Ashok and Sangmesh are in partnership sharing profit and losses in the ratio of 2 : 1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March 2016 and Balance sheet as on that date: Trial Balance as on 31st March 2016 Particulars Debit Amount (₹) Credit Amount (₹) Prepaid insurance 3,200 Insurance 8,000 R.D.D. 4,000 Discount 3,200 Postage and telephone 12,800 Debtors and creditors 2,64,000 2,72,000 Salaries 2,24,000 Wages 96,000 Opening stock 1,92,000 Carriage 4,000 Purchased and sales 7,72,800 12,06,400 Return inward/Outward 22,400 36,800 Bank Overdraft 4,83,200 Plant and Machinery 96,000 Land and Building 7,04,000 Partner's Capital accounts: Ashok 2,08,000 Sangmesh 1,92,000 24,02,400 24,02,400 Adjustment: Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors. Goods worth Rs. 16,000 were distributed as free samples. Closing stock on 31st March 2016 was valued at the cost of Rs. 2,24,000 while its market price was Rs. 2,40,000. The salaries were outstanding at Rs. 8,000. Depreciation: Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

In the books of Ashok and Sangmesh Dr. Trading A/c for the year ended 31.03.16 Cr. Particulars Amount (₹) Particulars Amount (₹) To Opening Stock 1,92,000 By Net Sales 11,84,000 To Net Purchases 7,36,000 By Closing Stock 2,24,000 To wages 96,000 By Goods distributed as free samples 16,000 To Carriage 4,000 To Gross Profit c/d 3,96,000 14,24,000 14,24,000 Dr. Profit & Loss Account for the year ended 31-03-2016 Cr. Particulars Amount (₹) Particulars Amount (₹) Amount (₹) To Discount 3,200 Gross Profit b/d 3,96,000 To Postage & Telephone 12,800 To Salaries (2,24,000 + O/S 8,000) 2,32,000 To Insurance 8,000 To Advertisement 16,000 To Bad Debts & RDD Adjustment 16,800 To Depreciation: Land & Building 35,200 Plant & Machinery 9,600 To Net Profit transferred to Partners’ Capital A/c 62,400 3,96,000 3,96,000 Net Profit = ₹ 62,400, to be shared 2:1 Ashok: ₹ 62,400 × `2/3` = ₹ 41,600 Sangmesh: ₹ 62,400 × `1/3` = ₹ 20,800 Balance Sheet as at 31-03-2016 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Partners’ Capital Accounts 4,62,400 Land & Building (7,04,000 – 35,200) 6,68,800 Ashok 2,49,600 Plant & Machinery (96,000 – 9,600) 86,400 Sangmesh 2,12,800 Closing Stock 2,24,000 Sundry Creditors 2,72,000 Debtors 2,43,200 Bank Overdraft 4,83,200 Prepaid Insurance 3,200 Outstanding Salaries 8,000 12,25,600 12,25,600 Working Notes: Net Sales & Net Purchases Net Sales = Sales – Returns Inward = 12,06,400 – 22,400 = ₹ 11,84,000 Net Purchases = Purchases – Returns Outward – Free Samples = 7,72,800 – 36,800 – 16,000 = ₹ 7,20,000 Provision for Doubtful Debts Debtors after write-off = 2,64,000 – 8,000 = ₹ 2,56,000 New R.D.D. = 5% of 2,56,000 = ₹ 12,800 P&L charge = Bad Debts ₹ 8,000 + (New RDD ₹ 12,800 – Old RDD ₹ 4,000) = ₹ 16,800 Depreciation Land & Building @ 5% = 5% of 7,04,000 = ₹ 35,200 Plant & Machinery @ 10% = 10% of 96,000 = ₹ 9,600

Ashok and Sangmesh Are in Partnership Sharing Profit and Losses in the Ratio of 2 : 1. from the Following Trial Balance and Adjustments Given Below, You Are Required to Prepare Trading and Profit and

प्रश्न

Ashok and Sangmesh are in partnership sharing profit and losses in the ratio of 2 : 1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March 2016 and Balance sheet as on that date:

