Prepare Income and Expenditure Account of Entertainment Club for the year ending March 31, 2017 and Balance Sheet as on that date from the following information:
Receipt and Payment Account
For the year ending on March 31, 2017

Additional Information:

Explanation

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

Balance Sheet of Entertainment Club as on March 31, 2016

Balance Sheet of Entertainment as on March 31, 2017

Note: * Interest on Prize Fund Investments @ 5% amounts to Rs. 3,000 whereas only Rs. 1,500 have been received, so the balance is treated as Accrued interest.
It is preferable to prepare separate accounts of various items involving many transactions. In this case Account for Subscription, Miscellaneous Expenses, and Sports Materials may be made as a Classroom activity