NNS Hospitals Ltd. is a publicly owned company that owns a chain of hospitals. The Balance Sheet of NNS as of 31/3/2015 is given below: 

Liabilities and Owners’ Equity 

Accounts Payable 120,000 

Salaries Payable 10,000 

Provision for Taxes (2013-14) 90,000 

Provision for Taxes (2014-15) 100,000 8% 

Bank Loan 160,000 

Share Capital 400,000 

Share Premium 200,000 

Retained Earnings 20,000 

TOTAL 1,100,000 

Assets

Cash 80,000 

Inventories of Medical Supplies 120,000 

Accounts Receivable 100,000 

Less: Allowance for Doubtful Debts -5,000 95,000 

Advance Taxes Paid (2013-14) 95,000 

Advance Taxes Paid (2014-15) 100,000 

Prepaid Insurance 20,000 

Investments in 10% 

Government Bonds 200,000 

Land 150,000 

Building 200,000 

Less: Accumulated Depreciation -20,000 180,000 

Equipment 100,000 

Less: Accumulated Depreciation -40,000 60,000 

TOTAL 1,100,000 

The majority of the cash payments and receipts made during the year are given below: 

Cash Receipts Cash Payments Total Cash Collected from Patients 700,000 

Cash Paid for Staff Salaries 110,000 

Interest Received on Govt. Bonds 20,000 

Cash Paid for Accounts Payable 300,000 

Sale of Equipment (31/12/2015) 15,000 

Cash Paid for Utilities 50,000 

Dividends received 5,000 

Loan Repaid (31/3/2016) 20,000 

Doctors Honorarium 140,000 

Equipment Purchase (30/9/2015) 30,000 

Advance Tax Paid 100,000 

Dividends paid 50,000 

Investment in Stock of ND Co. 20,000 

Additional Details: 

1. NNS provides services to certain patients on a credit basis. During the current financial year, $300,000 worth of services were provided to such patients on a credit basis and $310,000 was collected from such patients. Due to the poor financial condition of certain patients, $6,000 was written off as bad debts in March 2016. $2,000 worth of previously written-off amounts were collected in January 2016. The firm wishes to maintain a balance of 5% of year-end Accounts Receivable as an allowance for doubtful debts. 

2. NNS purchases all inventory of medical supplies on credit. The total purchase in the current financial year amounted to $250,000. The ending balance of the inventory of medical supplies was $90,000. 

3. The interest on 8% Bank Loan is accrued, but due to a computer glitch, could not be paid till 10th April 2016. The company had to pay a penalty of $10,000 along with the interest on 10th April 2016 for late payment of interest. The penalty becomes due in the year of default. 

4. The equipment has a useful life of 5 years and Building has a useful life of 10 years. The equipment that was sold on 31/12/2015 was two years old at the beginning of the year and had a historical cost of $20,000. 

5. Salaries for the last two weeks of March 2015 will be paid on 5th April 2016. Such salaries amounted to $15,000. Salaries payable for previous years were paid off in the current year. 

6. The prepaid insurance is valid for another 15 months starting from 1/4/2015. 

7. Tax assessment for the years 2013-14 and 2014-15 was completed in the current year 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 (received) during the year 2015-16. Provision for taxes for the current year is 25% of Profit before Tax. 

8. 10,000 new shares were issued. The face value of the shares was $1 and the Market value was $20. Based on the above information, prepare the Balance Sheet, Income Statement, and Cash Flow Statement (Use Indirect Method) for the year that ended on 31/3/2016.