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
- Receipts and Expenditure Account
- Balance Sheet