Extracted text: From the following Receipts and payments Account of a Club and from the information supplied prepare Income and Expenditure Account for the year ended 31* March, 2015 and the Balance Sheet as on that date: RECEIPTS AND PAYMENTS ACCOUNT 2$ 7,000 By Tournament Expenses Furniture Curtains Crockery purchased 1,100 To Balance b/d Donation for Building General Donations Legacies (to be capitalised) 8,000 200 2,000 800 6,000 1,000 To Sale of Old Furniture (cost $ 80) Endowment Fund Receipts Sale of Newspapers Sale of Sports Material * Rent received from use of Hall - Advertisement in the year book • Proceeds of Concerts 75 By Sporta Material 10,000 400 80 1,200 Salaries Honorarium 1,300 2,600 8,000 Charities 1,500 Advertisements 250 Rent and Taxes Advance against construction of Building Cost of Entertainment Payment to Creditors of last year Electric Installation Expenses Library Books Newspapers Postage Bar Expenses including Purchases 7% Investments purchased on 1st October, 2014 400 1,400 1,200 Subscriptions 2013-14 2014-15 600 14,000 800 5,000 1,450 400 3.000 800 1,300 2015-16 Tournament Fund 15,400 1,500 700 1,600 10,000 Balance 7,855 51,755 51.755 Information : (a) Balance on 31st March, 2015 Sports Material $ 100; Bar Stock $ 120 ; Postage $ 20; Crockery $ 2,000. (b) Subscription outstanding on 31st March, 2015 was $ 700. (c) Salary outstanding on 31st March, 2015 was $ 50. (d) Salary paid included $ 80 paid for 2013-14 and $ 10 for 2015-16. (e) Investments included investments out of Building Donations $ 8,000. (f) Depreciate crockery on the following basis : 1/5 of their value is to be written off in the year of purchase and 2/5th in each the stock of the next two years. Of the stock of crockery as on 1-4-2014 ( $ 2,000) one-half was one year old and the other half two years old.