Dr. Kashyap is a neuro surgeon. The Receipts and Payments Account for the year 2008 is as follows:

Dr.

Cr.

Receipts

Rs

Payments

Rs

Balance b/d

20,500

Salaries to Staff

30,000

Fees

3,70,000

Rent

24,000

Miscellaneous Receipts

10,000

Journals, etc.

6,000

Sale of Old Equipments

Books (Professional)

20,000

(Cost Rs 40,000)

32,000

Purchase of Equipments

40,000

Stationery

1,000

Conveyance

5,000

Purchase of Medicines

1,50,000

Furniture

24,000

Drawings

1,00,000

Cash in Hand

32,500

4,32,500

4,32,500

Information

His position stood at Jan 1, 2008 is as follows:

Equipment: Rs 2,00,000; Medicines: Rs 30,000

Fees outstanding Rs 5,000; Books: Rs 40,000

Provide 10% Depreciation on Equipments and 20% on Books.

Further Information

Fees still outstanding (at the end): Rs 10,000

Salaries Still Payable (at the end): Rs 6,000

Stock of Medicines:Rs 4,000

You are required to prepare

  1. Receipts and Expenditure Account
  2. Balance Sheet