Following is the Receipt and Payment account of Rohatgi Trust : Receipt and Payment Account for the year ending December 31, 2017 Receipts Amount Rs Payments Amount Rs Cash in hand 14,000 Rent 6,000 Cash at Bank 60,000 Salary 12,000 Subscriptions: 2016 2017 2018 5,000 83,000 3,000 91,000 Postage Electricity charges Purchase of furniture Books 300 6,000 20,000 3,000 Sale of Investment 90,000 Defence Bonds 1,50,000 Interest on investment 2,000 Help to needy students 22,000 Sale of furniture (book value Rs 3,000) 3,200 Cash in hand Cash at bank 10,900 30,000 2,60,200 2,60,200 Prepare Income and expenditure account for the year ended December 31, 2017, and a balance sheet as on that date after the following adjustments: Subscription for 2017, still owing were Rs 7,000. Interest due on defence bonds was Rs7,000, Rent still owing was Rs 1,000. The Book value of investment sold was Rs 80,000, Rs 30,000 of the investment were still in hand. Subscription received in 2017 included Rs 400 from a life member. The total furniture on January 1, 2017 was worth Rs 12,000. Salary paid for the year 2018 is Rs 2,000.