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from the following trial balance and other information given below prepare income an 620273

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.

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