Following information has been provided by “Vivekanand Charitable Hospital” Latur. You are required to prepare Income and Expenditure Account for the year ending on 31.03.2019 and Balance Sheet as on that date.

Practical Problems | Q 14 | Page 124


Following information has been provided by “Vivekanand Charitable Hospital” Latur. You are required to prepare Income and Expenditure Account for the year ending on 31.03.2019 and Balance Sheet as on that date.


Balance Sheet as on 01.04.2018.


Liabilities

Amount

Assets

Amount

Capital Fund

11,00,000

Building

10,50,000

Bank Loan

6,50,000

Ambulance

4,00,000

Outstanding Bill for Drugs

50,000

Stock of Drugs

42,000



Hospital Equipments

3,04,000



Cash in Hand

4,000


1800000


1800000


Receipts and Payments Account for the year ended 31.03.2019 


Receipts

Amount ₹

Payments

Amount ₹

To Balance b/d

4,000

By Purchase of Drugs

(Includes 40,000 for 2017 - 18)

2,00,000

To Subscription

2,22,000

By Salary to Staff

85,000

To Life Membership Fees

30,000

By Honorarium to Doctors

4,00,000

To Hospital Receipts

(Revenue)

5,10,400

By Repairs and Maintenance

18,000



By Furniture

45,000



By General Expenses

16,000



By Balance c/d

2,400


7,66,400


7,66,400

Adjustments :


1) On 31.03.2019 Stock of Drugs was valued at  22,000.


2) Depreciation on Building at 5*% p.a. and on Ambulance  30,000.


3) Life Membership Fees are to be capitalized.


Solution: 


In the books of Vivekanand Charitable Hospital, Latur


Income and Expenditure Account for the year ended 31st March, 2019


Expenditure

Amount ₹

Amount ₹

Income

Amount ₹

Amount

To Salary to Staff


85,000

By Subscription


2,22,000

To Honorarium to Doctors


4,00,000

By Hospital Receipts


5,10,400

To Repairs and Maintenance


18,000

By Deficit (Excess of expenditure over income)


49,100

To General Expenses


16,000




To Depreciation






Building

52,500





Ambulance

30,000

82,500




To Drugs Consumed






Opening Stock

42,000





Add : Purchases (2,00,000 – 40,000)

1,60,000






2,02,000





Less : Closing stock

22,000

1,80,000






7,81,500



7,81,500

 

Balance Sheet as on 31st March, 2019


Liabilities

Amount

Amount

Assets

Amount

Amount ₹

Capital Fund

11,00,000


Building

10,50,000


Add: Life Membership Fees (Capitalised)

30,000


Less: Depreciation

52,500

9,97,500


11,30,000


Ambulance

4,00,000


Less: Deficit

49,100

10,80,900

Less: Depreciation

30,000

3,70,000

Outstanding Bill for Drugs (50,000 – 40,000)


10,000

Hospital Equipment


3,04,000

Bank Loan


6,50,000

Closing stock of Drugs


22,000




Furniture


45,000




Cash in Hand


2,400



17,40,900



17,40,900


Working Notes :


(1) Purchase of drugs  2,00,000 includes  40,000 of 2017–18 and in the Balance Sheet of 2017–18, the outstanding bill of drugs is  50,000 given. So,  10,000 is still outstanding


(2) Consumption of drugs :

Opening stock (2017 – 18)

42,000

Add: Purchase of drugs

1,60,000


2,02,000

Less: Closing stock of drugs

22,000

Consumption of drugs

1,80,000


Book-keeping and Accountancy 12th Standard 

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