Dr. Francis Ong, MD got voluntary retirement at the age of 55 years from a renowned hospital. He was residing in a condo unit which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about importance of health care, a widespread ailment had been persistently prevailing. Dr. Ong, met with some of the well-off people of condominium and decided to open a clinic called MEDIFREE to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the condo residents agreed to it. He approached health department of the town with his proposal which was accepted and an initial one time grant of P200,000 was given immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the condo contributed P2,000 each as lifetime subscription to the clinic. Dr. Ong decided to charge P10 as one time registration fee from patients. Apart from above Dr. Ong made following transactions for first year: Number Particulars Amount 1 Purchased Medicine P12,000 2 Purchased Equipment 9,500 3 Purchased Furnitures 10,000 4 Paid rent 8,000 5 Received fees for medical tests 45,000 6 Honorarium paid to clinic staff 35,000 7 Honorarium paid to physiotherapist and sports teacher 38,000 During the first year, 10,500 patients were registered for treatment and for other services. Taking reference from the above, answer following question: How much is the total income at the end of the year?
Dr. Francis Ong, MD got voluntary retirement at the age of 55 years from a renowned hospital. He was residing in a condo unit which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about importance of health care, a widespread ailment had been persistently prevailing. Dr. Ong, met with some of the well-off people of condominium and decided to open a clinic called MEDIFREE to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the condo residents agreed to it. He approached health department of the town with his proposal which was accepted and an initial one time grant of P200,000 was given immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the condo contributed P2,000 each as lifetime subscription to the clinic. Dr. Ong decided to charge P10 as one time registration fee from patients. Apart from above Dr. Ong made following transactions for first year:
|
Number |
Particulars |
Amount |
|
1 |
Purchased Medicine |
P12,000 |
|
2 |
Purchased Equipment |
9,500 |
|
3 |
Purchased Furnitures |
10,000 |
|
4 |
Paid rent |
8,000 |
|
5 |
Received fees for medical tests |
45,000 |
|
6 |
Honorarium paid to clinic staff |
35,000 |
|
7 |
Honorarium paid to physiotherapist and sports teacher |
38,000 |
During the first year, 10,500 patients were registered for treatment and for other services. Taking reference from the above, answer following question:
How much is the total income at the end of the year?
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