Trial Balance as on 31st March 2016
Particulars	Debit Amount (₹)	Credit Amount (₹)
Prepaid insurance	3,200
Insurance	8,000
R.D.D.		4,000
Discount	3,200
Postage and telephone	12,800
Debtors and creditors	2,64,000	2,72,000
Salaries	2,24,000
Wages	96,000
Opening stock	1,92,000
Carriage	4,000
Purchased and sales	7,72,800	12,06,400
Return inward/Outward	22,400	36,800
Bank Overdraft		4,83,200
Plant and Machinery	96,000
Land and Building	7,04,000
Partner's Capital accounts:
Ashok		2,08,000
Sangmesh		1,92,000
	24,02,400	24,02,400

Adjustment:

Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
Goods worth Rs. 16,000 were distributed as free samples.
Closing stock on 31st March 2016 was valued at the cost of Rs. 2,24,000 while its market price was Rs. 2,40,000.
The salaries were outstanding at Rs. 8,000.
Depreciation: Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

खाता बही

उत्तर

In the books of Ashok and Sangmesh
Dr.	Trading A/c for the year ended 31.03.16		Cr.
Particulars	Amount (₹)	Particulars	Amount (₹)
To Opening Stock	1,92,000	By Net Sales	11,84,000
To Net Purchases	7,36,000	By Closing Stock	2,24,000
To wages	96,000	By Goods distributed as free samples	16,000
To Carriage	4,000
To Gross Profit c/d	3,96,000
	14,24,000		14,24,000

Dr.	Profit & Loss Account for the year ended 31-03-2016			Cr.
Particulars	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Discount	3,200	Gross Profit b/d		3,96,000
To Postage & Telephone	12,800
To Salaries (2,24,000 + O/S 8,000)	2,32,000
To Insurance	8,000
To Advertisement	16,000
To Bad Debts & RDD Adjustment	16,800
To Depreciation:
Land & Building	35,200
Plant & Machinery	9,600
To Net Profit transferred to Partners’ Capital A/c	62,400
	3,96,000			3,96,000

Net Profit = ₹ 62,400, to be shared 2:1

Ashok: ₹ 62,400 × `2/3` = ₹ 41,600

Sangmesh: ₹ 62,400 × `1/3` = ₹ 20,800

Balance Sheet as at 31-03-2016
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Partners’ Capital Accounts		4,62,400	Land & Building (7,04,000 – 35,200)		6,68,800
Ashok	2,49,600		Plant & Machinery (96,000 – 9,600)		86,400
Sangmesh	2,12,800		Closing Stock		2,24,000
Sundry Creditors		2,72,000	Debtors		2,43,200
Bank Overdraft		4,83,200	Prepaid Insurance		3,200
Outstanding Salaries		8,000
		12,25,600			12,25,600

Working Notes:

Net Sales & Net Purchases

Net Sales = Sales – Returns Inward

= 12,06,400 – 22,400 = ₹ 11,84,000

Net Purchases = Purchases – Returns Outward – Free Samples

= 7,72,800 – 36,800 – 16,000 = ₹ 7,20,000

Provision for Doubtful Debts

Debtors after write-off = 2,64,000 – 8,000 = ₹ 2,56,000

New R.D.D. = 5% of 2,56,000 = ₹ 12,800

P&L charge = Bad Debts ₹ 8,000 + (New RDD ₹ 12,800 – Old RDD ₹ 4,000) = ₹ 16,800

Depreciation

Land & Building @ 5% = 5% of 7,04,000 = ₹ 35,200

Plant & Machinery @ 10% = 10% of 96,000 = ₹ 9,600

shaalaa.com

Partnership Final Accounts

क्या इस प्रश्न या उत्तर में कोई त्रुटि है?

Q 7 Q 6 Next

2018-2019 (March) Set 1

APPEARS IN

2018-2019 (March) Set 1 (with solutions)

Q 7 | 15 marks

वीडियो ट्यूटोरियलVIEW ALL [1]

view
वीडियो ट्यूटोरियल For All Subjects
Partnership Final Accounts

video tutorial01:23:03

संबंधित प्रश्न

Write a short note on E-Commerce ?

Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.

