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Dr. Subhash Raje started practice as a medical practitioner on 1st April, 2007. He gives you the Receipts & Payments Accounts for the year 2007 – 08 and the adjustments to be made. Prepare his Income and Expenditure Account and Balance sheet for 2007 -08.

Receipts and payments account for the year ended 31st March, 2008.

Receipts
Amount
Payments
Amount
To Cash Introduced
107500
By Furniture
50000
To Visits
84000
By Equipment
40000
To Receipts From Dispensary
64000
By Drugs
35000
To Sundry Receipts
12000
By Salary
24000


By Rent
6000


By Conveyance
18000


By Stationery
5600


By Lighting
10000


By Journals
1200


By Drawings
37700


By Balance C/f
40000

267500

267500


Adjustments:
1.    Receipts in arrears are: Visits Rs. 11,500 and Dispensary Rs. 9,000.
2.    The outstanding salaries are Rs. 1,800 and the outstanding expenses on drugs are also Rs. 3,000.
3.    40% of the amount spent on conveyance was for domestic use.
4.    Stock of drugs in hand at the close of the year was worth Rs. 4,200.
5.    Depreciate furniture at 5% p.a. and equipment at 10% p.a.  Furniture and equipment purchased on 1st April 2007.


Solution: In the books of Dr. Subhash Raje

Income and Expenditure A/c for the year ended 31.03.08

Expenditure
Amount
Amount
Income
Amount
Amount
To Drugs
30800

By Visits
84000

(+) Outstanding
3000
33800
(+) Outstanding
11500
95500
To Salary
24000

By Receipts from Dispensary
64000

(+) Outstanding
1800
25800
(+) Outstanding
9000
73000
To Rent

6000
By Sundry Receipts

12000
To Conveyances
18000




(-) Drawings
-7200
10800



To Stationery

5600



To Lighting

10000



To Journals

1200



To Depreciation





Furniture
2500




Equipment
4000
6500



To Surplus
[Income over Expenditure]

80800





180500


180500


Balance Sheet as on 31.03.08

Liability
Amount
Amount
Asset
Amount
Amount
Capital Fund
107500

Furniture
50000

(-) Drawings
-37700

(-) Depreciation
- 2500
47500

69800

Equipment
40000

(-) Conveyance Drawings
-7200

(-) Depreciation
- 4000
36000

62600

Stock of Drugs

4200
(+) Surplus
80800
143400
Cash balance

40000
Outstanding


Outstanding


Salary
1800

Visit
11500

Drugs
3000
4800
Dispensary
9000
20500


148200


148200

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