From the following Receipts and Payments Account of Kapil Dev Club and from the given additional inf...........

From the following Receipts and Payments Account of Kapil Dev Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st December, 2019 and the Balance Sheet as at that date:

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Dr. Cr.

Receipts		Payments
To Balance b/d	1,90,000	By Salaries	3,30,000
To Subscriptions	6,60,000	By Sports Material	4,00,000
To Interest on Investment	40,000	By Balance c/d	1,60,000
@ 8% p.a. for full year
	8,90,000		8,90,000