Financial Statements past year questions, CUET Accountancy 2023 20 June Shift 2 > Nature/Structure past year questions, Financial Statements, CUET Accountancy 2023 20 June Shift 2Easy43 of 50From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question. Debit BalanceAmount (Rs.)Credit BalanceAmount (Rs.)Building6,25,000Admissions fees12,500Furniture1,00,000Tuition fees received5,00,000Library Books1,50,000Creditors for supplies15,000Investment @12%5,00,000Rent for the school hall10,000Salaries5,00,000Miscellaneous receipts30,000Stationery40,000Government grant3,50,000General expenses18,000General fund10,00,000Sports expenses15,000Donation for library books62,500Cash at bank50,000Sale of old furniture20,000Cash in hand2,00020,00,00020,00,000 Additional Information: i. Tuition fee yet to be received for the year are Rs.25,000 ii. Salaries yet to be paid amount to Rs.30,000 iii. Furniture costing Rs.40,000 was purchased on October 1, 2016. iv. The book value of the furniture sold was Rs.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.The closing value of Building as on 31.3.2017 was:Rs.5,93,750Rs.5,39,750Rs.5,40,000Rs.5,37,950Solution✅ Correct Option: 1Depreciation on building = 6,25,000×5%=31,2506{,}25{,}000\times 5\% = 31{,}2506,25,000×5%=31,250. Closing value = 6,25,000−31,250=5,93,7506{,}25{,}000 - 31{,}250 = 5{,}93{,}7506,25,000−31,250=5,93,750.More from this set:Question 41Loss on sale of furniture isQuestion 42Depreciation on furniture is:Question 44The total expenses on account of salary to be debited to Income and Expenditure A/c for the year 2016-17 was:Question 45Tuition fee to be credited to Income and Expenditure account is: