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

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Partnership Final Accounts

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Partnership Final Accounts

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संबंधित प्रश्न

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

Debit balance of trading account.

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.

Given below is the Trial Balance of M/s Roma and Mona partnership firm. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and Balance Sheet as on that date

Trial Balance as on 31^st March, 2012

Debit Balance	Amount Rs	Credit Balance	Amount Rs
Stock on 1^st April, 2011	52000	Provident fund	50000
Sundry Debtors	84000	Interest on P.F. Investment	2800
Bad debts	3000	Sundry Creditors	84000
Premises	78000	Rent received	9600
Salaries	28000	Reserve for Doubtful Debts	2000
Motor Vehicles	50000	Discount received	3600
Purchases	176000	Sales	320000
Provident Fund Investment	50,000	Capital A/c-
Provident Fund contribution	5500	Roma	50000
Wages	22000	Mona	50000
Rent (for 10 months)	16,000
Office Expenses	5,000
Discount allowed	2,500
	572000		572000

Adjustments:

1) Stock on 31st March, 2012 was valued at Rs 80,000.

2) Goods of Rs 6,000 were sold and despatched on 27th March, 2012, but no entry was made in the books of accounts.

3) Write off Bad debts of Rs 4,000 and provide for R.D.D. at 5% on sundry debtors.

4) Provide reserve for discount on debtors at 2% and on creditors at 3%.

5) Outstanding wages Rs 4,000 and outstanding salaries Rs 3,066.

6) Depreciate Motor Vehicle at 5% p.a.

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.

From the following Trial Balance of M/s Sanjay and Vijay, 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 after taking into consideration the adjustments given below.

Trial Balance as on 31^st March, 2013

Debit Balance	Amount Rs	Credit Balance	Amount Rs
Salaries and wages	12000	Sales	110000
Postage and Telegram	1,750	Sundry Creditors	72700
Opening Stock	23,500	Bills Payable	40000
Plant and Machinery	70,000	10% Bank loan (Taken on 1st Oct 2012)	60000
Advertisement	5,000	Outstanding Audit fees	5900
Import duty	2,100	Capital A/c-
Bad debts	1000	Sanjay	45000
Purchases	98500	Vijay	45000
Sundry Debtors	45800
Bills Receivable	16700
Carriage outward	1800
Wages and stationery (Note 2)	14000
Printing and stationery	4600
Cash in hand	1850
Leasehold Premises	80000
	378600		378600

Adjustments:
1) Closing stock was valued at Rs 30,000.

2) Postage stamps of Rs 250 and stationery of Rs 400 are unused.

3) Goods of Rs 2,500 distributed as free samples.

4) Leasehold property is to be run for 10 years w.e.f. 1st October, 2012.

5) Depreciate Plant and Machinery at 10% p.a.

6) Mr. Rajan, our customer become insolvent and could not pay his debts of Rs 1,500.

Keshav and Madhav were partners sharing the profits and losses in the ratio of 2:3. Their Balance Sheet is as follows:

Balance Sheet as on 31^st March, 2011

Liabilities	Amount (Rs)	Assets		Amount (Rs)
Capital Accounts :		Live stock		20000
Keshav	250000	Building		138000
Madhav	260000	Investment		45000
Creditors	8500	Loose Tools		38000
		Debtors	90000	72000
		(-)R.D.D	18000	72000
		Profit and Loss A/c		15000
		Closing Stock		104500
		Cash in Hand		86000
	518500			518500

On 1^st April, 2011 they admitted Uddhav on the following terms:

1) The new profit sharing ratio is equal.

2) Uddhav brings Rs 2,00,000 as his capital and Rs 80,000 as share of goodwill in cash.

3) Prepaid insurance of Rs 7,500 was not recorded in the books.

4) Loose tools were found undervalued by 5% and Building was found overvalued by 15% in the books.

5) All debtors are considered as good and out of creditors Rs 500 is no longer payable.

6) The market Value of Investment is 50% more than its book value.

Prepare, Profit and Loss Adjustment in A/c, Capital Accounts of partners and Balance Sheet of the new firm.

Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

Liabilities	Amt(Rs)	Amt(Rs)	Assets	Amt(Rs)	Amt(Rs)
Capital A/cs:			Building		1,00,000
Darshan	96,000		Furniture		20,000
Amar	64,000	1,60,000	Equipments		10,000
General reserve		18,000	Debtors	63,000
Profit and Loss A/c		6,000	Less: R.D.D	3,000	60,000
Creditors		80,000	Stock		84,000
Pawans loan A/c		26,000	Cash		16,000
		2,90,000			2,90,000

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare:
(1) Revaluation A/c
(2) Capital A/cs of partners and
(3) Balance sheet of the new firm

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

Expenses which are paid before they are due.

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

The accounts that are prepared at the end of each accounting year.