The following is the Trial Balance of a pubic school on Mar 31, 2009.
|
Debit Balance |
Rs |
Credit Balance |
Rs |
|
Land |
25.000 |
Capital Fund |
7.80,000 |
|
Building |
7,50,000 |
Tuition Fee Received |
12,55,000 |
|
Furniture |
1,50,000 |
Salaries Payable |
87,500 |
|
Teacher Salary |
6,00,000 |
Prize Fund |
1,00,000 |
|
Clerks Salary |
1,30,000 |
Tournament Fund |
1,50,000 |
|
Investments |
3,50,000 |
General Reserve fund |
1,00,000 |
|
Stationery |
86,500 |
General Reserve fund |
38,500 |
|
Lighting |
18,000 |
Interest received on |
75,000 |
|
General Expenses |
32,500 |
Investments |
|
|
Prizes Awarded |
10,000 |
Donations for School Hall |
|
|
Tournament Express |
15,000 |
||
|
Books |
1,87,500 |
||
|
Bank Balance |
2,31,500 |
||
|
25,86,000 |
28,86,000 |
Depreciate 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, 2009 and the Balance Sheet as on that date.