A medical practioner Dr. Nikolai opened his clinic with the following initial transactions: 1. 2. 2 3 4 5 6 7 ∞ ∞ 6. 7. 8. 9. 11. 14. 0-23156700 2 18. 19. 20. 21. Dr. Niko opened a medical clinic by investing P300,000 pesos. Issued a promissory note for the P100,000 he borrowed from Banco De Uno. Purchased a medical bed and its accessories worth P100,000 Bought from A Co. a table and cabinet worth P70,000. Purchased medical supplies in the amount of P25,000 cash. Withdrew P20,00 for personal use Purchased chairs on account for P15,000. Paid 50% of account to A co. Bought from SM Furniture cabinet shelves worth of P20,000. Paid P5,000 cash and the balance on account. Received P75,000 from the group of patients as medical fees. Paid power and water bills for the month, P8,000. Paid medical assistant salary, P20,000. Charged the patients for attending the medical care, P50,000. Paid the balance in full to SM Furniture. Collected 70% of medical fees charged to patients in no.13. Paid communication bills, P3,500. Paid P6,000 to Petron Station for the gasoline of Dr. Nokolai's service vehicle. Settled a partial payment of P70,000 to Banco De Uno (refer to item no. 2) Purchased additional medical equipment, P50,000. Terms: Paid P30,000 and the balance after 30 days. Returned defective medical supplies purchased in no. 5, worth P5,000. By taking inventory at the end of the period, medical supplies consumed amounted to P18,000. ASSETS Acct. Fur. & LIABILITIES CAPITAL Accounts Mortgage Nikolai, No. Cash Rec'ble Supplies Fixture Equipt. Payable Payable Capital Notations
A medical practioner Dr. Nikolai opened his clinic with the following initial transactions: 1. 2. 2 3 4 5 6 7 ∞ ∞ 6. 7. 8. 9. 11. 14. 0-23156700 2 18. 19. 20. 21. Dr. Niko opened a medical clinic by investing P300,000 pesos. Issued a promissory note for the P100,000 he borrowed from Banco De Uno. Purchased a medical bed and its accessories worth P100,000 Bought from A Co. a table and cabinet worth P70,000. Purchased medical supplies in the amount of P25,000 cash. Withdrew P20,00 for personal use Purchased chairs on account for P15,000. Paid 50% of account to A co. Bought from SM Furniture cabinet shelves worth of P20,000. Paid P5,000 cash and the balance on account. Received P75,000 from the group of patients as medical fees. Paid power and water bills for the month, P8,000. Paid medical assistant salary, P20,000. Charged the patients for attending the medical care, P50,000. Paid the balance in full to SM Furniture. Collected 70% of medical fees charged to patients in no.13. Paid communication bills, P3,500. Paid P6,000 to Petron Station for the gasoline of Dr. Nokolai's service vehicle. Settled a partial payment of P70,000 to Banco De Uno (refer to item no. 2) Purchased additional medical equipment, P50,000. Terms: Paid P30,000 and the balance after 30 days. Returned defective medical supplies purchased in no. 5, worth P5,000. By taking inventory at the end of the period, medical supplies consumed amounted to P18,000. ASSETS Acct. Fur. & LIABILITIES CAPITAL Accounts Mortgage Nikolai, No. Cash Rec'ble Supplies Fixture Equipt. Payable Payable Capital Notations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the following financial reports for the month of January 2020:
a) Income Statement
b) Balance Sheet
c)
d) Statement of
See the tabulation table.
Transcribed Image Text:A medical practioner Dr. Nikolai opened his clinic with the following initial transactions:
1.
2.
2 3 4 5 6 7 ∞ ∞
6.
7.
8.
9.
11.
14.
0-23156700 2
18.
19.
20.
21.
Dr. Niko opened a medical clinic by investing P300,000 pesos.
Issued a promissory note for the P100,000 he borrowed from Banco De Uno.
Purchased a medical bed and its accessories worth P100,000
Bought from A Co. a table and cabinet worth P70,000.
Purchased medical supplies in the amount of P25,000 cash.
Withdrew P20,00 for personal use
Purchased chairs on account for P15,000.
Paid 50% of account to A co.
Bought from SM Furniture cabinet shelves worth of P20,000. Paid P5,000 cash and the
balance on account.
Received P75,000 from the group of patients as medical fees.
Paid power and water bills for the month, P8,000.
Paid medical assistant salary, P20,000.
Charged the patients for attending the medical care, P50,000.
Paid the balance in full to SM Furniture.
Collected 70% of medical fees charged to patients in no.13.
Paid communication bills, P3,500.
Paid P6,000 to Petron Station for the gasoline of Dr. Nokolai's service vehicle.
Settled a partial payment of P70,000 to Banco De Uno (refer to item no. 2)
Purchased additional medical equipment, P50,000. Terms: Paid P30,000 and the
balance after 30 days.
Returned defective medical supplies purchased in no. 5, worth P5,000.
By taking inventory at the end of the period, medical supplies consumed amounted to
P18,000.
Transcribed Image Text:ASSETS
Acct.
Fur. &
LIABILITIES
CAPITAL
Accounts Mortgage Nikolai,
No. Cash Rec'ble Supplies Fixture Equipt. Payable Payable Capital
Notations
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