Dr. V.P.B. Singh is a doctor by profession. The receipts and payments for the year 2008 is as follows:
|
Dr. |
Cr. |
||
|
Receipts |
Rs |
Payments |
Rs |
|
Balance b/d |
25,000 |
Salaries |
35,000 |
|
Fees including Surgery |
3,00,000 |
Rent |
20,000 |
|
Miscellaneous Receipts |
10,000 |
Journals, etc. |
10,000 |
|
Sale of Old Equipment |
40,000 |
Books |
25,000 |
|
(Cost Rs 50,000) |
Stationery |
4,000 |
|
|
Purchase of Medicines |
60,000 |
||
|
Purchase of Equipments |
95,000 |
||
|
Furniture |
10,000 |
||
|
Drawings |
85,000 |
||
|
Cash in Hand |
31,000 |
||
|
3,75,003 |
3,75,000 |
Information as on Jan 1, 2008
|
Equipment : |
Rs 2,00,000; Medicines |
: Rs 30,000 |
|
Fees Outstanding : |
Rs 5,000; Books |
: Rs 20,000 |
Provide Depreciation @10% on Equipment and 20% on Books.
Further information at the end of the year
|
Salaries still payable |
: |
Rs 5,500 (to attendants) |
|
Fees Outstanding |
: |
Rs 12,000 |
|
Stock of Medicines |
: |
Rs 5,000 |
Required: Receipts and Expenditure Account for the year ending on Dec 31, 2008 and Balance Sheet on that date.