Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.
Balance Sheet as on 1.4.2009
| Liabilities | Amount Rs | Assets | Amount Rs |
| Capital fund (Balancing figure) | 13,18,000 | Building
Furniture
Books
Bank deposits
Tuition fees receivable
Cash in hand
Cash at bank | 10,00,000
1,20,000
60,000
1,00,000
10,000
19,000
9,000 |
| 13,18,000 | 13,18,000 |
Receipts and Payment Account
For the year ended 31.03.2010
| Receipts | AmountRs | Payments | AmountRs |
| To Balance b/d | | By Salaries to teachers | 1,80,000 |
| Cash in hand | 9,000 | By Salaries to office staff | 30,000 |
| Cash at bank | 19,000 | By Books purchased on 1.1.2010 | 20,000 |
| To Tuition fees | | By Printing and stationary | 41,000 |
| 2008-2009 : | 10,000 | | By Office rent | 10,000 |
| 2009-2010 : | 1,70,000 | 1,80,000 | By Repair to Jr. College building | 24,000 |
| To Fine collected | 5,200 | By Sports expenses | 8,600 |
| To Admission fees | 20,000 | By Annual gathering expenses | 14,000 |
| To Donations | 1,00,000 | By Furniture (Purchased on 1.1.2010) | 80,000 |
| To Interest on bank deposits | 5,000 | By Balance c/d | |
| To Government grant (Revenue) | 2,00,000 | Cash in hand | 2,600 |
| | | Cash at bank | 1,28,000 |
| | 5,38,200 | | 5,38,200 |
Additional information:
(1) For the current year (20092010) tuition fees receivable (outstanding) Rs 24,000.
(2) Donations are to be capitalized.
(3) Salary to teachers is outstanding Rs 12,000.
(4) Depreciate books @ 20% p. a. and furniture @ 10% p. a.
You are required to prepare:
(a) Income and Expenditure Account for the year ending 31.3.2010.
(b) Balance Sheet as on 31.3.2010
