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.
Extracted 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