From the following Trading Balance of M/s Ajay and Vijay you are required to prepared Trading and Profit and Loss Account for the year ended 31st March, 2009 and Balance Sheet as on that date

Trial Balance as on 31st March , 2009

Particulars	Debit Amount Rs.	Credit Amount Rs.
Capital A/c's Ajay Vijay		60000 35000
Purchases and Sales	46,700	85,000
Sundry Debtors and Creditors	28000	25000
Bills Receivable and payable	5000	6000
Commission	4600	1800
Opening stock	18000
Wages	9900
Investment	13500
Postage and Telegrams	3600
Insurance	1200
Plant and Machinery	40700
Furniture	18000
Cash in hand	2500
Carriage	3200
Bad debts	400
Prepaid Rent	7000
Salaries	10500

Adjustments:

1) The closing stock is valued at Rs 31,000.

2) Outstanding expenses were wages Rs. 1,400, salaries Rs 800.

3) Depreciate Plant and Machinery by 10%.

4) Insurance at Rs 500 is paid in advance.

5) Provide for further bad debts of Rs 1,500.

6) Commission due but not received Rs 1,200.

Sanjay and Sudhir are partners sharing profit and losses in the ratio 3: 2. The Trial Balance of the firm on 31st March, 2010 was follows:

Trial Balance as on 31st March, 2010
Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Opening stock	20,000	Capital A/c's
Purchases	30,000	Sanjay	40,000
Debtors	12,000	Sudhir	30,000
Wages	5,000	Sales	70,000
Salaries	10,000	Sundry Creditors	21,000
Land and building	30,000	Bills Payable	20,000
Plant and machinery	25,000	Discount	5,000
Furniture	16,000	Outstanding Rent	1,500
Advertisement (for 2 years)	6,000
Bills Receivable	8,000
Insurance	2,000
Drawings:
Sanjay	2,000
Sudhir	3,000
Cash in hand	5,500
Rent	10,000
Power and Fuel	3,000
	1,87,500		1,87,500

Adjustments:

1) Stock on hand on 31st March, 2010 was at Rs. 35,000.

2) Write off Rs. 2,000, for further Bad debts and maintain R.D.D. at 5% on debtors.

3) Depreciate Land and Building at 5% and Machinery at 10%.

4) Outstanding expenses were wages Rs 2,000 and salary Rs 1,000.

5) Credit purchases amounted to Rs 4,000 were not recorded in the books of accounts.

6) Provide interest on Partners Capital at 5% p.a.

From the above Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that data.

Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3:2. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and Balance Sheet on that date.

Trial Balance as on 31st March, 2012
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	4,00,000	Capital A/cs -
Plant and Machinery	1,20,000	Madhuri	3,00,000
Purchases	6,50,000	Minakshi	2,00,000
Carriage	7,000	Sales	8,10,000
Opening stock	90,000	Sundry Creditors	1,00,000
Wages	35,000	Outstanding salaries	4,200
Sundry Debtors	1,50,000	8% Bank loan (Taken on 1.10.2011)	1,00,000
Salaries	28,000
Postage and Telegram	4,000
Insurance	5,000
Bad debts	3,000
Rent	4,000
Discount	3,200
Drawing A/c-
Madhuri	10,000
Minakshi	5,000
	15,14,200		15,14,200

Adjustments:

Stock on hand on 31st March, 2010 was valued at Rs 1,10,000.
Depreciate Plant and Machinery at 10% p.a. and Building at 5% p.a.
Prepaid Insurance Rs 1,500.
Create R.D.D at 5% on Sundry Debtors.
Partners are allowed interest at 5% p.a. on their capitals.
Salaries include Rs 2,500 as advance to workers.

From the following Trial Balance of M/s Mahesh and Umesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date. Profit sharing ratio of Mahesh and Umesh was 3/5th and 2/5th respectively.

Trial Balance as on 31^st March, 2013
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Investments	56,000	Capital A/c:
Carriage	7,000	Mahesh	1,62,000
Loose Tools	17,000	Umesh	1,08,000
Building	1,50,000	Current A/c:
Salary	13,000	Mahesh	16,200
Audit fees	8,500	Umesh	10,800
Opening stock	83,000	Sundry Creditors	99,000
Wages	7,500	Sales	4,20,000
Purchases	1,97,000	Bank Overdraft	56,400
Motive Power	15,000
Bad Debts	6,400
Printing and Stationery	4000
Debtors	96,000
Cash at Bank	52,000
Machinery	72,000
Motor Van	88,000
	8,72,400		8,72,400

Adjustments:

1) Stock on hand on 31st March, 2013 was valued at Rs 76,000.

