Maharashtra State BoardHSC Commerce 12th Board Exam
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Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/C for the Year Ended on 31.03.2010 and the Balance Sheet - Book Keeping and Accountancy

Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.

Balance Sheet as on 01.04.2009

Liabilities

Amount
Rs.

Assets

Amount
Rs.

Capital Fund

Outstanding

Salaries

Medical Bill unpaid

10,04,000

 

22,000

6,000

Cash in Hand

Cash at Bank

Land and Building

Furniture

Equipments

Outstanding Subscriptions

6,000

34,000

8,00,000

70,000

1,20,000

2,000

 

10,32,000

 

10,32,000

 

Receipts and Payments Account

for the year ending 31.03.2010

Dr.

 

Cr.

Receipts

Amount
Rs.

Payments

Amount
Rs.

To Balance b/d

     Cash in hand

     Cash at Bank

To Subscriptions

       (Includes Rs 2,000

received for previous year)

To Sale of furniture

      (Book Value Rs 30,000)

To Donations (Revenue)

To Life Membership Fees

 

6,000

34,000

1,30,000

 

 

20,000

 

44,000

25,000

By Salaries

(Including of the previous year)

By Medicines

By Equipments purchased

By Taxes

By General Expenses

By Balance c/d

    Cash in Hand

    Cash at Bank

 

1,10,000

 

52,000

20,000

3,000

8,600

 

15,400
50,000

 

2,59,000

 

2,59,000

Consider the following adjustments:

(1) Outstanding subscriptions Rs 12,000.

(2) Capitalise the amount of membership fees.

(3) Prepaid Taxes Rs 500.

(4) Outstanding Salary Rs 12,000.

(5) Write off depreciation Rs 20,000 from Land and Building and Rs 30,000 from Equipments.

(6) Outstanding Medicine bill as on 1.4.2009 is still due.

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Solution

In the books of Memorial Hospital, Sawantwadi

Income and Expenditure Account 

for the year ending March 31, 2010

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Medicines

52,000

Subscription

1,30,000

 

General Expenses

8,600

Less: Outstanding in the beginning

2,000

 

 (2008-09)

Taxes

3,000

 

Add: Outstanding at the end

12,000

1,40,000

(2009-10)

Less: Prepaid

500

2,500

Donation

44,000

Depreciation:

 

Deficit

39,100

Land & Building

20,000

 

 

 

Equipments

30,000

50,000

 

 

Salaries paid

1,10,000

 

 

 

Add: Salaries Outstanding

12,000

 

 

 

 (2009-10)

Less: Salaries Outstanding

22,000

1,00,000

 

 

  (2008-09)

Loss on sale of Furniture
(30,000 – 20,000)

10,000

 

 

 

2,23,100

 

2,23,100

 

Balance Sheet

as on March 31, 2010

Liabilities

Amount

(Rs)

Assets

Amount
(Rs)

Capital Fund

10,04,000

 

Land & Building

8,00,000

 

Add: Life Membership Fees

25,000

 

Less: Depreciation

20,000

7,80,000

Less: Deficit

39,100

9,89,900

Equipment

1,20,000

 

Medicine Bill Outstanding

6,000

Add: Additions

20,000

 

Salaries Outstanding

12,000

Less: Depreciation

30,000

1,10,000

 

 

Subscription Outstanding

12,000

 

 

Furniture

70,000

 

 

 

Less: Sale

30,000

40,000

 

 

Prepaid Taxes

500

 

 

Cash

15,400

 

 

Bank

50,000

 

10,07,900

 

10,07,900

  Is there an error in this question or solution?
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