Prepare Income and Expenditure Account for the year ending on Mar 31, 2009

Prepare Income and Expenditure Account for the year ending on Mar 31, 2009 and Balance Sheet on that date from the following:Receipts and Payments Account for the Year Ending on Mar 31, 2009Dr.Cr.ReceiptsRsPaymentsRsTo Balance b/d1,000By Rent9,000Cash6,000By Miscellaneous Expenses27,500Bank200By Postage Expenses1,000StampsBy Furniture7,000RsBy Creditors for Sports Materials13,000To SubscriptionsRsBy Cost of Prizes (to be awarded)3,0002007-20084,000By Cash Purchase of Sports materials4,5002008-200970,000By Match Expenses6,0002009-20103,00077,000By Balance c/dTo Entrance Fees10,000Cash500To General Donations5,000Bank36,900To Donations for Prize Fund3,500Stamps100To Sale of Old Sports Materials4,300To Interest on Prize Fund1,000InvestmentsTo Miscellaneous Receipts5001,08,5001,08,500InformationParticularsApr 1, 2008Mar 31, 2009RsRsSports Materials5,0006,000Furniture70,000–10% Prize Fund Investments (face value Rs 20,000)19,000–Creditors for Sports Materials1,5003,000Subscriptions in arrears5,000–Subscription in advance2,000–Prize fund20,000–Rent paid in advance–1,500Outstanding Rent1,500–Outstanding Miscellaneous Expenses2,5004,500Miscellaneous Expenses paid in Advance1,0002,000Additional InformationThere are 800 members, each paying an annual subscription of Rs 100.50% of Entrance Fees is to be capitalised.Book value of Sports materials sold was Rs 4,000.Depreciation on Furniture is to be provided @ 10%.