Income and Expenditure Account for the year ended on 31st December 2013

Income
Subscription: 8000
Donation: 10000
Rent received: 15000
Total Income: 33000

Expenditure
Salaries: 10000
Rent paid: 8000
Office expenses: 2000
Printing and stationery: 4000
Electricity: 3000
Miscellaneous expenses: 5000
Total Expenditure: 32000

Net Income: 1000

Balance Sheet as on 31st December 2013

Liabilities
Capital Fund: 15000

Assets
Cash in hand: 4000
Bank balance: 8000
Furniture: 5000
Total Assets: 17000

Explanation:

Income and Expenditure Account is a nominal account that records all the revenue and expenses incurred during the accounting period. On the other hand, the Balance Sheet is a statement that shows the financial position of an organization at a given point in time.

Income
Subscription, Donation, and Rent received are the sources of income for the club. The total income of the club is Rs. 33,000.

Expenditure
Salaries, Rent paid, Office expenses, Printing and stationery, Electricity, and Miscellaneous expenses are the expenses incurred by the club. The total expenditure of the club is Rs. 32,000.

Net Income
The excess of income over expenditure is called net income. In this case, the net income of the club is Rs. 1,000.

Balance Sheet
The Balance Sheet shows the financial position of the club on a specific date. The Capital Fund represents the club's ownership interest or equity. The club's assets include cash in hand, bank balance, and furniture.

Therefore, the club has a positive balance of Rs. 1,000, and its total assets are worth Rs. 17,000.