Prepare Income and Expenditure Account and Balance Sheet for the year ended March 31, 2015 from the following information.
Receipt and Payment Account for the year ending March 31, 2015

The following additional information is provided to you:
1. There are 1800 members each paying an annual subscription of Rs. 200, Rs. 8,000 were in arrears for 2013-14 as on April 1, 2014.
2. On March 31, 2015 the rates were prepaid to June 2015, the charge paid every year being Rs. 24,000.
3. There was an outstanding telephone bill for Rs. 1,400 on March 31, 2015.
4. Outstanding sundry expenses as on March 31, 2014 totaled Rs. 2,800.
5. Stock of stationery as on March 31, 2014 was Rs. 2000, on March 31, 2015, it was Rs. 3,600.
6. On March 31, 2014 Building stood at Rs. 4,00,000 and it was subject to depreciation @ 2.5% p. a.
7. Investment on March 31, 2014 stood at Rs. 8,00,000.
8. On March 31, 2015, income accrued on investments purchased during the year amounted to Rs. 1,500.

Explanation

Income and Expenditure Account
for the year ending on March 31, 2015

Balance Sheet as on March 31, 2015

Balance Sheet as on March 31, 2014

Working Note :
Subscription Account