Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

Following is the Balance Sheet and Receipts and Payments Account of the Sevagiri Hospital, Satara - Book Keeping and Accountancy

Advertisement Remove all ads
Advertisement Remove all ads
Advertisement Remove all ads

Following is the Balance Sheet and Receipts and Payments Account of the Sevagiri Hospital, Satara.

Prepare Income and Expenditure account for the year ended on 31 st March, 2013 and Balance Sheet as on that date :

                                         Balance Sheet as on 1st April, 2012

Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital fund 1000000 Cash in hand 6000
Outstanding Salaries 22000 Cash at bank 30000
Medical bill unpaid 6000 Land and building 800000
    Furniture 70000
    Equipments 120000
    Outstanding Subscription 2000
  1028000   1028000

 

Receipts and Payments Account for the year ending 31.03.2013

Dr.     Cr.
Receipts Amount (Rs.) Payments Amount (Rs.)

To Balance b/d

           Cash in hand

           Cash at bank

 

6000

30000

By Salaries

        (including of previous year)

110000

 

To Subscription

      (includes 2000 received for previous year)

130000

 

By Medicines 48000

To Sale of old furniture

        (book value Rs. 30000)

20000

 

By Equipment purchased 20000

To Donations

        (revenue)

44000

 

By Taxes 3000
To Life membership fees 25000 By General expenses 8600
   

By Balance c/d

          Cash in hand

          Cash at bank

 

15400

50000

  255000   255000

 

Consider the following adjustments :

  1. Outstanding subscription Rs. 15,000.
  2. Capitalise the amount of life membership fees.
  3. Pre-paid 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 01.04.2012 is still due.
Advertisement Remove all ads

Solution

In The Books of Sevagiri Hospital, Satara

Income and Expenditure A/c for the year ended 31.03.2013

 

Expenditure
Amount Rs.
Amount Rs.
Income
Amount Rs.
Amount Rs.
To Salaries
110000
 
By Subscription
130000
 
(-) Outstanding of last year
22000
 
(-) Outstanding of last year
2000
 
 
88000
   
128000
 
(+) Outstanding of current year
12000
100000
(+) OUtstanding of Current year
15000
143000
To Medicines
48000
 
By Donations
 
44000
To Taxes
3000
       
(-) Prepaid Tax
500
2500
     
To General Expxenses
 
8600
     
To Depreciationn on :
         
Building
20,000
       
Equipments
30,000
50,000
     
Too Los on Sale of furniture
 
10,000
     
           
     
By Deficit c/d

[ Incoome over Expenditure]
 
32100
           
   
219100
   
219100

 

Balance Sheet as on 311.03.2013

Liailities
Amount Rs.
Amount Rs.
Assets
Amount Rs.
Amount Rs.
Capiital Fund:
10,00,000
 
Land & Building
800000
 
(+) Life Membership Fees
25000
 
(-) Depreciationo
20,000
7,80,000
(-) Deficit
32,100
9,92,900
Furniture
70,000
 
Outstanding Salaries
 
12000
(-) Furniture Sold
30000
40000
Outstanding Medical Bill
 
6000
Equipments
120000
 
     
(+) Equipments Purchased
20,000
 
       
140000
 
     
(-) Depreciation
30,000
110000
     
Outstanding Subscription
15,000
 
     
Prepaid Taxes
 
500
     
Cash in Hand
 
15,400
     
Cash at Bank
 
50,000
           
   
10,10,900
   
10,10,900

 

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
  Is there an error in this question or solution?

APPEARS IN

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×