Dr. Renu is a practicing surgeon. The Receipts and Payments Account for the year 2008 is as follows:
|
Receipts |
Its |
Payments |
Its |
|
Balance b/d |
20,000 |
Salaries to Nurses |
30,000 |
|
Fees |
30,00,000 |
Rent |
10,000 |
|
Miscellaneous Receipts |
5,000 |
Journals |
4,000 |
|
Sale of Old Equipment |
20,000 |
Books for Library |
16,000 |
|
(cost of Rs 30,000) |
Purchases of Instruments |
40,000 |
|
|
Stationery |
400 |
||
|
Conveyance |
5,114.M |
||
|
Purchases of Medicines |
50,000 |
||
|
Furniture |
5,000 |
||
|
Drawings |
1,50,000 |
||
|
Cash in Hand |
36,600 |
||
|
3,45,000 |
3,45,000 |
Her position stood on Jan 1, 2008 as:
Equipment Rs 1,50,000; medicines Rs 20,000; fees outstanding Rs 4,000; books Rs 20,000.
Fees still outstanding Rs 10,000, salaries to nurses still payable Rs 4,000; stock of medicines Rs 4,000.
Depreciate Equipment by 10% and Books @ 20.
You are required to prepare Receipts and Expenditure Account of Dr Renu for the year ending Dec 31, 2008 and a Balance Sheet on that date.