Balance sheet
as on 1.4.2009
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Capital
fund
|
1004000
|
Cash
in hand
|
6000
|
|
Outstanding
|
|
Cash
at bank
|
34000
|
|
Salaries
|
22000
|
Land
and Building
|
800000
|
|
Medicine
Bill unpaid
|
6000
|
Furniture
|
70000
|
|
|
|
Equipments
|
120000
|
|
|
|
Outstanding
Subscriptions
|
2000
|
|
|
1032000
|
|
1032000
|
Receipt and
payments account For the year ending 31.3.2010
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To
Balance b/d
|
|
By
Salaries (including of the previous year)
|
110000
|
|
Cash
in hand
|
6000
|
By
Medicines
|
52000
|
|
Cash
at bank
|
34000
|
By
Equipments purchases
|
20000
|
|
To
subscription (includes Rs. 2000 received for previous year)
|
130000
|
By
Taxes
|
3000
|
|
to
Sale of Furniture (Book Value Rs. 30000)
|
20000
|
By
General Expenses
|
8600
|
|
To
Donations (Revenue)
|
44000
|
By
Balance C/d
|
|
|
To
Life membership Fees
|
25000
|
Cash
in Hand
|
15400
|
|
|
|
Cash
at bank
|
50000
|
|
|
259000
|
|
259000
|
Consider
the following adjustments.
1.
Outstanding
subscription Rs. 12000.
2.
Capitalize
the amount of membership fees.
3.
Prepaid
taxes Rs. 500.
4.
Outstanding
Salary Rs. 12000.
5.
Write
off depreciation Rs. 20000 from Land and Building and Rs. 30000 from
Equipments.
6.
Outstanding
Medicine bill as on 1.4.09 is still due.
Solution: In the books of Memorial Hospital, Sawantwadi.
Income and Expenditure A/c for the year ended 31.03.10
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Loss on sale of Furniture
|
|
10000
|
By
Subscription
|
130000
|
|
|
To
Salaries
|
110000
|
|
(-)
Last year Amount
|
-2000
|
|
|
(-)
Last Year Amount
|
-22000
|
|
|
128000
|
|
|
|
88000
|
|
(+)
Outstanding
|
12000
|
140000
|
|
(+)
Outstanding
|
12000
|
100000
|
By
Donations
|
|
44000
|
|
To
Medicines
|
|
52000
|
|
|
|
|
To
Taxes
|
3000
|
|
|
|
|
|
(-)
Prepaid
|
-500
|
2500
|
|
|
|
|
To
General Expenses
|
|
8600
|
|
|
|
|
To
Depreciation
|
|
|
|
|
|
|
Land
& Building
|
20000
|
|
|
|
|
|
Equipments
|
30000
|
50000
|
By
Deficit
[Expenditure
Over Income]
|
|
39100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
223100
|
|
|
223100
|
Balance Sheet as on 31.03.10
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
1004000
|
|
Furniture
|
|
40000
|
|
(+)
Membership Fees
|
25000
|
|
Equipments
|
140000
|
|
|
|
1029000
|
|
(-)
Depreciation
|
-30000
|
110000
|
|
(-)
Deficit
|
39100
|
989900
|
Cash
in hand
|
|
15400
|
|
Outstanding
Medicine Bill of Last Year
|
|
6000
|
Cash
at bank
|
|
50000
|
|
Life
Membership Fees
|
25000
|
|
Land
& Building
|
80000
|
|
|
(-)
Capitalisation
|
-25000
|
NIL
|
(-)
Depreciation
|
20000
|
780000
|
|
Outstanding
Salaries of Current Year
|
|
12000
|
Outstanding
Subscription of Current year
|
|
12000
|
|
|
|
|
Prepaid
Taxes
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1007900
|
|
|
1007900
|
