Following is the Receipt and Payment account of Rohatgi Trust:
Prepare Income and expenditure account for the year ended December 31,2015, and a Balance sheet as on that date after the following adjustments: –
Subscription for 2015, 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 2015 included Rs. 400 from a life member. The total Furniture on January 1, 2015 was worth Rs. 12,000. Salary paid for the year 2014 is Rs. 2, 000.
