Question

From the trial balance and other information given below for a school, prepare income and expenditure account for the tear ended on 31-03-2017 and a balance sheet as on that date:
Debit Balance Amount() Credit Balance Amount()
60,000 10,000
To Building
To Furniture
To Library books
To Investment@ 12% To salaries
To stationary
To General expenses To sports expenses To cash at bank
To cash in hand
6,25,000 1,00,000 1,50,000 5,00,000 5,00,000
40,000 18,000 15,000 50,000
2,000
By Admission fees
By Tuition fee Received
By Creditors for supplies
By Rent of hall
By Misc. Receipts
By Govt. Grant
By General fund
By Donation for library books By sale of old furniture
12,500 5,00,000 15,000 10,000 30,000 3,50,000 10,00,000 62,500 20,000
20,00,000
20,00,000
Additional information’s:
(1) Fees yet to be received for the year a

Answer 1

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