From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2017. Receipts Balance b/d Cash in hand Cash at Bank Subscriptions 2016 2017 2018 1,200 26,500 Amount Payments Rs 4,000 15,550 500 28,200 Sale of old newspapers 1250 Govt. grant 12,000 Sale of old furniture 3,700 (book value Rs 5, 000) Interest received on FD 450 65,150 General Expenses News paper Electricity Fixed deposit with bank Salary Rent Postage charges Furniture (purchased) Balance c/d Cash in Hand Cash at Bank Amount R$ 3200 1850 3,000 18,000 36,00 6,500 300 10,500 3,000 8,200 65,150 Information: (i) Subscription outstanding as on 31.12.2016 Rs 2,000 and on December 31, 2017 Rs 1,500. (ii) On December 31, 2017 Salary outstanding Rs 600, and one month Rent paid in advance. (iii) On Jan. 01, 2016 organisation owned Furniture Rs 12,000, Books Rs 5,000.