From the following Receipts and Payments Account' of Space Club, prepare an Income and Expenditure Account for the year ended 31st March, 2021. Receipts and Payments Account of Space Club for the year ended $\displaystyle 31$" March, $\displaystyle 2021$ Receipts Amount Payments Amount ($\displaystyle 2$) ct) To Balance b/d $\displaystyle 5,000$ By Salaries $\displaystyle 31,000$ To Subscriptions $\displaystyle 73,000$ By Machinery $\displaystyle 40,000$ To Sale of old furniture $\displaystyle 800$ ($\displaystyle 1.7.2020$) (Book value ₹ $\displaystyle 2,000$) By $\displaystyle 8$% Investments $\displaystyle 30,000$ To Donations $\displaystyle 41,800$ By Balance e/d $\displaystyle 19,600$ $\displaystyle 1,20,600$ $\displaystyle 1,20,600$ Additional Information : (i) Subscriptions in arrears on $\displaystyle 31.03.2021$ were ₹ $\displaystyle 2$,000. (ii) On 31st March, $\displaystyle 2021$, outstanding salaries were ₹ $\displaystyle 4$,000. (iii) $\displaystyle 8$% Investments were purchased on $\displaystyle 31$" March, 2021. (iv) The club owned Machinery of ₹ $\displaystyle 1,00,000$ on lst April 2020. Depreciate Machinery @ $\displaystyle 6$% p.a.

Income and Expenditure Account of Space Club Dr. for the year ended 31st March $\displaystyle 2021$ Cr. Expenditure Amount Income Amount (₹) (₹) To Loss on Sale of By Subscriptions $\displaystyle 73,000$ Old Furniture $\displaystyle 1,2001$ Add : O/s for To Salaries $\displaystyle 31,000$ $\displaystyle 2020$-$\displaystyle 21$ $\displaystyle 2,000$ $\displaystyle 75,000$ $\displaystyle 1$ Add : O/s Salaries By Donations $\displaystyle 41,800$ ½ $\displaystyle 2020$-$\displaystyle 21$ $\displaystyle 4,000$ $\displaystyle 35,0001$ To Depreciation on Machinery ($\displaystyle 6,000$ + $\displaystyle 1,800$) $\displaystyle 7,8001$ To Excess of Income over Expenditure $\displaystyle 72,800$ ½ $\displaystyle 1,16,800$ $\displaystyle 1,16,800$