The following is the Receipts and Payments Account of the Calcutta Club for the year ending 31.12.2014:
A building costing one lakh of rupees was purchased during the last year and ~ 88,000 was paid for it. Subscriptions outstanding for 2014——————————————————- ~ 1,100; Interest accrued on bank deposits but not received ~ 200; and Salaries
outstanding ~ 200. From the above, prepare Income and Expenditure Account for the year 2014 and also the Balance Sheet as on 31.12.2014 of the Calcutta Club.