| Income Statement | |||
| Particulars | $ | ||
| Patient Revenue | 1,500,000 | ||
| Less: Expenses | |||
| Salaries | (565,000) | ||
| Rent | (44,750) | ||
| Allowance for Bad Debts | (35,000) | ||
| Depreciation | (32,050) | ||
| Profit for the year | 823,200 | ||
| Balance Sheet | |||
| $ | $ | ||
| Assets | |||
| Non-Current Assets | |||
| Equipment | 1,550,000 | ||
| Less: Accumulated Depreciation | (592,050) | ||
| Net balance in equipment | 957,950 | ||
| Current Assets | |||
| Cash (Refer note-1) | 671,640 | ||
| Accounts receivable (Refer note-2) | 528,000 | ||
| Less: Allowance for doubtful accounts | (38,345) | ||
| Supplies | 11,090 | ||
| Prepaid Rent | 56,665 | ||
| Total Assets | 2,187,000 | ||
| Non-Current Liabilties | |||
| Loan | 211,470 | ||
| Current liabilities | |||
| Accounts payable (Refer note-3) | 98,310 | ||
| Notes payable | 155,895 | ||
| Current portion of loan | 12,980 | ||
| Equity (Refer note-4) | 1,708,345 | ||
| Total liabilities and Equity | 2,187,000 | – | |
| Note-1 | |||
| Cash | |||
| Particulars | Dr | Particulars | Cr |
| To balance b/f | 45,000 | By Salaries | 495895 |
| To Loan | 240000 | By Loan | 15550 |
| To Revenue | 995000 | By Rent | 96915 |
| By balance c/f | 671,640 | ||
| 1,280,000 | 1,280,000 | ||
| Note-2 | |||
| Accounts Receivable | |||
| Particulars | Dr | Particulars | Cr |
| To balance b/f | 23,000 | ||
| To Revenue | 1500000 | By cash | 995000 |
| By balance c/f | 528,000 | ||
| 1,523,000 | 1,523,000 | ||
| Note-3 | |||
| Accounts Payable | |||
| Particulars | Dr | Particulars | Cr |
| By balance b/f | 23,555 | ||
| To balance c/f | 98,310 | By office supplies | 5,650 |
| By salaries payable | 69,105 | ||
| 98,310 | 98,310 | ||
| Note-4 | |||
| Equity | |||
| Particulars | Dr | Particulars | Cr |
| By balance b/f (Refer note-5) | 885,145 | ||
| To balance c/f | 1,708,345 | By profit | 823,200 |
| 1,708,345 | 1,708,345 | ||
| Note-5 | |||
| Computation of opening balance in equity | |||
| Balance Sheet | |||
| $ | $ | ||
| Assets | |||
| Non-Current Assets | |||
| Equipment | 1,550,000 | ||
| Less: Accumulated Depreciation | (560,000) | ||
| Net balance in equipment | 990,000 | ||
| Current Assets | |||
| Cash | 45,000 | ||
| Accounts receivable | 23,000 | ||
| Less: Allowance for doubtful accounts | (3,345) | 19,655 | |
| Supplies | 5,440 | ||
| Prepaid Rent | 4,500 | ||
| Total Assets | 1,064,595 | ||
| Current liabilities | |||
| Accounts payable | 23555 | ||
| Notes payable | 155895 | ||
| Equity (Balancing figure) | 885,145 | ||
| Total liabilities and Equity | 1,064,595 |
