Following is the Receipt and Payment account of Rohatgi Trust :
Receipt and Payment Account
for the year ending December 31, 2017
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: | Postage | 300 | ||
| 2005 | 5,000 | Electricity..charges | 6,000 | |
| 2006 | 83,000 | Purchase of furniture | 20,000 | |
| 2007 | 3,000 | 91,000 | Books | 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 old furniture (book value Rs 3,000) | 3,200 | Cash in hand | 10,900 | |
| Cash at bank | 30,000 | |||
| 2,60,200 | 2,60,200 |
Prepare Income and expenditure account for the year ended December 31, 2006, and a balance sheet as on that date after the following adjustments: Subscription for 2006, still owing were Rs 7,000. Interest due on defence
bonds was Rs 7,000, 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 2006 included Rs 400 from a life member. The total furniture on January 1, 2006 was worth Rs 12,000. Salary paid for the year 2018 is Rs 2,000.
Books of Rohatgi Trust
Income and Expenditure Account
as on Dec 31,2017
Income and Expenditure Account
as on Dec 31,2017
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | ||
| Rent | 6,000 | Subscription | 83,000 | ||
| Add:Outstanding Rent | 1,000 | Add:Outstanding for the year 2017 | 7,000 | ||
| Salary | 12,000 | 90,000 | |||
| Less:Advanced for the year 2018 | (2,000) | 10,000 | Less:Life Membership fees | (400) | 89,600 |
| Postage | 300 | Accrued Interest(Defence bond) | 7,000 | ||
| Electricity Charges | 6,000 | Profit on sales of Furniture (Rs.3,200-Rs.3,000) | 200 | ||
| Help to needy Students | 22,000 | Profit on sales of Investment (Rs.90,000-Rs.80,000) | 10,000 | ||
| Surplus (Balancing figure) | 63,500 | Interest on Investment | 2,000 | ||
| 1,08,800 | 1,08,800 |
Balance Sheet
as on December 31,2016
as on December 31,2016
| Liabilities | Amount (Rs.) | Income | Amount (Rs.) | ||
| Capital Fund(Balancing figure) | 2,01,000 | Subscription Outstanding | 5,000 | ||
| Investment(Rs.80,000+Rs.30,000) | 1,10,000 | ||||
| Furniture | 12,000 | ||||
| Cash in hand | 14,000 | ||||
| Cash at Bank | 60,000 | ||||
| 2,01,000 | 2,01,000 |
Balance Sheet
as on December 31,2017
as on December 31,2017
| Liabilities | Amount (Rs.) | Income | Amount (Rs.) | ||
| Advanced Subscription | 3,000 | Subscription Outstanding | 7,000 | ||
| Rent Outstanding | 1,000 | Defence Bond | 1,50,000 | ||
| Capital Fund | 2,01,000 | Add:Accrued interest | 7,000 | 1,57,000 | |
| Add:Surplus | 63,500 | Investment | 30,000 | ||
| Add:Life Membership fees | 400 | 2,64,900 | Advanced Salaries | 2,000 | |
| Furniture | 12,000 | ||||
| Add:Purchased | 20,000 | ||||
| 32,000 | |||||
| Less:Sales furniture | (3,000) | 29,000 | |||
| Books | 3,000 | ||||
| Cash in hand | 10,900 | ||||
| Cash at Bank | 30,000 | ||||
| 2,68,900 | 2,68,900 |
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