Important Points :
1. Stationery used during current year only is shown in Income and Expenditure Account for the same.
2. Creditors Stationery is considered because 'Stationery purchased during the year' is not given and 'Amount paid to Creaditors during the year' is given.
Illustration 7.
The following is the 'Receipts and Payments Account' of Galaxy Hospital,
for the year ended on March 31, 2011.
| Other information : | April 1, 2010 Rs. | March 31, 2011 Rs. |
| (i) Subscriptions in Arrears | 1,000 | 2,000 |
| (ii) Subscriptions in Advance | 2,000 | 1,000 |
| (iii) Stock of Medicines | 20,000 | 30,000 |
| (iv) Amount due to Suppliers of Medicine | 16,000 | 24,000 |
| (v) Value of Equipments | 50,000 | 66,000 |
| (vi) Value of Buildings | 1,40,000 | 1,30,000 |
You are required to prepare 'Income and Expenditure Account' for the year ended on March 31, 2011 and 'Balance Sheet' as on that date.
CBSE Accountancy Class XI ( By Mr. Aniruddh Maheshwari )
Email Id : [email protected]
