Income and Expenditure Account for the year ended 31st March 2008:

Income:
- Membership fees
- Donations
- Interest on investments
- Sale of goods or services (if applicable)

Expenditure:
- Salaries and wages
- Rent and utilities
- Office expenses
- Printing and stationery
- Travel and conveyance
- Repairs and maintenance
- Depreciation
- Interest on loans (if applicable)
- Other expenses

Calculation:
To prepare the income and expenditure account, we need to gather all the income and expenditure data for the year ended 31st March 2008.

Income:
- Membership fees received during the year
- Donations received during the year
- Interest received on investments during the year
- Sale of goods or services, if applicable

Expenditure:
- Salaries and wages paid during the year
- Rent and utilities expenses incurred during the year
- Office expenses incurred during the year
- Printing and stationery expenses incurred during the year
- Travel and conveyance expenses incurred during the year
- Repairs and maintenance expenses incurred during the year
- Depreciation expenses on assets during the year
- Interest paid on loans, if applicable
- Other expenses incurred during the year

Once we have gathered all the relevant data, we can calculate the net income or loss for the year. The net income is calculated by deducting the total expenditure from the total income. If the total income is higher than the total expenditure, there is a net profit. If the total expenditure is higher than the total income, there is a net loss.

Balance Sheet as on 31st March 2008:

Assets:
- Cash and bank balances
- Investments
- Accounts receivable
- Inventory (if applicable)
- Fixed assets (land, buildings, machinery, etc.)
- Other assets

Liabilities:
- Accounts payable
- Loans payable
- Other liabilities

Calculation:
To prepare the balance sheet as on 31st March 2008, we need to gather all the relevant asset and liability data.

Assets:
- Cash and bank balances as on 31st March 2008
- Investments held as on 31st March 2008
- Accounts receivable as on 31st March 2008
- Inventory, if applicable, as on 31st March 2008
- Fixed assets (land, buildings, machinery, etc.) as on 31st March 2008
- Other assets as on 31st March 2008

Liabilities:
- Accounts payable as on 31st March 2008
- Loans payable as on 31st March 2008
- Other liabilities as on 31st March 2008

Once we have gathered all the relevant data, we can categorize the assets and liabilities into their respective headings and calculate the total value for each category. The balance sheet shows the financial position of the organization as on 31st March 2008, with assets on one side and liabilities on the other side. The total assets should be equal to the total liabilities, ensuring the balance sheet balances.