From the following Trial Balance of the People’s Education Society as at Mar 31, 2009, prepare an Income and Expenditure Account for the year ending at Mar 31, 2009 and a Balance Sheet on that date:
|
Particulars |
Rs |
Particulars |
Rs |
|
Buildings |
1,90,000 |
Scholarship fund investment |
50,000 |
|
Furniture and Fixtures |
52,500 |
Capital Fund |
4,60,000 |
|
Additions to Furniture and Fixtures |
10,000 |
Donations received towards |
|
|
Capital Fund |
42,500 |
||
|
Vehicles |
40,000 |
Entrance Fees |
10,000 |
|
Additions to Vehicles |
10,000 |
Course Fees |
2,40,000 |
|
Sundry Debtors |
8,000 |
Examination Fees |
15,000 |
|
Sundry Creditors |
5,000 |
Ruts received from letting of auditorium Salaries |
47,500 |
|
Investments |
2,50,000 |
2,20,000 |
|
|
Interest received on Investments |
30,000 |
Printing and Stationery |
30,000 |
|
Interest received on Scholarship |
6,000 |
Scholarships awarded |
5,000 |
|
Fund Investment |
|||
|
Other Expenses |
50,000 |
Scholarship Fund resave |
44,000 |
|
Cash at Bank |
4,500 |
Government Grant received |
20,000 |
Additional Information
- Depreciation is to be provided at 5% on buildings, 10% on furniture and fixtures and 90% on vehicles.
- Additional rent received in advance amounts to Rs 7,500 while there is an amount of Rs 10,000 outstanding under this head.
- One month’s salary is outstanding.