From the following Receipts and Payments Account and additional information of Truth Club for the year ended 31st March, $\displaystyle 2021$, prepare Income and Expenditure Account for the year ended 31st March, $\displaystyle 2021$ : Receipts and Payments Account of Truth Club for the year ended 31st March, $\displaystyle 2021$ Amount Amount Receipts Payments < < Balance b/d $\displaystyle 1,50,000$ Salaries $\displaystyle 1,80,000$ Donation for building $\displaystyle 88,000$ Rent $\displaystyle 50,000$ Locker rent $\displaystyle 80,000$ Postage $\displaystyle 2,000$ Sale of old newspapers $\displaystyle 200$ Books $\displaystyle 28,000$ Subscriptions : Furniture $\displaystyle 80,000$ $\displaystyle 2019$ $\displaystyle 20$ $\displaystyle 1,800$ Balance c/d $\displaystyle 51,000$ $\displaystyle 2020$ $\displaystyle 21$ $\displaystyle 70,000$ $\displaystyle 2021$ $\displaystyle 22$ $\displaystyle 1,000$ $\displaystyle 72,800$ $\displaystyle 3,91,000$ $\displaystyle 3,91,000$ Additional Information : (i) The club had $\displaystyle 80$ members each paying an annual subscription of ₹ $\displaystyle 1$,000. (ii) Furniture was purchased on 1st January, 2021. (iii) Depreciation on furniture was charged @ $\displaystyle 10$% p.a.

Dr. Income and Expenditure Account for the year ending 31st March, $\displaystyle 2021$ Cr Amount Amount Expenditure Income (₹) (₹) To Salaries…….. ½ $\displaystyle 1,80,000$ By Locker Rent ½ $\displaystyle 80,000$ $\displaystyle 50,000$ $\displaystyle 200$ To Rent …….. ½ By Sale of old newspaper ½ To Postage…….. ½ $\displaystyle 2,000$ $\displaystyle 80,000$ By Subscription [$\displaystyle 80$×$\displaystyle 1000$] $\displaystyle 1$ To Depreciation of furniture By Excess of Expenditure over Income : Deficit ½ $\displaystyle 73,800$  $\displaystyle 10$ $\displaystyle 3$  $\displaystyle 80000$     $\displaystyle 1$ $\displaystyle 2,000$  $\displaystyle 100$ $\displaystyle 12$  $\displaystyle 2,34,000$ $\displaystyle 2,34,000$ PART B OPTION $\displaystyle 1$ (Analysis of Financial Statements)