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

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% pa. on building.

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

₹ 5,25,000

The correct answer is Option (1) - ₹ 5,25,000.

Tution fees on 31st March, 2017 = 500000
Outstanding fees = 25000
Total fees credited to income and expenditure account = 500000 + 25000
                                                                                = 525000