From the following information, prepare Income and Expenditure Account for the year ending 31st March, 2017 and balance sheet on that date.
Additional Information:
1. Balances at the beginning of the year Sports material stock Rs 1,40,000, Playground Rs 8,00,000, Subscription receivable Rs 45,000.
2. Surplus on account of tournament and donations will be kept in reserve for the pavilion purpose. Subscription due at the end Rs 70,000. It was also decided that 50% of sports material should be written off. Stock at the end of stationery Rs 10,000. Entrance fees is to be capitalized.
