Question

Dr. Minakshi Patel commenced Medical practice on 1.4.2014. she has prepared the following Receipts & Payment Account for one year ending on 31st March 2015. [12]

Receipts and payments account for the year ending 31.3.2015.

Receipt

To Cash introduced

(Capital Fund)

To Income from Visits To Receipts from Dispensary

To Sundry Income

To Interest received on Investment

To Receipts from Operation fees

Amt. 500000 By Furniture

95000

180000

24000 15000

140000

Payment

By Honorarium to Doctors

By Equipment By Purchase of Drugs

By Compounder's Salary By Rent of Dispensary

By conveyance charge By Stationary

By Operation Expenses

Amt. 180000

70000

150000 50000

26000 48000

5000

3200 98000

Rul 88

X

By Lighting By Journals & Newspapers By Telephone Expenses By Investment By Balance c/d (Closing balance)

15000 2800 6700 180000 119300

9,54,000

of dispensary

Adjustment:

9,54,000

5. Rs. 40000 were still to be received on account of the visits. 6. Compounder's salary of Rs. 16000 & Bill of stationary Rs.2500 & Rent

Rs.18000 are outstanding interest due on investment Rs.6600.

7. 30% amount of conveyance charge were for private use.

8. Stock of Drugs on hand was estimated at Rs.18000

9. Furniture & Equipment are to be depreciated at 10%.

Prepare Income & Expenditure Account for the year ended 31 March 2015 &

Balance Sheet as on that date from the above information.​

Answer 1

Answer:

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