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

In the books of the firm. Revaluation A/c Particulars Rs. Rs. Particulars Rs. Rs. To Stock A/c 6000 By Buildings A/c 12000 By R.D.D. [3000 - 1800] 1200 To Profit on Revaluation A/c Darshan's Capital A/c 4800 Amar's Capital A/c 2400 7200 13200 13200 Partners Capital A/c Particulars Darshan Amar Ranjit Particulars Darshan Amar Ranjit By Balance b/d 96000 64000 By General Reserve 12000 6000 By Profit and Loss A/c 4000 2000 By Cash A/c 48000 By Goodwill A/c 12000 6000 To Balance c/d 128800 80400 48000 By Profit on Revaluation A/c 4800 2400 128800 80400 48000 128800 80400 48000 Balance Sheet as on 1st April 2016 Liabilities Rs. Rs. Assets Rs. Rs. Creditors 80000 Building 100000 Pawan's Loan A/c 26000 (+) Appreciation 12000 112000 (-) Repaid - 26000 Nil Furniture 20000 Equipments 10000 Capital A/c Debtors 63000 Darshan 128800 (-) R.D.D. - 1800 61200 Amar 80400 Stock 84000 Ranjit 48000 257200 (-) Depreciation - 6000 78000 Cash Balance 38000 Goodwill 18000 337200 337200 Cash A/c Particulars Rs. Rs. Particulars Rs. Rs. To Balance b/d 16000 Pawan't Loan Repaid 26000 To Ranjit's Capital A/c 48000 By Balance c/d 38000 64000 64000 Goodwill A/c Particulars Rs. Rs. Particulars Rs. Rs. To Darshan's Capital A/c 12000 To Amar's Capital A/c 6000 By Balance c/d 18000 18000 18000

Darshan and Amar Were Partners Sharing Profit and Losses in the Proportion of 2: 1. Their Balance Sheet is as Follows:

प्रश्न

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

रोजनामा प्रविष्टि

उत्तर

In the books of the firm.

Revaluation A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Stock A/c		6000	By Buildings A/c		12000
			By R.D.D. [3000 - 1800]		1200
To Profit on Revaluation A/c
Darshan's Capital A/c	4800
Amar's Capital A/c	2400	7200
		13200			13200

Partners Capital A/c

Particulars	Darshan	Amar	Ranjit	Particulars	Darshan	Amar	Ranjit
				By Balance b/d	96000	64000
				By General Reserve	12000	6000
				By Profit and Loss A/c	4000	2000
				By Cash A/c			48000
				By Goodwill A/c	12000	6000
To Balance c/d	128800	80400	48000	By Profit on Revaluation A/c	4800	2400

	128800	80400	48000		128800	80400	48000

Balance Sheet as on 1st April 2016

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Creditors		80000	Building	100000
Pawan's Loan A/c	26000		(+) Appreciation	12000	112000
(-) Repaid	- 26000	Nil	Furniture		20000
			Equipments		10000
Capital A/c			Debtors	63000
Darshan	128800		(-) R.D.D.	- 1800	61200
Amar	80400		Stock	84000
Ranjit	48000	257200	(-) Depreciation	- 6000	78000
			Cash Balance		38000
			Goodwill		18000
		337200			337200

Cash A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Balance b/d		16000	Pawan't Loan Repaid		26000
To Ranjit's Capital A/c		48000


			By Balance c/d		38000
		64000			64000

Goodwill A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Darshan's Capital A/c		12000
To Amar's Capital A/c		6000


			By Balance c/d		18000
		18000			18000

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Partnership Final Accounts

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Q 3.A Q 2.B Q 3.B

2017-2018 (July) Set 1

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Partnership Final Accounts

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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.

Given below is the Trial Balance of M/s Seeta and Geeta as on 31^st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31^st March, 2010 and Balance Sheet on that date.

Trial Balance as on 31^st March, 2010

Debit Balance	Amount (Rs)	Credit Balance	Amount (Rs)
Current A/c-		Capital A/c-
Geeta	4000	Seeta	120000
Opening stock	88,000	Geeta	120000
Purchases	1,76,000	Current A/c- Seeta	5000
Wages	23,500	Sundry Creditors	103000
Salaries	15,000	Bank overdraft	60000
Office Expenses	8000	Sales	308000
Bank Charges	2600
Legal Charges	3000
Machinery	90000
Land and building	130000
Interest	3600
Export Duty	3800
Bad -Debts	4000
Sundry Debtors	82000
Travelling Expenses	3200
Electricity charges	2300
Furniture	37000
8% Debentures (Purchased on 1.10.2009)	40000
	716000		716000

Adjustments:

1) Stock on hand on 31st March, 2010 was valued at Rs 80,000.

2) Goods costing Rs 16,000 destroyed by fire and Insurance Company admitted a claim of Rs 13,000.

3) Provide for outstanding expenses: Salaries Rs 3,000, Wages Rs 2,400.

4) Depreciate Machinery at 10% p.a. Land and Building at 5% p.a.

5) Create Reserve for Bad and doubtful debts at 5% on Sundry Debtors.

6) Legal charges paid in advance Rs 1,200.

7) Provide interest on capital at 8% p.a.

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.

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.

To find out Net Profit or Net Loss of the business __________ account is prepared.

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

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