Book Keeping & Accountancy: NPO Problem
Following is the Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati.
Balance Sheet as on 1.4.2012
| LIABILITIES | AMOUNT | ASSETS | AMOUNT |
|---|---|---|---|
| Capital Fund | 502000 | Cash in Hand | 3000 |
| Medical bill Unpaid | 3000 | Cash at Bank | 6000 |
| Land and Building | 400000 | ||
| Furniture | 35000 | ||
| Equipments | 60000 | ||
| Outstanding Subscription | 1000 | ||
| Total | 505000 | Total | 505000 |
Receipts and Payments Account for the year ended 31.3.2013
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| To balance b/d | By Salaries | 55000 | |
| Cash in Hand | 3000 | By Medicines | 26000 |
| Cash at Bank | 6000 | By Equipment purchased | 10000 |
| To Subscription [Includes Rs. 1000 received for previous year] |
65000 | By General Expenses | 4300 |
| To Sale of Old Furniture [Book value Rs. 15000] |
10000 | By Balance c/d | |
| To Donations (Revenue) | 22000 | Cash in Hand | 7700 |
| To Life Membership Fees | 12500 | Cash at Bank | 15500 |
| Total | 118500 | Total | 118500 |
Adjustments:
(1) Outstanding subscription Rs. 6000.
(2) Capitalise the amount of life membership fees.
(3) Outstanding Salary Rs. 6000.
(4) Depreciate Land and Building by Rs. 10000 and Equipments by Rs. 15000.
(5) Unpaid medicine bill as on 1-4-2012 is still unpaid.
Prepare Income and Expenditure Account for the year ending 31.3.2013 and Balance Sheet as on that date.
Solution: In the books of Ekveera Hospital, Amravati.
Income and Expenditure A/c for the year ended 31.3.2013
| Expenditure | Amount | Amount | Payments | Amount | Amount |
|---|---|---|---|---|---|
| To Salaries | 55000 | By Subscriptions | 65000 | ||
| Add: Outstanding of current year | 6000 | 61000 | Add: Outstanding of current year | 6000 | |
| Less: Outstanding of Last Year | 1000 | 70000 | |||
| To Medicines | 26000 | ||||
| To General Expenses | 4300 | By donations | 22000 | ||
| Add: Outstanding of Current Year | 6000 | ||||
| To Loss on Sale of Furniture. [15000 - 10000] |
5000 | ||||
| To Depreciation: | |||||
| Land and Building | 10000 | ||||
| Equipments | 15000 | 25000 | By Expenditure Over Income [Deficit] | 29300 | |
| Total | 121300 | Total | 121300 |
Balance Sheet of Ekveera Hospital, Amaravati as on 31.3.2013
| Liabilities | Amount | Amount | Assets | Amount | Amount |
|---|---|---|---|---|---|
| Capital Fund | 502000 | Cash in Hand | 7700 | ||
| Add: Life Membership Fees | 12500 | Cash at Bank | 15500 | ||
| Less: Deficit | 29300 | 485200 | Land and Building | 400000 | |
| Outstanding Salaries | 6000 | Less: Depreciation | 10000 | 390000 | |
| Medicine bill unpaid | 3000 | Equipments [60000 + 10000] |
70000 | ||
| Less: Depreciation | 15000 | 55000 | |||
| Furniture [35000 - 15000] |
20000 | ||||
| Outstanding Subscription | 6000 | ||||
| Total | 494200 | Total | 494200 |
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