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Following Receipt and Payment Account was prepared from the cash book of Delhi Charitable Trust for the year ending December 31, 2007 Receipts and Payments Account for the year ending December 31, 2007

Prepare Income and expenditure account for the year ended December 31, 2014, and a balance sheet as on that date after the following adjustments: 

(a) It was decided to treat one-third of the amount received on account of donation as income. 

(b) Insurance premium was paid in advance for three months. 

(c) Interest on investment Rs. 1,100 accrued was not received. 

(d) Rent Rs. 600: salary Rs 900 and advertisement expenses Rs. 1,000 outstanding as on December 31, 2015.

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Balance Sheet as on 1.4.14(opening)

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