From the following trial balance and other information given below, prepare Income and Expenditure Account for the year ended Dec 31, 2008 and a Balance Sheet as on Dec 31, 2008.
|
Debit Balances |
Rs |
Credit Balances |
Rs |
|
Building |
1,25,000 |
Admission Fees |
2,500 |
|
Furniture |
20,000 |
Tuition Fees Received |
1,00,000 |
|
Library Books |
30,000 |
Creditors for Supplies |
3,000 |
|
Investments @9% |
1,00,000 |
Rent for the School Hall |
2,000 |
|
Salaries |
1,00,000 |
Miscellaneous Receipts |
6,000 |
|
Stationery |
7,500 |
Government Grant |
70,000 |
|
General Expenses |
4,000 |
General Fund |
2,00,000 |
|
Sports Expenses |
3,000 |
Donation for Library Books |
12,500 |
|
Cash at Bank |
10,000 |
Sales of Old Furniture |
4,000 |
|
Cash in Hand |
500 |
||
|
4,00,000 |
4,00,000 |
Fees yet to be received for the year are Rs 5,000; Salaries yet to be paid Rs 6,000, Furniture costing Rs 7,500 was purchased on July 1, 2008. The book value of the furniture sold was Rs 10,000, on Jan 1, 2008. Depreciation is to be charged @10% p.a. on furniture 15% p.a. on library Books and 5% p.a. on building.