Following is the Receipt and Payment account of Rohatgi Trust: Receipts Cash in hand Cash at Bank Receipt and Payment Account for the year ending December 31, 2017 Amount Payments Rs 14,000 Rent Subscriptions: 2016 2017 2018 60,000 Salary 5,000 83,000 3,000 91,000 Sale of Investment 90,000 Interest on investment 2,000 Sale of furniture (book 3,200 value Rs 3,000) 2,60,200 Postage Electricity charges Purchase of furniture Books Amount Rs 6,000 12,000 300 6,000 20,000 3,000 Defence Bonds 1,50,000 Help to needy students 22,000 Cash in hand 10,900 Cash at bank 30,000 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.