Answer to Question #154638 in Other for Parul

Question

Dr. Sanjeet Saksena started his clinic in Hamdard Nagar, New Delhi, under the name, Get Well Clinic introducing 5,50,000 as capital. He deposited the cheque in bank account opened in the name of Get Well Clinic in Axis Bank. Enclosed herewith are the original papers relating to his transactions and other information related to the profession/business for the month of August, 2017. S.No. Date

Particulars

Capital Introduced

Amount (3)

5,50,000

20,000

50,400

20,160

70,560 6,720

44,800 7,840

50,400 22 400

67 200

50,000 30,000

35,000 44,700

54,200

62,000

67,000

2017

Aug 1 Aug

1 Paid Fee to chartered accountant for legal compliances

Aug 2 Hired a premises and paid Security

Aug 5 Purchased Furniture and Fixture from Sumit Furniture, New Delhi

Aug 6 Paid HR India for hiring Staff for the clinic

Aug 10 Purchased Ultrasound Machine Aug 13 Expenditure on Banner and Boards

Aug 14 Printing and Stationery Expenses

Aug 16 Paid security to Airtel for Telephone Line

Aug 16 Cheque issued to Sumit Furniture, New Delhi

16 Expenses on renovation of the clinic Aug 17 Purchased Medicine on Credit from India Medico Ltd.

Aug

Aug 20 Withdrew cash from Bank for office uses Aug 25 Expenses incurred on Opening Ceremony

Aug 27 Cash Deposited into Bank Aug 28 Cash Deposited into Bank

Aug 29 Cash Deposited into Bank Aug 30 Cash Deposited into Bank

Aug 31 Cash Deposited into Bank

1

2

7

8 9

10

11 12

13 14

15 16

17

18 19

Medical consulting and medicine dispensing is recorded in Patient's Register. Summary of the Patients Register is as follows:

Dato 2017

Aug 26

Aug 27 Aug 28

Aug 29 Aug 30

Medical Consultancy Service )

20,000 30,000

35,700

45,000 52,000

Sale of Medicine (8)

15,000 14,700 H

18,500 17,000

15,000

CGST and SGST @ 6% each is levied on medicines dispensed. Cash received from Medical Consultancy Service and Sales of Medicine (except the

amount of GST collected) is deposited into bank on the next working day.

Total Salary of staff is 7 40,000 per month that is payable on the 3rd of the next month. Depreciation is charged on machinery at the rate of 10% p.a. and on Furniture and Fixture at the rate of 20% p.a.

Stock of Medicine at the end of the month is 16,800.

Books are maintained following accrual basis of accounting. All the bills were paid through cheque on the same day. Source documents of the transactions are produced below for processing through various stages of the book-keeping cycle.

Answer 1

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