Income and Expenditure Account and Balance Sheet for the year ending 31st March 2019 can be prepared from the following Receipts and Payments Account:

Receipts:
1. Subscription received in the year 2018-19: $20,000
2. Subscription received in advance for the year 2019-20: $5,000
3. Entrance fees received: $2,000
4. Sale of old furniture: $3,000
5. Interest earned on investment: $1,500
6. Rent received: $4,000

Payments:
1. Salaries and wages: $10,000
2. Rent paid: $3,000
3. Purchase of new furniture: $6,000
4. Printing and stationery: $1,000
5. Electricity charges: $2,500
6. Repairs and maintenance: $1,500

Income and Expenditure Account:
The Income and Expenditure Account is a nominal account that records all the incomes and expenses of a not-for-profit organization during a particular accounting period. Here, we need to prepare the Income and Expenditure Account for the year ending 31st March 2019.

HTML bold tag: Income and Expenditure Account

Income:
Subscription received in the year 2018-19: $20,000
Subscription received in advance for the year 2019-20: $5,000
Entrance fees received: $2,000
Sale of old furniture: $3,000
Interest earned on investment: $1,500
Rent received: $4,000
Total Income: $35,500

Expenditure:
Salaries and wages: $10,000
Rent paid: $3,000
Purchase of new furniture: $6,000
Printing and stationery: $1,000
Electricity charges: $2,500
Repairs and maintenance: $1,500
Total Expenditure: $24,000

Net Income: $11,500

Balance Sheet:
The Balance Sheet is a statement that shows the financial position of an organization at a particular point in time. Here, we need to prepare the Balance Sheet as on 31st March 2019.

HTML bold tag: Balance Sheet

Liabilities:
Subscription received in advance for the year 2019-20: $5,000
Total Liabilities: $5,000

Assets:
Cash in hand: $2,000
Cash at bank: $15,000
Furniture: $3,000
Investments: $1,500
Total Assets: $21,500

Net Assets: $16,500 ($21,500 - $5,000)

Thus, the Income and Expenditure Account shows a net income of $11,500 for the year ending 31st March 2019, and the Balance Sheet shows the total assets of $21,500 and the total liabilities of $5,000 as on 31st March 2019.