The following is the statement of receipts and payments of the Charity Eye Hospital for the year ending March 31, 2012:

A Sample Statement of Receipts and Payments
You are asked to prepare the Income and Expenditure Account for the year and the Balance Sheet as on 31st March, 2012. The other assets on 1st April 2011 were—Furniture, Rs 2,000; Land, Rs 50,000; Buildings Rs 1, 50,000; Instruments, Rs 3,500. Write off depreciation at 2 1/2% on Buildings, 6% on Furniture, and 20% on Instruments (including new).
The Government Securities of the face value of Rs 2, 00,000 (cost, Rs 1, 80,000) represent investments of the Endowment Fund. Subscriptions received include Rs 10,000 for the year 2010 – 11 but Rs 7,000 is outstanding for 2011-2012 Salaries paid include Rs 4,000 for 2010-11 but Rs 4,5000 is payable for 2011-2012. Interest received includes Rs 5,000 for 2010-2011 but Rs 5,300 is outstanding for 2011-2012.
Solution:
First of all, the Capital Fund as on 1st April, 2011 should be determined; this is ascertained by deducting liabilities from assets. For this purpose, the following balance sheet is prepared.
A Sample balance Sheet
Now Income and Expenditure Account for the year ended 31st March, 2012 and Balance Sheet as at that date can be prepared.
A Sample Income and Expenditure Account

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