Dr Fionn opened a hospital on 1st April 2015 by investing $500,000 in equipment. The receipt and payments account as on 31st March 2016 is as follows: Receipts and Payments Account (photo) The following further information is also given: d) Among the conveyance 25% is for a domestic purpose. e) Stock of drugs on 31st March, 2009 is $35,000. Prepare the receipts and expenditure account and the balance sheet as on 31st march 2016.
Dr Fionn opened a hospital on 1st April 2015 by investing $500,000 in equipment. The receipt and payments account as on 31st March 2016 is as follows: Receipts and Payments Account (photo) The following further information is also given: d) Among the conveyance 25% is for a domestic purpose. e) Stock of drugs on 31st March, 2009 is $35,000. Prepare the receipts and expenditure account and the balance sheet as on 31st march 2016.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dr Fionn opened a hospital on 1st April 2015 by investing $500,000 in equipment. The receipt and payments account as on 31st March 2016 is as follows:
Receipts and Payments Account
(photo)
The following further information is also given:
d) Among the conveyance 25% is for a domestic purpose.
e) Stock of drugs on 31st March, 2009 is $35,000.
Prepare the receipts and expenditure account and the
Transcribed Image Text:$4
To fees
730,000
By Salaries
190,000
By Purchase of
To Miscellaneous Receipts
75,000
Medicine
97000
by purchase of
To sale of equipment
90,000
equipment
200,000
by rent
45,000
by journals
15,000
by conveyance
50,000
by drawings
74,000
by library books
62,000
by bank
112,000
by cash
50,000
895,000
895,000
%24
%24
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