Page 110 - VIRANSH COACHING CLASSES

Solution :
In the Books of Krishna Junior College Mahabaleshwar.
Income and Expenditure Account
for the year ended 31 March 2020
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Salaries to teachers 2,00,000 By Tution fees 70,000
Add : O/s Salary to 12,000 2,12,000 Add : O/s Tution fees 10,000 80,000
teachers By Fine Collected 4,000
To Salaries to office staff 40,000 By Admission fees 12,000
To Printing & Stationery 7,000 Less : 50 %Capitalised 6,000 6,000
To Office Rent 6,000 By Interest on 25,500
To Repairs 3,000 Bank Deposits

To Sports Expenses 1,500 Add : O/s Interest 1,500 27,000
To Annual Gathering 12,000 By Govt. Grants 1,73,000
Expenses
To Depreciation on Less : 50 %Capitalised 86,500 86,500
Books 54,500 By Deficit 2,39,000
Furniture 1,06,500 1,61,000 (Excess of Exp. over
Income)

4,42,500 4,42,500
Balance Sheet as on 31 March 2020
st
Liabilities Amount Amount Assets Amount Amount
` ` ` `
Capital Fund 33,02,000 Outstanding Tution fees 10,000
Add : 50 %Admission fees 6,000 Building 18,00,000
Furniture 7,00,000
Add : 50 % Govt. Grants 86,500 Add : New Furniture 40,000
33,94,500 7,40,000
Less : Deficit 2,39,000 31,55,000 Less : 15 % Depreciation 1,06,500 6,33,500

Add : Books 5,00,000
Donation for prize fund 90,000 Add : Purchases 60,000
Outstanding 12,000 5,60,000
Salaries to teachers Less : 10 % Depreciation 54,500 5,05,500
9 % Bank Deposits 3,00,000
Add : Outstanding Interest 1,500 3,01,500
Cash in Hand 200

Cash at Bank 6,800
32,57,500 32,57,500

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