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Following is the Receipt and Payment Account of Friendship Club in respect of the Year on 31.3.2016. Additional Information : 1. There are 500 members, each paying an annual subscription of Rs. 50, Rs. 17,500 being in arrears for 2014-15 at the beginning of 2015-16. During 2014-15, subscriptions were paid in advance by 40 members for 2015-16. 2. Stock of stationery on March 31, 2015, was Rs. 1,500 and on March 31, 2016, Rs. 2,000. 3. On March 31, 2016, the rates and taxes were prepaid to the following January 31, the annual charge being Rs. 1,500. 4. A quarter’s charge for telephone is outstanding, the amount accrued being Rs.1,500. There is no change in quarterly charge. 5. Sundry expenses accruing at 31.3.2015 were Rs. 250 and at March 31, 2016 Rs. 300. 6. On March 31, 2015 Building stood in the books at Rs. 2,00,000 and it is required to write off depreciation @ 10% p.a. 7. Value of 8% Government Securities on March 31, 2015 was Rs. 75,000 which were purchased at that date at Par. Additional Government Securities worth Rs. 25,000 are purchased on March 31, 2016. You are required to prepare: (a) An Income and Expenditure Account for the year ended on 31.3.2016 (b) A Balance Sheet on that date.