An old piece of furniture with a book value of $\text{Rs. }10,000$ is sold for $\text{Rs. }7,000$. What amount will be recorded, and on which side, in the Receipts and Payments Account of an NPO?

1. A
   $\text{Rs. }10,000$ on the receipts side
2. B
   $\text{Rs. }7,000$ on the receipts side
3. C
   $\text{Rs. }3,000$ on the payment side
4. D
   $\text{Rs. }3,000$ on the receipts side