Question 8:
PRACTICAL PROBLEMS
(Accounting of a School)
From the information given below of Jeevan Vikas Vidyalaya Khamgaon, You are required to prepare, Income and Expenditure Account and Balance Sheet for the year ending on 31.03.2011.
Balance Sheet as at 01.04.2010
Receipts and Payments Account for the year ending 31.03.2011
Adjustments:
1) Tuition Fees Outstanding Rs 13,500
2) Outstanding Interest on Loan Rs 60,000
3) Entire admission Fees are to be Capitalized.
4) Depreciation is to be written off as under:
Library Books Rs. 50000
Furniture Rs. 30,000
Laboratory Equipment Rs. 20,000
Building Rs. 30,000
Library Books Rs. 50000
|
Furniture Rs. 30,000
|
Laboratory Equipment Rs. 20,000
|
Building Rs. 30,000
|
