Question
Accountancy Question on Reading Comprehension
From the trial balance and other information provided by school for the year ended 31st March 2017.Answer the question.
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | ||
| 20,00,000 | 20,00,000 | ||
| Additional Information: | |||
| i. Tuition fee yet to be received for the year are ₹25,000. | |||
| ii. Salaries yet to be paid amount to ₹30,000. | |||
| iii. Furniture costing 40,000 was purchased on October 1,2016. | |||
| iv. The book value of the furniture sold was ₹50,000 on April 1, 2016 | |||
| v. Depreciation is to be charged @ 10%p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building. |