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.
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