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Question
Following is the Receipts and payments Accounts and additional information of Jeevan Hospital , Kolhapur . Prepare Incomeand Expenditure Account for the year ending 31st March , 2016 and the balance Sheet as on that date.
Receipts and Payments Account for the year
ended on 31st March , 2016
Dr. Cr.
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance B/d | 12000 | By Medicine | 20000 | |
| To Subscription | By Honorarium to doctors | 150000 | ||
| 2014 - 2015 | 15000 | 235000 | By Ambulance maintance | 88000 |
| 2015 - 2016 | 190000 | By Hospital equipment purchased | 60000 | |
| 2016 - 2017 | 30000 | By Furniture purchased | 50000 | |
| To Donation for building fund | 110000 | By Fixed deposit | 200000 | |
| To Life membership fees | 50000 | By Balance c/d | 139000 | |
| To Hospital receipts (Revenue) | 300000 | |||
| 707000 | 707000 | |||
Additional information :
(1) Outstanding subscription for 2015 - 2016 is 10000.
(2) Hospital equipment and furniture were purchased on 01.10.2015 and both the assets were to be depreciated @ 20 % p.a.
(3) Life membership fees are to be capitalized.
(4) Staff salary for current yera is outstanding ₹ 15000
(5) On 01.04.2015 the hospital had the following assets and liabilities :
Land ₹ 500000;
Investment ₹ 100000 ;
Bank loan ₹ 400000 ;
Ambulance ₹ 205000
(6) Capital fund as on 01.04.2015 was ₹ 432000.
Solution
In the books of Jeevan Hospital, Kolhapur.
Income and Expenditure A/c
For the year ended 31st March, 2016
|
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
|
To Medicines
|
20000
|
By Subscription
|
190000
|
||
|
To Honorarium to Doctors
|
150000
|
(+) Outstanding
|
10000
|
200000
|
|
|
To Ambulance maintenance
|
88000
|
By Hospital Receipts
|
300000
|
||
|
To Depreciation
|
|||||
|
Equipment
|
6000
|
11000
|
|||
|
Furniture
|
5000
|
||||
|
To Outstanding Staff Salary.
|
15000
|
||||
|
To Income Over Expenditure [Surplus]
|
216000
|
||||
|
500000
|
500000
|
||||
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Capital Fund
|
432000
|
698000
|
Hospital Equipment
|
60000
|
54000
|
|
(+) Life Membership Fees
|
50000
|
(-) Deprecation @ 20% for 6 Months.
|
- 6000
|
||
|
(+) Surplus
|
216000
|
Furniture
|
50000
|
45000
|
|
| Donation for Building Fund | 110000 |
(-) Deprecation @ 20% for 6 Months.
|
- 5000
|
||
| Outstanding Staff Salary for Current year | 15000 |
Fixed Deposit
|
200000
|
||
| Bank Loan | 400000 |
Bank Balance
|
139000
|
||
|
|
|
Land
|
500000
|
||
|
Advance Subscription of Next year.
[2016 - 2017]
|
30000
|
Investment
|
100000
|
||
|
|
|
Ambulance
|
205000
|
||
|
Outstanding Subscription for Current year.
|
10000
|
||||
|
1253000
|
1253000
|
||||
Working Note:-
(1) Depreciation on Hospital equipment for 6 Months @ 20% p.a. (i.e. from Oct to March)
`(60000 xx 6 xx 20)/(100 xx 12) = 60000`
(2) Depreciation of furniture for 6 months @ 20% p.a. (i.e. from Oct to March)
`(50000 xx 6 xx 20)/(100 xx 12) = 50000`
APPEARS IN
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Receipts and Payments Account for the year ending 31.03.2013
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| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d Cash in Hand Cash at Bank |
15,950 100,070 |
By Salaries to |
850,500 181,000 |
| To Interest | 51,000 |
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13500 262,500 |
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Additional Information:
1)
| Particulars |
01/04/2012 |
31/03/2013 |
| Books |
5,50,000 |
5,50,000 |
| Furniture | 2,15,000 | 200,000 |
| Building Fund | 935,000 | ? |
| Fixed Deposits | 800,000 | ? |
| Capital Fund | 746,020 | ? |
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Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.
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| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
| Capital Fund | 10,37,000 | Building | 10,00,000 |
| Bank Loan | 600,000 | Ambulance | 350,000 |
| Outstanding bill for Drugs | 45,000 | Stock of Drugs | 35,000 |
| Hospital Equipments | 295,000 | ||
|
Cash in Hand |
2,000 | ||
| 16,82,000 | 16,82,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d | 2,000 | By Purchases of Drugs | 190,000 |
| To subscription | 210,000 | By Salary of staff | 85,000 |
| To Life Membership Fees | 27,500 | By Honararium to Doctors | 385,000 |
| To Hospital Receipts (Revenue) | 520,900 | By Repairs and Maintenance | 17,900 |
| By Furniture | 40,000 | ||
|
By General Expenses |
12,600 | ||
|
By Balance c/d |
29,900 | ||
| 760,400 | 760,400 | ||
Adjustments:
1) On 31/03/2013 stock of Drugs was valued Rs 20,000.
2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000
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| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Balance b/d | 5,500 | By Postage and Telegram | 1,500 | ||
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| 2012-2013 | 2,500 | By Salaries | 20,000 | ||
| To Entrance Fees (to be Capitalized) |
2,000 | By Annual General - meeting expenses |
4,500 | ||
| To Donations | 50,000 | By Insurance Premium | 3,450 | ||
| To Legacies | 10,000 |
By Sundry Expenses |
4,800 | ||
| To Interest on Deposits | 30,000 | By Furniture | 26,000 | ||
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| 191,150 | 191,150 |
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With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.
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| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
Rs
|
Amount
Rs
|
| To Balance b/d | 40,000 | By Salaries | 18,000 | ||
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| Receipts |
Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions received | 487,500 |
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• Subscription received during the year, includes
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|
Drugs purchased during the year |
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- |
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