from the following trial balance of the people rsquo s education society as at mar 3 620270
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.