A summary of receipts and payments of Medical Aid Society for the year ended 31.12.2019 is given
below :
Receipts ` Payments `
To, Balance (01.01.2019) 7,000 By, Payment for medicines 30,000
To, Subscription 50,000 By, Honorarium to doctor 10,000
To, Donations 14,500 By, Salaries 27,500
To, Interest on Investments 7,000 By, Sundry expenses 500
@7% p.a.
To, Charity show proceeds 10,000 By, Equipment purchased 15,000
By, Charity show expenses 1,000
By, Balance (31.12.2019) 4,500
88,500 88,500
Additional information (in `) :
01.01.2019 31.12.2019
Subscriptions due 500 1,000
Subscriptions received in advance 1,000 500
Stock of medicines 10,000 15,000
Amount due to medicine suppliers 8,000 12,000
Value of equipments 21,000 30,000
Value of Buildings 40,000 38,000
You are required to prepare Income and Expenditure Account for the year ended on 31st December,
2019 and the Balance Sheet as on that date.
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Answer:
To, Charity show proceeds 10,000 By, Equipment purchased 15,000
By, Charity show expenses 1,000
By, Balance (31.12.2019) 4,500
88,500 88,500
Additional information (in `) :
01.01.2019 31.12.2019
Subscriptions due 500 1,000
Subscriptions received in advance 1,000 500
Stock of medicines 10,000 15,000
Amount due to medicine suppliers 8,000 12,000
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