Following is the Receipt and Payment account of Rohatgi Trust :
Receipt and Payment Account for the year ending December 31, 2017

Prepare Income and expenditure account for the year ended December 31, 2017, and a balance sheet as on that date after the following adjustments: Subscription for 2017, 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 2017 included Rs. 400 from a life member. The total furniture on January 1, 2017 was worth Rs.12,000. Salary paid for the year 2018 is Rs.2,000.

Answer

Surplus Rs. 63,500, Total of Closing Balance Sheet Rs. 2,68,900