From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.

Practical Problems | Q 6 | Page 117


From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.


Receipts and payments Account for the year ending 31.03.2020.


Receipts

Amount ₹

Payments

Amount ₹


To Balance b/d


By Medicines Purchased

41,000


Cash

8,230

By General Expenses

1,050


To Subscriptions

52,000

By Salaries

23,500


To Donations (General)

17,500

By Stationery

2,000


To Interest in Investments

10,000

By Expenses on Charity Show

550


To Proceeds from Charity Show

8,530

By Surgery and Dispensary Exp

4,200




By Equipments

10,000




By Balance c/d





Cash in Hand

960




Cash at Bank

13,000

13,960


96,260


96,260



Additional Information :


Particulars

01.04.2019 ₹

31.03.2020 ₹

1. Subscription Due

310

350

2. Subscription Received in Advance

600

150

3. Stock of Medicine

8,000

11,000

4. Estimated Value of Equipment

15,000

?

5. Building

40,000

?

6. Capital Fund

1,70,940

?

7. 10 % Investment

1,00,000

?

Provide Depreciation on Equipments  1,900 and on Building  1,500


Solution: 


In the books of Radha-Krishna Charitable Hospital, Pune


Income and Expenditure Account for the year ended 31st March 2020


Expenditure

Amount

(₹)

Amount

(₹)

Income

Amount

(₹)

Amount

(₹)

To Medicines Consumed



By Subscriptions

52,000


Opening Stock

8,000


Add: Outstanding of Current Year

350


Add: Purchases

41,000


Add: received in Advance in Previous Year

600



49,000



52,950


Less: Closing Stock

11,000

38,000

Less: received in Current Year of the Previous Year

150


To General Expenses


1,050

Less: Subscription due of Previous Year

310

52,490

To Salaries


23,500

By Donations (General)


17,500

To Stationery


2,000

By Interest on Investments


10,000

To Expenses on charity show


550

By Proceeds from Charity Show


8,530

To Surgery and Dispensary Expense


4,200




To Depreciation






Equipments

1,900





Building

1,500

3,400




To Surplus

(Excess of income over expenditure)


15,820






88,520



88,520

Balance Sheet as on 31st March 2020


Liabilities

Amount

(₹)

Amount

(₹)

Assets

Amount

(₹)

Amount

(₹)

Capital Fund

1,70,940


Outstanding Subscription


350

Add : Surplus

15,820

1,86,760

Closing Stock of Medicines


11,000

Subscription received in Advance


150

Equipments opening Balance

15,000





Add: Purchases

10,000






25,000





Less: Depreciation

1,900

23,100




Buildings

40,000





Less: Depreciation

1,500

38,500




10% Investments


1,00,000




Cash in Hand


960




Cash at Bank


13,000



1,86,910



1,86,910

Working Notes :


(1) To find medicines consumed, here in the opening stock, purchases is added and the closing stock of medicine is subtracted.

(2) For equipment, in opening balance, add equipment purchased during the year and subtract depreciation to get the closing balance of equipment.

(3) Interest  10,000 is received on 10 % investments means there is no outstanding interest.


Book-keeping and Accountancy 12th Standard 

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