From the following Receipts and Payments Account and additional information of STU Welfare Society 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 STU Welfare Society for the year ended 31st March, $\displaystyle 2021$ Amount Amount Receipts Payments < < Balance b/d $\displaystyle 22,500$ Salaries $\displaystyle 10,500$ Interest on Investments $\displaystyle 2,900$ Furniture $\displaystyle 4,000$ Subscriptions $\displaystyle 30,000$ Telephone Charges $\displaystyle 800$ Sale of old newspapers $\displaystyle 740$ Investments $\displaystyle 10,000$ Computer $\displaystyle 7,500$ Miscellaneous Expenses $\displaystyle 300$ Balance c/d $\displaystyle 23,040$ $\displaystyle 56,140$ $\displaystyle 56,140$ Additional Information : (i) Subscriptions received include ₹ $\displaystyle 1,700$ for the year $\displaystyle 2021$ 22. Amount of subscriptions outstanding on 31st March, $\displaystyle 2021$ were ₹ 700. (ii) Furniture was purchased on 1st February, 2021. Depreciation was to be charged @ $\displaystyle 6$% p.a.

Dr. Income and Expenditure Account for the year ending 31st March, $\displaystyle 2021$ Cr Expenditure (₹) Income (₹) $\displaystyle 10,500$ $\displaystyle 2,900$ To Salaries ½ By Interest on Investment ½ $\displaystyle 800$ To Telephone Expenses ½ $\displaystyle 300$ By Subscription $\displaystyle 30,000$ To Miscellaneous Expense ½ $\displaystyle 29,000$ (+) O/S $\displaystyle 700$ To Depreciation on furniture $\displaystyle 40$ (–) Advance $\displaystyle 1,700$   $\displaystyle 1$ $\displaystyle 6$ $\displaystyle 2$   $\displaystyle 4,000$ $\displaystyle 1$    $\displaystyle 100$ $\displaystyle 12$  By Sale of old newspaper ½ $\displaystyle 740$ To Excess of Income over $\displaystyle 21,000$ Expenditure: Surplus ½ $\displaystyle 32,640$ $\displaystyle 32,640$ PART B OPTION $\displaystyle 1$ (Analysis of Financial Statements)