationery is Rs. 3,000 for the year 2016-17.
6. On 1st April 2016 other balances were as under:

7. Depreciation Furniture and Building @ 12.5% and 5% respectively assuming that it is on reducing balance for the year ending March 31,2017
Prepare Income and Expenditure account and Balance Sheet as on that date.

Explanation

Book of Entertainment Club
Income and Expenditure Account
for the year ending on March 31, 2017

Balance Sheet of Entertainment Club as on March 31, 2016

Balance Sheet of Entertainment Club as on March 31, 2017