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Dr. Manohar commenced practice in the month of April 2007. He prepared the following Receipts & Payments Account for the year ended 31st March, 2008.


Receipts and Payments A/c For the year ended 31st March, 2008
Receipts
Amounts
Payments
Amounts
To Cash
5000
By Furniture
2500
To Visits
10000
By Equipment
1500
To Sundry Receipts
2400
By Drugs
1000


By Salaries
2000


By Rent
300


By Conveyance
900


By Stationery
100


By Lighting
125


By Periodicals
1000


By Drawings
3975


By Balance c/d
4000

17400

17400
Rs 500 were to be received on account of visits.
Unpaid Salaries Rs. 300
50% of conveyance is for private purposes.
Value of drugs on hand was estimated at Rs. 100.
Depreciate furniture and equipment by 10%
Prepare Income and Expenditure account and balance sheet.
Solution: In the books of Dr. Manohar
Income and Expenditure A/c for the year ended 31.03.08
Expenditure
Amount
Amount
Income
Amount
Amount
To Drugs

900
By Visits
10000

To Salaries
2000

(+) Outstanding
500
10500
(+) Outstanding
300
2300
By Sundry Receipt

2400
To Rent

300



To Conveyance
900




(-) Drawings
-450
450



To Stationery

100



To Lighting

125



To Periodicals

1000



To Depreciation





Furniture
250




Equipment
150
400









To Surplus
[Income over Expenditure]

7325





12900


12900







Balance Sheet as on 31.03.08

Liability
Amount
Amount
Asset
Amount
Amount
Capital Fund
5000

Furniture
2500

(-) Drawings
-3975

(-) Depreciation
-250
2250

1025

Equipment
1500

(-) Drawings Conveyance
-450

(-) Depreciation
-150
1350

575

Stock of Drugs

100
(+) Surplus
7325
7900
Cash Balance

4000
Outstanding Salaries

300
Outstanding Visit

500








8200


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