From the trial balance and other information provided by school for the year ended 31st March 2017.Answer the question.

Debit Balance Amount (₹) Credit Balance Amount (₹)
Building 6,25,000 Admissions fees 12,500
Furniture 1,00,000 Tuition fees received 5,00,000
Library Books 1,50,000 Creditors for supplies 15,000
Investment @12% 5,00,000 Rent for the school hall 10,000
Salaries 5,00,000 Miscellaneous receipts 30,000
Stationery 40,000 Government grant 3,50,000
General expenses 18,000 General fund 10,00,000
Sports expenses 15,000 Donation for library books 62,500
Cash at bank 50,000 Sale of old furniture 20,000
Cash in hand 2,000
20,00,000 20,00,000
Additional Information:
i. Tuition fee yet to be received for the year are ₹25,000.
ii. Salaries yet to be paid amount to ₹30,000.
iii. Furniture costing 40,000 was purchased on October 1,2016.
iv. The book value of the furniture sold was ₹50,000 on April 1, 2016
v. Depreciation is to be charged @ 10%p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

Question

From the trial balance and other information provided by school for the year ended 31st March 2017.Answer the question.

Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	6,25,000	Admissions fees	12,500
Furniture	1,00,000	Tuition fees received	5,00,000
Library Books	1,50,000	Creditors for supplies	15,000
Investment @12%	5,00,000	Rent for the school hall	10,000
Salaries	5,00,000	Miscellaneous receipts	30,000
Stationery	40,000	Government grant	3,50,000
General expenses	18,000	General fund	10,00,000
Sports expenses	15,000	Donation for library books	62,500
Cash at bank	50,000	Sale of old furniture	20,000
Cash in hand	2,000
	20,00,000		20,00,000

Additional Information:
i. Tuition fee yet to be received for the year are ₹25,000.
ii. Salaries yet to be paid amount to ₹30,000.
iii. Furniture costing 40,000 was purchased on October 1,2016.
iv. The book value of the furniture sold was ₹50,000 on April 1, 2016
v. Depreciation is to be charged @ 10%p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

cdquestions Admin · Accepted Answer

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Loss on sale of furniture is

The Correct Option is B

Solution and Explanation

Depreciation on furniture is:

The Correct Option is D

Solution and Explanation

The closing value of Building as on 31.3.2017 was:

The Correct Option is A

Solution and Explanation

The total expenses on account of salary to be debited to Income and Expenditure A/c for the year 2016-17 was:

The Correct Option is B

Solution and Explanation

Tuition fee to be credited to Income and Expenditure account is:

The Correct Option is A

Solution and Explanation

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