Following is the Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati

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

505000

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





118500

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
Less: Outstanding of Last Year
1000

To Medicines

26000

64000

To General Expenses

4300
Add: Outstanding of Current Year
6000
70000
To Loss on Sale of Furniture.
[15000 - 10000]

5000
By donations

22000
To Depreciation:





Land and Building
10000




Equipments
15000
25000






By Expenditure Over Income [Deficit]

29300


121300


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








494200


494200

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