Illustration 44: Prepare Income & Expenditure A/c for the year ended 31-12-2013 and the balance sheet as on 31-12- 2013 in the books of an Education society. Particulars Debit () Credit () Library Books 2,30,000 Books Added during the year 52,200 Furniture 1,59,500 Addition to Furniture 35,500 Buildings 37,89,000 Investment 21.25,000 Creditors 1.77.900 Debtors 59,700 Investment Reserve Fund 1,85.000 Entrance Fees 2,02,600 Examination Fees 32,500 Certificate Fees 7,800 Subscriptions Received 2.75,800 Hire Charges 95,500 Interest 85,000 Other Receipts 4,400 Salary 1.55.900 Printing & Stationery 8,500 Postage & Telephone 2.500 Insurance 10,400 Examination Expenses 24,000 Periodicals 15,600 Prizes Fund 2,15,000 Prizes Investments 2,10,400 Prizes Investment Income 10,200 Prizes Given 9,500 Prizes Bank Balance 2,450 Donations (capital) 1.99,000 General Expenses 5,250 Capital Fund 54.71.720 Bank Balance 65,500 Cash in Hand 1.520 Total 69,62,420 69,62,420 Additional information : Subscription receivable 322,500, subscription received for 2014 37,850, Interest accrued on investments 86,250, salary outstanding for 2013 +12,500, Prepaid insurance 34,500. Depreciate Books @ 15%, Building @ 1% and Furniture @ 10% 027