Receipts and Payments A/c For the year ended 31st March, 2008
Receipts
|
Amounts
|
Payments
|
Amounts
|
To Cash
|
5000
|
By
Furniture
|
2500
|
To
Visits
|
10000
|
By
Equipment
|
1500
|
To
Sundry Receipts
|
2400
|
By Drugs
|
1000
|
|
|
By
Salaries
|
2000
|
|
|
By Rent
|
300
|
|
|
By
Conveyance
|
900
|
|
|
By
Stationery
|
100
|
|
|
By
Lighting
|
125
|
|
|
By
Periodicals
|
1000
|
|
|
By
Drawings
|
3975
|
|
|
By
Balance c/d
|
4000
|
|
17400
|
|
17400
|
Rs 500 were to be received on account of
visits.
Unpaid Salaries Rs. 300
50% of conveyance is for private purposes.
Value of drugs on hand was estimated at Rs.
100.
Depreciate furniture and equipment by 10%
Prepare Income and Expenditure account and
balance sheet.
Solution:
In the books of Dr. Manohar
Income
and Expenditure A/c for the year ended 31.03.08
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
To
Drugs
|
|
900
|
By
Visits
|
10000
|
|
To
Salaries
|
2000
|
|
(+)
Outstanding
|
500
|
10500
|
(+)
Outstanding
|
300
|
2300
|
By
Sundry Receipt
|
|
2400
|
To
Rent
|
|
300
|
|
|
|
To
Conveyance
|
900
|
|
|
|
|
(-)
Drawings
|
-450
|
450
|
|
|
|
To
Stationery
|
|
100
|
|
|
|
To
Lighting
|
|
125
|
|
|
|
To
Periodicals
|
|
1000
|
|
|
|
To
Depreciation
|
|
|
|
|
|
Furniture
|
250
|
|
|
|
|
Equipment
|
150
|
400
|
|
|
|
|
|
|
|
|
|
To
Surplus
[Income
over Expenditure]
|
|
7325
|
|
|
|
|
|
12900
|
|
|
12900
|
|
|
|
|
|
|
Balance
Sheet as on 31.03.08
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
Capital
Fund
|
5000
|
|
Furniture
|
2500
|
|
(-)
Drawings
|
-3975
|
|
(-)
Depreciation
|
-250
|
2250
|
|
1025
|
|
Equipment
|
1500
|
|
(-)
Drawings Conveyance
|
-450
|
|
(-)
Depreciation
|
-150
|
1350
|
|
575
|
|
Stock
of Drugs
|
|
100
|
(+)
Surplus
|
7325
|
7900
|
Cash
Balance
|
|
4000
|
Outstanding
Salaries
|
|
300
|
Outstanding
Visit
|
|
500
|
|
|
|
|
|
|
|
|
8200
|
|
|
8200
|