Liabilities Balance Sheet as on 31st March, Capital Fund Subscription received in Advance Outstanding Expenses Loan Sundry Creditors Total (4) Assets 1,06,200 Building (C) 1,50,000 6,000 Outstanding Subscription 14,000 Outstanding Locker Rent 40,000 Cash in Hand 3,800 2,400 20,000 10,000 1,76,200 Total 1,76,200 The Receipts and Payments account for the year ended on 31st March, 2018 Receipts (K) Payments (2) To Balance b/d By Expenses: Cash in Hand 20,000 For 2017 12,000 To Subscriptions: For 2018 20,000 32,000 For 2017 2,000 By Land 40,000 For 2018 21,000 By Miscellaneous Expenses 4,700 For 2019 1,000 24,000 By Interest 4000 To Entrance Fees 38,000 By Balance c/d To Locker Rent 7,000 Cash in Hand 18,300 To Sale proceeds of old newspapers 1,000 To Miscellaneous Income 9,000 Total 99,000 Total 99,000 You are required to prepare Income and Expenditure account for the year ended 31st March, 2018 and a Balance Sheet as at 31st March, 2018. (Workings should form part of your answer). [10 marks] (b) A purchased a machinery for *1,30,000 on 1st April, 2019 and paid *20,000 for freight & installation charges. On 1st October, 2021 another machine was purchased for 50,000.​