From the following Receipts and Payments Account and additional information given below, prepare Income and Expenditure Account and Balance Sheet of Rural Literacy Society as on 31st March, 2018:
Additional information:
(i) Subscription outstanding as on 31st March, 2017 Rs. 20,000 and on 31st March, 2018 Rs.15,000.
(ii) On 31st March, 2018, salary outstanding Rs. 6,000 and one month rent paid in advance.
(iii) On 1st April, 2017, society owned furniture Rs. 1,20,000 and books Rs. 50,000.
