From the following Balance Sheet and Receipts and Payments Account of Anna Bhau English School, Delhi; Prepare the Income and Expenditure account for the year ending 31.03.2010 and balance Sheet as on that date. Balance Sheet as on 31st March, 2010 Amount Assets 60000 Computer Laboratory 1038000 Furniture Library Liabilities Entrance fees Capital Fund PDF Creator - PDF4Free v3.0 To balance c/d Cash in hand Cash at bank To Tuition fees To term fees To Government Grant To Donation 1098000 Receipts and Payments account for the year ending on 31.03.2010 Receipts Amount Payments To sale of old Newspapers To Interest on Investment To sundry receipts 10000 30000 800000 240000 Investment Outstanding tuition fees Cash in hand Cash at Bank 209000 300000 1000 20000 22000 1632000 http://www.pdf4free.com By salaries By furniture By rent By Stationary By Sundry Expenses By Annual Gathering expenses By Repairs of Building By Insurance By Bal c/d: Cash in hand Cash at bank Adjustments : 1. Tuition fees still receivable `300000. 2. Salary still payable `300000 3. Insurance is paid for 1 year ending 30.9.2010. 4. Rent paid in advance `40000. 5. Government Grant is to be treated as capital receipt. 6. Depreciate furniture and Library @ 10% and computer laboratory @ 20%. Depreciation to be charged on the closing balances of the assets. (10) Amount 200000 168000 250000 400000 40000 10000 30000 1098000 Amount 600000 104000 280000 98000 54000 48000 65000 40000 89000 254000 1632000
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