Maharashtra State BoardHSC Commerce 12th Board Exam
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Following is the Receipts and Payments Account and Additional Information of Kalpana Hospital, Sakri. - Book Keeping and Accountancy

Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri.

Receipts and Payments Account for 

the year ended on 31st March, 2010

Dr.

Cr.

Receipts

Amount
Rs.

Payments

Amount
Rs.

To Balance b/d

6,000

By Medicines

10,000

To Subscriptions:

 

By Honorarium to Doctors

75,000

2008-2009

7,500

 

By Ambulance Maintenance

44,000

2009-2010

95,000

 

By Hospital Equip. purchased

30,000

2010-2011

15,000

1,17,500

By Furniture purchased

25,000

To Donations

55,000

By Fixed Deposits

1,00,000

To Life Membership Fees

25,000

By Balance c/d (31.3.10)

69,500

To Hospital Receipts (Revenue)

1,50,000

 

 

 

3,53,500

 

3,53,500

Additional Information:

(1) Outstanding subscription for 2009-2010 is amounted to Rs. 5,000.

(2) Hospital equipments and furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p. a.

(3) Life membership fees are to be capitalized.

(4) Donations represent donations for Building fund.

(5) Staff salary for the current year is outstanding Rs. 7,500.

(6) On 1.4.2009, the hospital had the following assets and liabilities:
Land Rs. 2,50,000, Investments Rs. 50,000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.

(7) Capital Fund as on 1.4.2009 was amounted to Rs. 2,16,000.
Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.

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Solution

In the books of Kalpana Hospital, Sakri

Income and Expenditure Account 

for the year ending March 31,2010

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount
(Rs)

Outstanding Staff  Salary

7,500

Subscription

95,000

 

Medicines

10,000

Add: Outstanding at the end

5,000

1,00,000

Honorarium to Doctors

75,000

Hospital Receipts

1,50,000

Ambulance Maintenance

44,000

 

 

Depreciation on Hospital Equipment

3,000

 

 

Depreciation on Furniture

2,500

 

 

Surplus (Excess of Income over Expenditure)

1,08,000

 

 

 

 

 

 

 

2,50,000

 

2,50,000

 

Balance Sheet

as on March 31, 2010

Liabilities

Amount

(Rs)

Assets

Amount
(Rs)

Capital Fund

2,16,000

 

Land

 

2,50,000

Add: Life Membership Fees

25,000

 

Hospital Equipment

30,000

 

Add: Surplus

1,08,000

3,49,000

Less: Depreciation @ 20% (6 months)

3,000

27,000

Donation for Building Fund

55,000

Furniture

25,000

 

Salaries Outstanding

7,500

Less: Depreciation @ 20% (6 months)

2,500

22,500

Bank Loan

2,00,000

Investments

50,000

Advance Subscription

15,000

Ambulance

1,02,500

 

 

Fixed Deposits

1,00,000

 

 

Bank

69,500

 

 

Outstanding Subscription

5,000

 

 

 

 

 

6,26,500

 

6,26,50

 

Working Notes:

WN1 Calculation of Depreciation

\[\text{On Hospital Equipment} = 30,000 \times\frac{20}{100}\times\frac{6}{12}= Rs 3,000\]

\[\text{On Furniture} = 25,000 \times\frac{20}{100}\times\frac{6}{12}= Rs 2,500\]

  Is there an error in this question or solution?
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