Accountancy, asked by kushthacker25, 7 months ago

From the following data, prepare an Income and Expenditure Account for the year ended 31st December 2019, and Balance Sheet as at that date of the Jeevan Hospital: Receipts and Payments Account for the

year ended 31 December, 2019



800

PAYMENTS

Salaries

7,200 for 2018)

By

RECEIPTS

Balance b/d

Cash

To

31,200

KSHITU ACADEMY

Bank

To Subscriptions:

For 2018

For 2019

For 2020

Government Grant

For building

For maintenance

Fees from sundry

Patients

Donations (not to be

capitalized)

Net collections from

benefit shows

Additional information:

05.09.2020

6,000 By

5,100

24,500 2,400

80,000

20,000

4,800 8,000

6,000

1.56.800

By By

By

By By

By

By By By

Value of building under construction as on 31.12.2019

Value of hospital equipment on 31.12.2019 Building Fund as on 1.1.2019

Subscriptions in arrears as on 31.12.2018 Investments in 8% Govt. securities were made on 1st July, 2019.

CA FOUNDATION

17,000

6,000 50,000

2,400

15,600

2,000

2,400

2,000

20,000

5.200

Hospital Equipment

Furniture purchased Additions to Building

Printing Stationery

Diet expenses

Rent and rates

300 for 2020)

Electricity and water

charges

office expenses

Investments

Balances:

Cash

Bank

and

To

To

To

1.400 6.800

8.200 1.56.800

1,40,000

51,000

80,000

6,500​

Answers

Answered by ITISNISHANT07
0

Answer:

From the following data, prepare an Income and Expenditure Account for the year ended 31st December 2019, and Balance Sheet as at that date of the Jeevan Hospital: Receipts and Payments Account for the

year ended 31 December, 2019

800

PAYMENTS

Salaries

7,200 for 2018)

By

RECEIPTS

Balance b/d

Cash

To

31,200

KSHITU ACADEMY

Bank

To Subscriptions:

For 2018

For 2019

For 2020

Government Grant

For building

For maintenance

Fees from sundry

Patients

Donations (not to be

capitalized)

Net collections from

benefit shows

Additional information:

05.09.2020

6,000 By

5,100

24,500 2,400

80,000

20,000

4,800 8,000

6,000

1.56.800

By By

By

By By

By

By By By

Value of building under construction as on 31.12.2019

Value of hospital equipment on 31.12.2019 Building Fund as on 1.1.2019

Subscriptions in arrears as on 31.12.2018 Investments in 8% Govt. securities were made on 1st July, 2019.

CA FOUNDATION

17,000

6,000 50,000

2,400

15,600

2,000

2,400

2,000

20,000

5.200

Hospital Equipment

Furniture purchased Additions to Building

Printing Stationery

Diet expenses

Rent and rates

300 for 2020)

Electricity and water

charges

office expenses

Investments

Balances:

Cash

Bank

and

To

To

To

1.400 6.800

8.200 1.56.800

1,40,000

51,000

80,000

6,500

%

Answered by arshaarunsl
0

Answer:

Expenditure                                                                            Amount              

To medicines consumed (WN 2 and 3)                             2,40,000

To Honorarium to Doctors                                                  1,00,000

To salaries                                                                            2,75,000

To sundry Expenses                                                                  5,000

To Depreciation on:

    Equipments ₹ (2,10,000+1,50,000-3,00,000)                    60,000

    Building ₹ (4,00,000-3,80,000)                                           20,000

                                                  Total                                      7,00,000

Income:                                                                                    Amount

By subscriptions                                                                    5,00,000

    Add: subscriptions  Due  10,000(31.3.19)

             subscriptions  Rec in advance(1.4.18)10,000             20,000

                                                                Total                         5,20,000

    Less: subscriptions  Due(1.4.18) 5,000

    subscriptions  Rec in advance (31.3.19) 5,000 10,000     5,10,000

By interest on investments                                                         70,000

By charity show proceeds                                      30,000

     Less charity show expenses                             10,000       20,000

By general donations                                                                  45,000

By deficit excess of expenditure over income                           55,000

                                                      Total                                      7,00,000

Liabilities                                                                                      Amount

Capital fund (WN 1)                                                                  16,95,000

Add donations ( medical camps)                                              1,00,000

                                                                              Total             17,95,000

Less deficit excess of expenditure over income                           55,000

Subscriptions received in advance creditors for

medicines Polio Eradication Fund (WN )                                       70,000

Less medicines polio                                                                       50,000

                                                Total                                               18,85,000

Assets                                                                                       Amount

Building    4,00,000                

Less depreciation  20,000                                                      3,80,000

Equipments   2,10,000

Add purchase 1,50,000  

    Total            3,60,000

Less depreciation 60,000                                                          3,00,000    

Stocks of medicine                                                                     1,50,000                                          

7% investments (WN4)                                                               10,00,000

Subscription due                                                                               10,000

Cash in hand                                                                                       15,000

Cash at bank                                                                                        30,000

                                                                    Total                          18,85,000

Liabilities                                                                                      Amount

Subscription received in advance                                                     10,000

Creditors for medicine                                                                         80,000

Capital fund                                                                                     16,95,000

                                                                          Total                      17,85,000

Assets                                                                                             Amount

Building                                                                                          4,00,000

Equipments                                                                                     2,10,000

Stock of medicines                                                                          1,00,000

Subscription due                                                                                  5,000

7% investment (WN 4)                                                                    10,00,000

Cash in hand                                                                                        20,000

Cash at bank                                                                                       50,000

                                                                            Total                   17,85,000

2. Purchase of Medicines = Amount owing to medicine suppliers (31.3.2019) + Payment for medicines- Amount due to medicine suppliers (1.4.1.2018) = Rs. 1,20,000 + Rs. 2,50,000- Rs 80,000 = Rs. 2,90,000.

3.Medications used = Opening Stock + Purchase - Closing Stock

= Rs 1,00,000 + Rs 2,90,000 (WN 2) - Rs 1,50,000 = Rs 2,40,000

4. The receipt of Rs 70,000 in interest on investments in 2018-19 implies that there were investments at the start of the accounting year.

The interest rate is set at 7%.

As a result, the value of investments is equal to 100/7Rs70,000=Rs10,000,000.

5. A government grant for polio eradication is available. As a result, it is credited to the Polio Eradication Fund, and expenses associated with it are subtracted from it.

#SPJ2

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