Q. ​ From the following Receipts and Payment Account of LEO CLUB for the year ended 31st December 2010 and the additional information, prepare an Income and Expenditure Account for the year ended 31st December 2010 and a Balance Sheet as on that date.
                                                                  LEO CLUB
                      ​Receipts and Payment Account for the year ended 31st December 2010

Receipts	Amount (Rs.)	Payments	Amount (Rs.)
To balance b/d	2000	By Salaries	2500
To subsrciptions		By Entertainment expenses	500
2009	200	By General expenses	200
2010	2200	By Investments	1500
2011	300	By Printing & stationery	150
To Entertainment receipts	1500	By Newspaper	300
To sold of Old furniture		By Furniture	500
(Book value Rs. 500)	400	By Balance c/d	950
	6600		6600

Additional information: 
The club has 300 members, each paying an annual subscription of Rs. 10, Rs.50 is 
still in arrears for subscription for 2009. 
In 2009, ten members had paid their subscription for 2010. 
Salaries paid included Rs 150 for 2009 and outstanding salaries for 2010 was Rs.250. 
On 31st December 2009 the club had Land and building worth Rs. 20,000 and 
Furniture worth Rs. 2,000. 
Interest for 4 months at 10% p.a. has been accrued on investments.