Dr. Gulleria started private practice on 1 st April, 2023 with - 2,00,000 of his own fund and - 3,00,000 borrowed at an interest of 12 p.a. on the…

Dr. Gulleria started private practice on 1 st April, 2023 with - 2,00,000 of his own fund and - 3,00,000 borrowed at an interest of 12 p.a. on the security of his life policies. His accounts for the year were kept on a cash basis and the following is his summarized cash account: Receipts ₹ Payments ₹ Own Capital 2,00,000 Medicines Purchased 2,45,000 Loan 3,00,000 Surgical Equipment 2,50,000 Prescription Fees 6,60,000 Motor Car 3,20,000 Visiting Fees 2,50,000 Motor Car Expenses 1,20,000 Lecture Fees 24,000 Wages and Salaries 1,05,000 Pension Received 3,00,000 Rent of Clinic 60,000 General Charges 49,000 Household Expenses 1,80,000 Household Furniture 25,000 Expenses on Daughter's college admission 2,15,000 Interest on Loan 36,000 Balance at Bank 1,10,000 Cash in Hand 19,000 17,34,000 17,34,000 1/3 rd of the motor car expenses may be treated as applicable to the private use of car and - 30,000 of salaries are in respect of domestic servants. The stock of medicines in hand on 31 st March, 2024 was valued at 95,000. You are required to prepare his private practice income and expenditure account and capital account for the year ended 31 st March, 2024. Ignore depreciation on fixed assets.