| 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 | |
