Balance
Sheet as on 1st April, 2006
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Salaries Unpaid
|
2000
|
Cash
|
11000
|
|
Medicines Bill Unpaid
|
1500
|
Securities
|
150000
|
|
Capital Fund
|
383000
|
Furniture
|
4000
|
|
|
|
Land and Buildings
|
200000
|
|
|
|
Equipments
|
15000
|
|
|
|
Subscriptions Due
|
5000
|
|
|
|
Interest Accrued
|
1500
|
|
|
|
|
|
|
|
386500
|
|
386500
|
Receipts
and Payment Account for the year ended 31st March, 2007
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To Cash balance b/f
|
11000
|
By Furniture (Purchased on
1 – 4 – 2006)
|
1900
|
|
To Subscription
|
30000
|
By Salaries (including Rs.
2000 of last year)
|
23000
|
|
To Interest (Rs. 1500/-
for last year)
|
5000
|
By Equipment (Purchased on
1 – 4 – 06)
|
7500
|
|
To Donations (Revenue)
|
4300
|
By Dispensary expenses
|
4700
|
|
To Life Membership fees
|
10000
|
By Medicines
|
5500
|
|
|
|
By Taxes
|
500
|
|
|
|
By Cash balance c/f
|
17200
|
|
|
60300
|
|
60300
|
Adjustments.
1. Capitalise the amount of
life membership fees.
2. Interest earned but not
received Rs. 1,000/-
3. Subscription include
Rs.1000/- for 2008 and outstanding subscription for 31st march, 2007
is 4,200
4. Unpaid salary for the year
2007 is Rs. 2500/-
5. Provide for depreciation on
furniture 10%, Land and Building 5%, Equipments 20%.
6. Prepaid taxes Rs. 100/-
Solution: In the books of Nanavati Hospital, Mumbai.
Income and Expenditure A/c for the year ended 31.03.07
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Salaries
|
23000
|
|
By
Subscription
|
30000
|
|
|
(-)
Last year Amount
|
-2000
|
|
(-)
Last Year Amount
|
-5000
|
|
|
|
21000
|
|
|
25000
|
|
|
(+)
Outstanding
|
2500
|
23500
|
(-)
Subscription Received in Advance of Next Year
|
-1000
|
|
|
To
Dispensary Expenses
|
|
4700
|
|
24000
|
|
|
To
Medicines
|
5500
|
|
(+)
Outstanding
|
4200
|
28200
|
|
(-)
Last Year Amount
|
-1500
|
4000
|
By
Interest
|
5000
|
|
|
To
Taxes
|
500
|
|
(-)
Last Year Amount
|
-1500
|
|
|
(-)
Prepaid
|
-100
|
400
|
|
3500
|
|
|
To
Depreciation
|
|
|
(+)
Outstanding
|
1000
|
4500
|
|
Furniture
|
590
|
|
By
Donation
|
|
4300
|
|
Equipments
|
4500
|
|
By
Life Membership Fees
|
10000
|
|
|
Land
& Building
|
10000
|
15090
|
(-)
Capitalized
|
-10000
|
NIL
|
|
|
|
|
By
Deficit
|
|
10690
|
|
|
|
|
[Expenditure
Over Income]
|
|
|
|
|
|
47690
|
|
|
47690
|
Balance Sheet as on 31.03.07
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
383000
|
|
Furniture
|
5900
|
|
|
(+)
Life Membership Fees
|
10000
|
|
(-)
Depreciation
|
-590
|
5310
|
|
|
393000
|
|
Equipments
|
22500
|
|
|
(-)
Deficit
|
-10690
|
382310
|
(-)
Depreciation
|
-4500
|
18000
|
|
Advance
Subscription for Next year
|
|
1000
|
Land
& Building
|
200000
|
|
|
|
|
|
(-)
Depreciation
|
-10000
|
190000
|
|
|
|
|
Securities
|
|
150000
|
|
|
|
|
Cash
|
|
17200
|
|
|
|
|
Outstanding
Subscription of Current year
|
|
4200
|
|
|
|
|
Outstanding
Interest
|
|
1000
|
|
|
|
|
Prepaid
Taxes
|
|
100
|
|
|
|
|
|
|
|
|
|
|
385810
|
|
|
385810
|
