Dr. Francis Ong. MD got voluntary retirement at the age of 55 years from a renowned hospital. He was residing in a condo unit which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about importance of health care, a widespread ailment had been persistently prevailing. Dr. Ong, met with some of the well-off people of condominium and decided to open a clinic called MEDIFREE to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the condo residents agreed to it. He approached health department of the town with his proposal which was accepted and an initial one time grant of P200,000 was given immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the condo contributed P2,000 each as lifetime subscription to the clinic. Dr. Ong decided to charge P10 as one time registration fee from patients. Apart from above Dr. Ong made following transactions for first year: Number Particulars Purchased Medicine Purchased Equipment Purchased Furnitures Paid rent Received fees for medical tests Amount P12.000 9,500 3 10,000 S,000 45,000 Honorarium paid to clinic staff Honorarium paid to physiotherapist and sports teacher 35,000 38,000 During the first year, 10,500 patients were registered for treatment and for other services. Taking reference from the above, answer following question: How much is the total income at the end of the vear?
Dr. Francis Ong. MD got voluntary retirement at the age of 55 years from a renowned hospital. He was residing in a condo unit which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware about importance of health care, a widespread ailment had been persistently prevailing. Dr. Ong, met with some of the well-off people of condominium and decided to open a clinic called MEDIFREE to provide them cost free medical assistance and make them aware about hygienic living, physical fitness, and economic balance diet. Many of the condo residents agreed to it. He approached health department of the town with his proposal which was accepted and an initial one time grant of P200,000 was given immediately for purchase of medical equipment and test kits for pathological tests. 10 members of the condo contributed P2,000 each as lifetime subscription to the clinic. Dr. Ong decided to charge P10 as one time registration fee from patients. Apart from above Dr. Ong made following transactions for first year: Number Particulars Purchased Medicine Purchased Equipment Purchased Furnitures Paid rent Received fees for medical tests Amount P12.000 9,500 3 10,000 S,000 45,000 Honorarium paid to clinic staff Honorarium paid to physiotherapist and sports teacher 35,000 38,000 During the first year, 10,500 patients were registered for treatment and for other services. Taking reference from the above, answer following question: How much is the total income at the end of the vear?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 27P
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Question
Please answer within 30 minutes. Thank you very much.
Transcribed Image Text:Dr. Francis Ong, MD got voluntary retirement at the age of 55 years from a renowned hospital. He was residing in a condo unit which is surrounded by a slum which is inhabited by economically weaker strata of the society. As the people in that area were not aware
about importance of health care, a widespread ailment had been persistently prevailing. Dr. Ong, met with some of the well-off people of condominium and decided to open a clinic called MEDIFREE to provide them cost free medical assistance and make them aware
about hygienic living, physical fitness, and economic balance diet. Many of the condo residents agreed to it. He approached health department of the town with his proposal which was accepted and an initial one time grant of P200,000 was given immediately for
purchase of medical equipment and test kits for pathological tests. 10 members of the condo contributed P2,000 each as lifetime subscription to the clinic. Dr. Ong decided to charge P10 as one time registration fee from patients. Apart from above Dr. Ong made
following transactions for first year:
Number
Particulars
Amount
1
Purchased Medicine
P12,000
2
Purchased Equipment
9,500
3
Purchased Furnitures
10,000
4
Paid rent
8,000
5
Received fees for medical tests
45,000
Honorarium paid to clinic staff
Honorarium paid to physiotherapist and sports teacher
6
35,000
38,000
During the first year, 10,500 patients were registered for treatment and for other services. Taking reference from the above, answer following question:
How much is the total income at the end of the year?
NOTE: NO CURRENCY SIGN, COMMA OR CENTAVOS.
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