Practical Problems | Q 6 | Page 117
From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.
Receipts and payments Account for the year ending 31.03.2020.
Receipts | Amount ₹ | Payments | Amount ₹ | |
To Balance b/d | By Medicines Purchased | 41,000 | ||
Cash | 8,230 | By General Expenses | 1,050 | |
To Subscriptions | 52,000 | By Salaries | 23,500 | |
To Donations (General) | 17,500 | By Stationery | 2,000 | |
To Interest in Investments | 10,000 | By Expenses on Charity Show | 550 | |
To Proceeds from Charity Show | 8,530 | By Surgery and Dispensary Exp | 4,200 | |
By Equipments | 10,000 | |||
By Balance c/d | ||||
Cash in Hand | 960 | |||
Cash at Bank | 13,000 | 13,960 | ||
96,260 | 96,260 |
Additional Information :
Particulars | 01.04.2019 ₹ | 31.03.2020 ₹ |
1. Subscription Due | 310 | 350 |
2. Subscription Received in Advance | 600 | 150 |
3. Stock of Medicine | 8,000 | 11,000 |
4. Estimated Value of Equipment | 15,000 | ? |
5. Building | 40,000 | ? |
6. Capital Fund | 1,70,940 | ? |
7. 10 % Investment | 1,00,000 | ? |
Provide Depreciation on Equipments ₹ 1,900 and on Building ₹ 1,500
Solution:
In the books of Radha-Krishna Charitable Hospital, Pune
Income and Expenditure Account for the year ended 31st March 2020
Expenditure | Amount (₹) | Amount (₹) | Income | Amount (₹) | Amount (₹) | ||
To Medicines Consumed | By Subscriptions | 52,000 | |||||
Opening Stock | 8,000 | Add: Outstanding of Current Year | 350 | ||||
Add: Purchases | 41,000 | Add: received in Advance in Previous Year | 600 | ||||
49,000 | 52,950 | ||||||
Less: Closing Stock | 11,000 | 38,000 | Less: received in Current Year of the Previous Year | 150 | |||
To General Expenses | 1,050 | Less: Subscription due of Previous Year | 310 | 52,490 | |||
To Salaries | 23,500 | By Donations (General) | 17,500 | ||||
To Stationery | 2,000 | By Interest on Investments | 10,000 | ||||
To Expenses on charity show | 550 | By Proceeds from Charity Show | 8,530 | ||||
To Surgery and Dispensary Expense | 4,200 | ||||||
To Depreciation | |||||||
Equipments | 1,900 | ||||||
Building | 1,500 | 3,400 | |||||
To Surplus (Excess of income over expenditure) | 15,820 | ||||||
88,520 | 88,520 | ||||||
Balance Sheet as on 31st March 2020
Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
Capital Fund | 1,70,940 | Outstanding Subscription | 350 | ||
Add : Surplus | 15,820 | 1,86,760 | Closing Stock of Medicines | 11,000 | |
Subscription received in Advance | 150 | Equipments opening Balance | 15,000 | ||
Add: Purchases | 10,000 | ||||
25,000 | |||||
Less: Depreciation | 1,900 | 23,100 | |||
Buildings | 40,000 | ||||
Less: Depreciation | 1,500 | 38,500 | |||
10% Investments | 1,00,000 | ||||
Cash in Hand | 960 | ||||
Cash at Bank | 13,000 | ||||
1,86,910 | 1,86,910 |
Working Notes :
(1) To find medicines consumed, here in the opening stock, purchases is added and the closing stock of medicine is subtracted.
(2) For equipment, in opening balance, add equipment purchased during the year and subtract depreciation to get the closing balance of equipment.
(3) Interest ₹ 10,000 is received on 10 % investments means there is no outstanding interest.
Book-keeping and Accountancy 12th Standard
HSC Maharashtra State Board. Latest Syllabus.
Chapter 1: Introduction to Partnership and Partnership Final Accounts
Chapter 2: Accounts of ‘Not for Profit’ Concerns
Chapter 3: Reconstitution of Partnership (Admission of Partner)
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
Chapter 5: Reconstitution of Partnership (Death of Partner)
Chapter 6: Dissolution of Partnership Firm
Chapter 8: Company Accounts - Issue of Shares
Chapter 9: Analysis of Financial Statements
Chapter 10: Computer In Accounting
ACCOUNTS BOARD PAPERS
HSC Accounts March 2020 Board Paper With Solution
MARCH 2014 : View | PDF Download
OCTOBER 2014 View | PDF Download
MARCH 2015 View | PDF Download
JULY 2015 View | PDF Download
MARCH 2016 View | PDF Download
JULY 2016 View | PDF Download
JULY 2017 View | PDF Download
MARCH 2017 View | PDF Download
MARCH 2018 View | PDF Download
JULY 2018 View | PDF Download
MARCH 2019 View | PDF Download
MARCH 2020 View | PDF Download
ACCOUNTANCY PAPER PATTERN: New 2020, Old View | PDF Download
PROFORMA OF TRADING ACCOUNT: View | PDF Download
PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download
PROFORMA OF BALANCE SHEET: View | PDF Download
FINAL ACCOUNT ADJUSTMENTS: View | PDF Download
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BILL OF EXCHANGE: View | PDF Download
FORMAT OF BILL: View | PDF Download
ADMISSION OF A PARTNER: View | PDF Download
RETIREMENT OF PARTNER: View | PDF Download
DEATH OF PARTNER: View | PDF Download
ACCOUNTING FOR SHARES : View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download
VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download
FORMAT OF FINAL ACCOUNT : View | PDF Download
INTRODUCTION TO PARTNERSHIP: View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM
VALUATION OF GOODWILL WITH SOLUTION
ACCOUNTS BOARD PAPERS WITH SOLUTION
MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018, JULY 2018 MARCH 2019 MARCH 2020
IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020
