**Ashoka Club: Receipt and Payment Account for the year ended 31-3-2007**

Receipts:
- Subscriptions received: $20,000
- Entrance fees received: $5,000
- Sale of old furniture: $3,000
- Sale of old sports equipment: $2,000
- Interest received on investments: $1,500

Payments:
- Rent paid: $6,000
- Electricity charges paid: $4,000
- Salaries paid to staff: $10,000
- Purchase of new sports equipment: $8,000
- Repair and maintenance expenses: $2,500
- Insurance premium paid: $1,200

Additional Information:
- Subscriptions outstanding as on 31-3-2007: $2,500
- Entrance fees outstanding as on 31-3-2007: $1,000
- Outstanding salaries as on 31-3-2007: $1,500
- Prepaid rent as on 31-3-2007: $1,000
- Investments as on 31-3-2007: $50,000
- Furniture as on 31-3-2007: $10,000
- Sports equipment as on 31-3-2007: $15,000
- Outstanding repair and maintenance expenses as on 31-3-2007: $500

**Income and Expenditure Account for the year ended 31-3-2007**

Income:
- Subscriptions: $20,000
- Entrance fees: $5,000
- Interest received: $1,500

Total Income: $26,500

Expenditure:
- Rent: $6,000
- Electricity charges: $4,000
- Salaries: $10,000
- Purchase of sports equipment: $8,000
- Repair and maintenance expenses: $2,500
- Insurance premium: $1,200

Total Expenditure: $31,700

Net Expenditure: ($31,700 - $26,500) = -$5,200 (Deficit)

**Balance Sheet as at 31-3-2007**

Liabilities:
- Subscriptions outstanding: $2,500
- Entrance fees outstanding: $1,000
- Outstanding salaries: $1,500

Total Liabilities: $5,000

Assets:
- Cash in hand: $1,500
- Cash at bank: $10,000
- Prepaid rent: $1,000
- Investments: $50,000
- Furniture: $10,000
- Sports equipment: $15,000
- Outstanding repair and maintenance expenses: $500

Total Assets: $88,000

Equity:
- Deficit (Net Expenditure): -$5,200

Total Equity: -$5,200

The Income and Expenditure Account summarizes the revenue and expenses of the club for the year. The total income is calculated by adding the subscriptions, entrance fees, and interest received. The total expenditure includes rent, electricity charges, salaries, purchase of sports equipment, repair and maintenance expenses, and insurance premium.

The resulting net expenditure shows a deficit of $5,200, indicating that the club's expenses exceeded its income during the year.

The Balance Sheet provides a snapshot of the club's financial position as of

I think your question is incomplete.....
please upload the full question