Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31 2016 from th...........

Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club: (5 marks)

Receipt and Payment Account for the year ending March 31, 2016
Receipts		Amount Rs	Payments	Amount Rs
Opening cash balance		12,000	Furniture	4,000
Subscription			Telephone expenses	800
2014-2015	2,000		Salary
2015-2016	22,000	24,000	2014-2015	1,000
Entrance fees		2,800	2015-2016	4,000
Locker rent		1,000	Newspapers	700
Life membership fee		1,200	Sundry expenses	1,000
Government grant		11,000	Defence bonds	18,000
			Land	20,000
			Closing cash balance	2,500
		52,000		52,000

Balance Sheet for the year ending March 31, 2015
Liabilities	Amount Rs	Assets	Amount Rs
Advance locker rent	200	Cash in hand	12,000
Subscription Received in Advance	1,000	Outstanding Expenses	3,000
Outstanding salary	2,000	Building	35,000
Loan	10,000
Capital fund	36,800
	50,000		50,000