On the basis of the following Trial Balance and other information of Mahesh School for the year ended on 31st December, 2022, prepare Income and Expenditure Account and Balance Sheet:
Additional Information:
Outstanding fees of this year Rs. 25,000.
Outstanding salaries Rs. 30,000.
Furniture purchased of Rs. 40,000 on 1st October, 2021.
Furniture of book value Rs. 50,000 was sold on 1st April 2021.
Depreciation on furniture @ 10% per year, 15% per year on library books, 5% per year on building.