From the Following Receipts and Payments and Information Given Below, Prepare Income and Expenditure Account | Accounancy

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.

Receipt and Payment Account 
for the year ending March 31,2017

Receipts		Amount	Payment	Amount
Balance b/d			General Expenses	3,200
Cash in hand		4,000	Newspaper	1,850
Cash at Bank		15,500	Electricity	3,000
Subscription			Fixed deposit with bank (on 31.06.2017)	18,000
2016	1,200		Books	7,000
2017	26,500		Salary	3,600
2018	500	28,200	Rent	300
Sale of old newspapers		1,250	Postage charges	6,500
Govt. grant		12,000	Furniture charges	300
Sale of old furniture (book value Rs 5000)		37,000	Furniture (purchased)	10,500
Interest received on FD		450	Balance b/d
			Cash in hand	3,000
			Cash at Bank	8,200
		65,150		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.

Income and Expenditure Account
as on , Dec 2017

Expenditure		Amount	Income		Amount
Sale of old furniture  (5,000-3,700)	1,300		Subscription	26,500
			Add: outstanding for 2017	1,500	28,000
General Expenses	3,200		Sale of old newspapers		1,250
Newspaper	1,850		Interest received on FD	450
Electricity	3,000		Add: Accrued Interest	450	900
Salary	3,600
Add: outstanding for 2017	600	4,200
Rent	6,500
Less: Advanced for 2018	500	7,000
Postage charges		300
		42,150			42,150

Balance sheet
as on December 31,2016

Liabilities	Amount	Assets	Amount
Capital Fund as on 31 December 2016 (balancing figure)	38,550	Subscription outstanding	2,000
		Cash in hand	4,000
		Cash at Bank	15,550
		Furniture	12,000
		Books	5,000
	38,550		38,550

Balance sheet
as on December 31,2016

Liabilities		Amount	Assets		Amount
Capital	38,550		Prepaid Rent		500
Add: Surplus	22,300	60,850
Salary outstanding		600	Books	5,000
			Add : purchases	7,000	12,000
Subscription received for advanced		500	Furniture	12,000
			Add:Purchases	10,500
				22,500
			Less: Sale	5,000	17,500
			Fixed deposit	18,000
			Add: Accrued Interest	450	18,450
			Cash in hand		3,000
			Cash at Bank		8,200
			Subscription
			Add: Outstanding for 2017	1,500
			Add: Outstanding for 2016	800	2,300
		61,950			61,950

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Accounting for Non-for-Profit Organisation
Class 12 Accountancy