The following is the Trial Balance of a Public School on Mar 31, 2005
|
Debit Balance |
Rs |
Credit Balance |
Rs |
|
Land |
50,000 |
Capital Fund |
15,60,000 |
|
Building |
15,00,000 |
Tuition Fees Received |
25,10,000 |
|
Furniture |
3,00,000 |
Salaries Payable |
1,75,000 |
|
Teacher’s Salary |
12,00,000 |
Prize Fund |
2,00,000 |
|
Clerk’s Salary |
2,60,000 |
Tournament Fund |
300,000 |
|
Investments |
7,00,000 |
General Reserve Fund |
2,00,000 |
|
Stationery |
1,73.000 |
Interest received on Investments |
77,000 |
|
Lighting |
36,000 |
Donations for School Hall |
1,50,000 |
|
General Expenses |
65,000 |
||
|
Prize Awarded |
20,000 |
||
|
Tournament Expenses |
30,000 |
||
|
Books |
3,75,000 |
||
|
Bank Balance |
4,63,000 |
||
|
51,72,000 |
51,72,000 |
Depreciation of Building @ 2%, furniture @ 10% and Books @ 20%. The investments were made against various funds commonly.
Prepare Income and Expenditure Account for the year ending Mar 31, 2005 and the Balance Sheet on that date.