Posted: April 20th, 2022

NNS Hospitals Ltd. is a publicly owned company which owns a chain of hospitals

MGT 278C Project 1
NNS Hospitals Ltd. is a publicly owned company which owns a chain of hospitals. The Stability Sheet of NNS as of 31/three/2015 is given under:
Liabilities and Homeowners’ Fairness
Accounts Payable 120,000
Salaries Payable 10,000
Provision for Taxes (2013-14) 90,000
Provision for Taxes (2014-15) 100,000
eight% Financial institution Mortgage 160,000
Share Capital 400,000
Share Premium 200,000
Retained Earnings 20,000
TOTAL 1,100,000

Property
Money 80,000
Inventories of Medical Provides 120,000
Accounts Receivable 100,000
Much less: Allowance for Uncertain Money owed -5,000 95,000
Advance Taxes Paid (2013-14) 95,000
Advance Taxes Paid (2014-15) 100,000
Pay as you go Insurance coverage 20,000
Investments in 10% Authorities Bonds 200,000
Land 150,000
Constructing 200,000
Much less: Amassed Depreciation -20,000 180,000
Gear 100,000
Much less: Amassed Depreciation -40,000 60,000
TOTAL 1,100,000

Majority of the money funds and receipts made through the 12 months are given under:
Money Receipts Money Funds
Whole Money Collected from Sufferers 700,000 Money Paid for Workers Salaries 110,000
Curiosity Obtained on Govt. Bonds 20,000 Money Paid for Accounts Payable 300,000
Sale of Gear (31/12/2015) 15,000 Money Paid for Utilities 50,000
Dividends acquired 5,000 Mortgage Repaid (31/three/2016) 20,000
Docs Honorarium 140,000
Gear Buy (30/9/2015) 30,000
Advance Tax Paid 100,000
Dividends paid 50,000
Funding in Inventory of ND Co. 20,000

Further Particulars:
1. NNS offers companies to sure sufferers on a credit score foundation. Throughout the present monetary 12 months, $300,000 price of companies was offered to such sufferers on a credit score foundation and $310,000 was collected from such sufferers. On account of poor monetary situation of sure sufferers, $6,000 was written-off as dangerous money owed in March 2016. $2,000 price of beforehand written-off quantities was collected in January 2016. The agency needs to keep up a stability of 5% of year-end Accounts Receivable as an allowance for uncertain money owed.

2. NNS purchases all stock of medical provides on credit score. The entire buy within the present monetary 12 months amounted to $250,000. The ending stability of stock of medical provides was $90,000.

three. The curiosity on eight% Financial institution Mortgage is accrued, however as a result of a laptop glitch, couldn’t be paid until 10th April 2016. The company needed to pay a penalty of $10,000 together with the curiosity on 10th April 2016 for late fee of curiosity. The penalty turns into due within the 12 months of default.

four. The tools has a helpful life of 5 years and Constructing has a helpful life of 10 years. The tools that was offered on 31/12/2015 was two years outdated at first of the 12 months and had a historic price of $20,000.

5. Salaries for the final two weeks of March 2015 might be paid on fifth April 2016. Such salaries amounted to $15,000. Salaries payable for earlier years have been paid off within the present 12 months.

6. The pay as you go insurance coverage is legitimate for one more 15 months ranging from 1/four/2015.

7. Tax Assessment for the years 2013-14 and 2014-15 was accomplished within the present 12 months and the tax was assessed to be Rs. 100,000 for 2013-14 and 95,000 for 2014-15. Shortfall (refund), if any, was paid (acquired) through the 12 months 2015-16. Provision for taxes for the present 12 months is 25% of Revenue earlier than Tax.

eight. 10,000 new shares have been issued. The face worth of shares was $1 and Market worth was $20.

Based mostly on the above data, put together the Stability Sheet, Earnings Assertion, and Money Movement Assertion (Use Oblique Methodology) for the 12 months ended on 31/three/2016.

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Project 1 for MGT 278C
NNS Hospitals Ltd. is a publicly traded company that owns a hospital chain. The next is NNS’s Stability Sheet as of 31/three/2015:
Accounts for Liabilities and Homeowners’ Fairness Payable 120,000 sSalaries Payable Provision for Taxes of $10,000 (2013-14) Tax Provision of $90,000 (2014-15) 100,000 eight% Financial institution Mortgage 160,000 Share Capital 400,000 Share Premium 200,000
Earnings Retained 20,000
TOTAL 1,100,000
Property sCash
80,000 Medical Provide Inventories
Accounts Receivable: 120,000
100,000 Much less: Provision for Uncertain Money owed -5,000
Taxes Paid in Advance: 95,000 (2013-14)
Taxes Paid in Advance: 95,000 (2014-15)
Pay as you go Insurance coverage for $100,000
20,000 in 10-percentage-point authorities bonds
200,000 sLand 150,000 sBuilding 200,000 sLess: Amassed Depreciation -20,000 180,000 Gear $100,000 Much less: Amassed Depreciation -40,000 60,000 TOTAL 1,100,000

The overwhelming majority of money funds and

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