From the following 'Receipts and Payments Account of Space Club, prepare an Income and Expenditure Account for the year ended $\displaystyle 31$" March, 2021. Receipts and Payments Account of Space Club for the year ended 31st March, $\displaystyle 2021$ Receipts Amount Payments Amount ($\displaystyle 0$ (U 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 c/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 $\displaystyle 31$" 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 31st Dr. for the year ended 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 Surplus-Excess of Income over Expenditure $\displaystyle 72,800$ ½ $\displaystyle 1,16,800$ $\displaystyle 1,16,800$