2) Interest on partner’s capital at 5% p.a. was allowed.

3) Goods worth Rs 2,000 and Rs 1,500 withdrawn by Mahesh and Umesh respectively for their personal use.

4) Mahesh is entitled to get salary of Rs 6,500 and Umesh is to be given 20% commission on sales.

5) Rs. 2,500 due from customer is not recoverable.

6) Depreciate Motor Van at 8% p.a. and Building at 7% p.a.

Mohini and Rohini are in partnership firm sharing profits and losses equally. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that date.

Trial Balance as on 31^st March, 2010

Particulars	Debit Amount Rs.	Credit Amount Rs
Partner’s Capital A/c-
Mohini		120000
Rohini		90000
Purchases and Sales	220000	430000
Sundry Debtors and Creditors	45000	35000
Bills Receivable and Bills Payable	45000	50000
Discount	4000	3500
Opening stock	25000
Wages and Salaries	23000
Manufacturing Expenses	9,000
Factory Insurances	5,000
Factory Building	1,40,000
Plant and Machinery	75,000
Advertisement (for 2years w.e.f. 1^st Jan. 2010)	10,000
Salaries and Wages	45,000
Warehouse rent	6,000
Import duty	11,500
Cash in hand	5,000
10% Government Bond (Purchased on 1st July 2009)	60000
	728500	728500

Adjustments:

1) Closing stock was valued at market price Rs 92,000 which is 15% above its cost price.

2) Goods costing Rs 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book.

3) Depreciate Machinery at 10% p.a.

4) Outstanding Wages were Rs 2,500.

5) Goods of Rs 2,000 were taken by Mohini for personal use but no entry was made in the books of account.

6) Maintain R.D.D at 5% on Sundry Debtors.

Following is the Balance sheet of Harsha and Versha’s firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.

Balance sheet as on 31st March, 2016
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:

Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
A provision of 5% on debtors to be made for doubtful debts.
The stock is to be taken at a value of Rs. 2,00,000.
The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.

Prepare:

Profit and Loss Adjustment Account, Partner’s Capital Account and new Balance Sheet of the firm.

Dhiraj and Suraj are partners sharing profits and losses in the ratio of 2 : 1. From the following Trial Balance and adjustments, prepare Trading and Profit and Loss account for the year ended 31st March, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013

Particulars	Amount Rs.	Particulars	Amount Rs.
Opening Stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	16,500
Plant and Machinery	30,000	Return Outward	2,500
Furniture	18,500	Capital Accounts
Carriage	1,500	Dhiraj	90,000
Wages	30,000	Suraj	50,000
Bills Receivable	5,000
Sundry Debtors	32,000
Conveyance	4,000
Salaries	10,500
Cash in hand	14,750
Land and Building	83,500
Bad debts	1,750
Patents	25,000
	352,500		352,500

Adjustments :

(1) Closing stock : Cost price RS. 25,000 and market price Rs. 30,000.

(2) An amount of Rs. 3,500 spent for repairs to building is debited to building account.

(3) Depreciate plant and machinery and building at 5% p.a.

(4) Included in wages in advance given to workers Rs. 3,000.

(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below:

Balance Sheet as on 31st March, 2013.
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital Accounts	11,000	Building	10,000
Anita	15,000	Machinery	10,700
Sunita	8,000	Furniture	10,000
Kavita	10,000	Debtors	5,000
Creditors	10,900	Stock	6,600
Reserve fund	4,000	Cash	6,600

On 1st April, 2013, Mrs. Kavita retired from the firm on the following terms:

Goodwill of the firm is to be valued at ₹4,000, however, only Kavita’s share in it is to be raised in the books and written off immediately.
Assets to be revalued as under:
Stock ₹6,300; Machinery ₹10,000; Furniture ₹10,200.
R.D.D. to be maintained at 10% on debtors.
₹100 to be written off from creditors.
The amount payable to Mrs. Kavita is to be transferred to her loan account.

Prepare:

Profit and loss adjustment account.
Partner’s capital account, and
Balance Sheet of new firm as on 01.04.2013.

Write the word/phrase/term, which can substitute the following sentence.

The account to which all adjustments are made when capital is fixed.

Write the word/phrase/term, which can substitute the following sentence.

Expenses which are paid before they are due.