From the following receipts and payments account and additional information provided , prepare the income and expenditure account of PatelEducation Society for the year ended 31st March . 2016 . Receipts Payments | Amt . Tobalancetra 1 . 50 , 000DyRent ToInterestminvestment 1 . 500 5 , 000 By Pustage Expenses To Subscriptions 50 , 000 1 , 80 , 000 By 10 investment ( InJuly ) TeSale of Newspapers 3 . 500 3 , 000 / By Payment toCreditors 11000 To Sale of Computers 15 , 000 / By Advertisement Expenses To Donations 75 , 000 By Salaries 3 . 45 , 000 By Balanceed - 7 , 500 4 . 28 . onl 428 , 000 Additional Information 0 Subscriptions due on 31st March , 2015 and 31st March , 2016 weret 3 , 500 and 16 , 200 respectively . ( 1 ) Subscriptions paid in advance asatast March 2015 weret 1 , 800 and on 31st March , 2016were ₹1500 . ( IRO The book value of computers on 1stApril , 2015wast50 , 000 of which half the computers were sold during the year . iv ) The bookvalue of investmentsof IstApril , 2015wast75 , 000 and therateof interest was10 % per annum . MCreditors on 31st March 2015 weret7500 . ( v ) Outstanding expenses for rent , postage and salaries for the current year were ₹ 900 , ₹400 and ₹15 , 000 respectively .
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