600 Q.3 From the following Receipts and Payment Accounts of XYZ. a) You are required to prepare Income and Expenditure Account for the year ended 31 Dec.2018. Dr. Cr. Receipts Amount(OMR) Payments Amount(OMR) Balance b/d 16,000 Salaries 6,500 Entrance fee 5,200 Addition to library 14,500 Subscriptions: Payment to creditors 1,400 200:3,000 Repairs 200:13,000 Electric fittings 200:1,000--- 17,000 Printing &stationery 2.000 Sale of furniture 1,500 Miscellaneous expenses 400 Sale of news papers 500 By Balance c/d 16,300 Rent of Hall 2,250 Proceeds from 6,250 entertainment Special subscription for Governors Party 2,500 9.500 51,200 51,200 b) How are Specific donations treated while preparing final accounts of a 'Not-For-Profit Organization