From the followingreceipts and payments and information given below, Prepare Income andExpenditure Account and opening Balance Sheet of Adult LiteracyOrganisation as on December 31, 2006. Receipt and Payment Account for the year ending as on December 31, 2006 Receipts Amount Rs Payments Amount Rs Balance b/d General Expenses 3,200 Cash in hand 4,000 News paper 1,850 Cash at Bank 15,550 Electricity 3,000 Subscriptions Fixed deposit with bank (on 31.06.2006) 10% p.a. 18,000 2005 1,200 2006 26,500 Books 7,000 2007 500 28,200 Salary 3,600 Sale of old newspapers 1,250 Rent 6,500 Govt. grant 12,000 Postage charges 300 Sale of old furniture (book value Rs5000) 3,700 Furniture (purchased) 10,500 Interest received on FD 450 Balance c/d Cash in Hand 3,000 Cash at Bank 8,200 65,150 65,150 Information: (i) Subscription outstanding as on 31.12.2005 Rs 2,000 and on December 31, 2006 Rs 1,500. (ii) On December 31, 2006 Salary outstanding Rs 600, and one month Rent paid in advance. (iii) On Jan. 01, 2005 organisation owned Furniture Rs 12,000, Books Rs 5,000.