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.

Trading Account For the year ended Mar. 31 2009Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 18000 Sales 85000 Purchases 46700 Closing Stock 31000 Carriage 3200 Wages 9900 11300 Add: Outstanding wages 1400 Gross Profit (Balancing Figure) 36800 116000 116000 Profit and loss Account for the year ended March 31, 2009Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Commission 4,600 Gross Profit 36800 Salaries 10,500 11,300 Commission received 1,800 3,000 Add: Outstanding Salaries 800 Add: Accrued Commission 1,200 Postage and telegram 3,600 Insurance 1,200 700 Less: Prepaid Insurance (500) Depreciation on Plant and Machinery 4,070 Bad-Debts 400 1,900 Add: Further Bad-Debts 1,500 Net Profit (Balancing Figure) Ajay 6,815 13,630 Vijay 6,815 39800 39800 Balance Sheet as on March 31, 2009 Liabilities Amount(Rs) Assets Amount(Rs) Capital of Ajay 60000 66815 Fixed Assets Add: Net Profit 6815 Investment 13500 Capital of Vijay 35000 41815 Furniture 18000 Add: Net Profit 6815 Plant and Machinery 40700 36630 Current Liabilities Less : Depreciation (4070) Creditors 25000 Current Assets Bills payable 6000 Closing Stock 31000 Outstanding Wages 1400 Debtors 28000 26500 Outstanding Salaries 800 Less: Further Bad-Debts (1500) Bills Receivable 5000 Prepaid Rent 7000 Accrued Commission 1200 Prepaid Insurance 500 Cash in Hand 2500 141830 141830

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

प्रश्न

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.

खाता बही

उत्तर

Trading Account
For the year ended Mar. 31 2009
Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Opening Stock		18000	Sales	85000
Purchases		46700	Closing Stock	31000
Carriage		3200
Wages	9900	11300
Add: Outstanding wages	1400
Gross Profit (Balancing Figure)		36800
		116000		116000

Profit and loss Account
for the year ended March 31, 2009
Dr. Cr.

Particulars		Amount (Rs)	Particulars		Amount (Rs)
Commission		4,600	Gross Profit		36800
Salaries	10,500	11,300	Commission received	1,800	3,000
Add: Outstanding Salaries	800		Add: Accrued Commission	1,200
Postage and telegram		3,600
Insurance	1,200	700
Less: Prepaid Insurance	(500)
Depreciation on Plant and Machinery		4,070
Bad-Debts	400	1,900
Add: Further Bad-Debts	1,500
Net Profit (Balancing Figure)
Ajay	6,815	13,630
Vijay	6,815
		39800			39800

Balance Sheet

as on March 31, 2009

Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital of Ajay	60000	66815	Fixed Assets
Add: Net Profit	6815		Investment		13500
Capital of Vijay	35000	41815	Furniture		18000
Add: Net Profit	6815		Plant and Machinery	40700	36630
Current Liabilities			Less : Depreciation	(4070)
Creditors		25000	Current Assets
Bills payable		6000	Closing Stock		31000
Outstanding Wages		1400	Debtors	28000	26500
Outstanding Salaries		800	Less: Further Bad-Debts	(1500)
			Bills Receivable		5000
			Prepaid Rent		7000
			Accrued Commission		1200
			Prepaid Insurance		500
			Cash in Hand		2500
		141830			141830

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Partnership Final Accounts

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अध्याय 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६६]

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मायकल वाझ Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board

अध्याय 2 Partnership Final Accounts
Practical Problems | Q 1 | पृष्ठ ६६

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Partnership Final Accounts

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संबंधित प्रश्न

Write a short note on E-Commerce ?

What do you mean by intangible asset?

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.

Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

Rokadimal sent goods of Rs 4,00,000 to Gunjal for sale.

Rokadimal paid Rs 11,500 for carriage.

Rokadimal drew a bill of Rs 95,000 on Gunjal, which he accepts.

Rokadimal discounted this bill with the bank for Rs 92,000.

The amount of discount is to be treated as joint venture expenditure.

Gunjal paid Rs 13,500 got advertisement.

Gunjal sold all the goods for Rs 5,00,000.

Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

Give Journal Entries in the books of Gunjal of Pune.

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

Credit balance of Profit and Loss Account.

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.

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.

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.

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

Expenses which are paid before they are due.