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Balance Sheet
st
as on 31 March 2019
Liabilities Amount Amount Assets Amount Amount
` ` ` `
Capital Fund 3,000 Furniture 8,000
Add : 50 % Entrance fees 2,000 Less : 8 % Depreciation 640 7,360
Add : Surplus 2,660 7,660 Cash in hand 1,000
Outstanding Rent 200 O/s Subscription 500
Subscription
received in advance 1,000
8,860 8,860
8 : Dr. Abhinav Bharat started practice of Medical Practitioner on 1st April 2019, He gives
you the Receipts and Payments Account for the year ended 31 March 2020 and the
st
adjustments.
st
Prepare Income and Expenditure Account and Balance Sheet for the year ended 31 March
2020.
Dr. Abhinav Bharat
Receipts and Payments Account
for the year ended 31 March 2020
st
Dr. Cr.
Receipts Amount Payments Amount
` `
To Cash introduced 25,000 By Furniture 8,000
To Visit fees 10,000 By Equipments 10,000
To Receipts from Dispensary 30,000 By Drugs 7,000
To Sundry Receipts 5,000 By Salaries 12,000
By Rent 6,000
By Conveyance 4,000
By Stationery 500
By Electrical Charges 5,000
By Journals 500
By Drawings 15,000
By Balance c/d 2,000
70,000 70,000
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