Please solve the question
| Dear Student Income and Expenditure Account as on March 31, 2007 | ||||||
| Dr. | Cr. | |||||
| Expenditure | Amount Rs | Income | Amount Rs | |||
| Loss on Sale of Old Furniture (4,000 − 6,000) | 2,000 | Subscription | ||||
| 500 members at Rs 150 each | 75,000 | |||||
| Salaries | 72,000 | Sale of Old Newspapers | 10,800 | |||
| Add: Outstanding for 2006−07 | 1,200 | Profit from Entertainment | 44,000 | |||
| 73,200 | Rent | 84,000 | ||||
| Less: Outstanding for 2005−06 | (6,000) | 67,200 | ||||
| General Expenses | 18,000 | Deficit (Balancing figure) | 200 | |||
| Electric Charges | 12,000 | |||||
| Newspapers | 33,800 | |||||
| Postage | 3,000 | |||||
| Stationery | 40,000 | |||||
| Audit Fees | 8,000 | |||||
| Depreciation on Land and Building | 30,000 | |||||
| 2,14,000 | 2,14,000 | |||||
| Balance Sheet as on 31 March 2007 | |||||
| Liabilities | Amount Rs | Assets | Amount Rs | ||
| Advance Subscription (for 2007−08) | 12,000 | Subscription Outstanding | 15,000 | ||
| Salaries Outstanding | 1,200 | Furniture | 37,000 | ||
| Capital Fund | 6,94,000 | Add: Purchases | 18,000 | ||
| Less: Deficit | (200) | 6,93,800 | 55,000 | ||
| Less: Sales | (6,000) | 49,000 | |||
| Library Books | 30,000 | ||||
| Add: Purchases | 10,000 | 40,000 | |||
| Land and Building | 6,00,000 | ||||
| Less: 5% Depreciation | (30,000) | 5,70,000 | |||
| Cash and Bank | 33,000 | ||||
| 7,07,000 | 7,07,000 | ||||
Note: As per thesolution, Deficit is Rs 200 and the total of the Balance Sheet ason March 31, 2007 is Rs 7,07,000. However, the Surplus givenin the book is Rs 14,000 and the total of the Balance Sheet as onMarch 31, 2007 is Rs7,27,000
Regards