Receipt and Payment Account of Free Medical Society for the year ended 31st March is as follows:

Receipts:

Membership Fees: Rs. 50,000
Donations: Rs. 40,000
Sale of Medicine: Rs. 10,000
Interest: Rs. 5,000
Total: Rs. 1,05,000

Payments:

Rent: Rs. 20,000
Salary: Rs. 30,000
Purchase of Medicine: Rs. 25,000
Printing and Stationery: Rs. 5,000
Electricity: Rs. 10,000
Total: Rs. 90,000

Explanation:

The above Receipt and Payment account shows the inflow and outflow of cash for Free Medical Society for the year ended 31st March. The Receipts include Membership Fees, Donations, Sale of Medicine, and Interest. The Payments include Rent, Salary, Purchase of Medicine, Printing and Stationery, and Electricity.

Membership Fees: It is the amount charged from the members of the society for providing medical services.

Donations: It is the amount received as a gift from the donors who want to contribute to the society.

Sale of Medicine: It is the amount received from the sale of medicine by the society.

Interest: It is the amount of interest earned on the surplus funds of the society.

Rent: It is the amount paid for the rent of the building used by the society.

Salary: It is the amount paid to the employees of the society.

Purchase of Medicine: It is the amount paid for the purchase of medicine by the society.

Printing and Stationery: It is the amount paid for the printing of documents and stationery used by the society.

Electricity: It is the amount paid for the electricity consumed by the society.

The surplus or deficit of the society can be calculated by deducting the total payments from the total receipts. In this case, the surplus is Rs. 15,000 (Rs. 1,05,000 - Rs. 90,000). This surplus can be used for the development of the society or can be carried forward to the next year.

Give following information