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 31st March, 2012 Debit Balance Amount Rs CreditBalance Amount Rs Stock on 1st 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.

Dr. Trading Account for the year ended Mar 31, 2012 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Opening Stock 52,000 Sales 3,20,000 3,26,000 Purchases 1,76,000 Add: Additional Sales 6,000 Wages 22,000 26,000 Closing Stock 80,000 Add: OutstandingWages 4,000 Gross Profit (Balancing Figure) 1,52,000 4,06,000 4,06,000 Dr. Profit and Loss Account for the year ended March 31, 2012 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Bad-Debts 3,000 9,300 Gross Profit 1,52,000 Add: Further Bad-Debts 4,000 Rent Received 9,600 Add: New Reserve for Doubtful Debts 4,300 Discount Received 3,600 Less: Old Reserve for Doubtful Debts (2,000) Reserve for Discount on Creditors 2,520 Reserve for Discount on Debtors 1,634 Salaries 28,000 31,066 Add: Outstanding Salaries 3,066 Depreciation on Motor Vehicle 2,500 Rent 16,000 19,200 Add: OutstandingRent`(16,000 xx 2/10 = "Rs." 3,200)` 3,200 Office Expenses 5,000 Discount Allowed 2,500 Provident Fund Contribution 5,500 Net Profit (Balancing Figure) Roma 44,767 91,020 Mona 44,767 1,67,720 1,67,720 Dr. Balance Sheet as on March 31, 2012 Cr. Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital of Roma 50,000 95,510 Fixed Assets: Add: Net Profit 45,510 Motor Vehicles 50,000 47,500 Capital of Mona 50,000 95,510 Less: 5% depreciation (2,500) Add: Net Profit 45,510 Premises 78,000 Current Liabilities Current Assets: Creditors 84,000 81,480 Closing Stock 80,000 Less: Reserve for Discount on Creditors (2,520) Debtors 84,000 80,066 Outstanding Salaries 3,066 Add: Additional 6,000 Outstanding Wages 4,000 Less: Further Bad-Debts (4,000) Outstanding Rent 3,200 Less: Reserve for Doubtful Debts (4,300) Interest on Provident Fund Investment 2,800 Less: Reserve for Discount on Debtors (1,634) Provident Fund 50,000 Provident Fund Investment 50,000 3,35,566 3,35,566

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

प्रश्न

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.

खाता बही

उत्तर

Dr.	Trading Account for the year ended Mar 31, 2012				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Opening Stock		52,000	Sales	3,20,000	3,26,000
Purchases		1,76,000	Add: Additional Sales	6,000	3,26,000
Wages	22,000	26,000	Closing Stock		80,000
Add: Outstanding Wages	4,000	26,000
Gross Profit (Balancing Figure)		1,52,000
		4,06,000			4,06,000

Dr.	Profit and Loss Account for the year ended March 31, 2012			Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)
Bad-Debts	3,000	9,300	Gross Profit	1,52,000
Add: Further Bad-Debts	4,000		Rent Received	9,600
Add: New Reserve for Doubtful Debts	4,300		Discount Received	3,600
Less: Old Reserve for Doubtful Debts	(2,000)		Reserve for Discount on Creditors	2,520
Reserve for Discount on Debtors		1,634
Salaries	28,000	31,066
Add: Outstanding Salaries	3,066	31,066
Depreciation on Motor Vehicle		2,500
Rent	16,000	19,200
Add: Outstanding Rent `(16,000 xx 2/10 = "Rs." 3,200)`	3,200	19,200
Office Expenses		5,000
Discount Allowed		2,500
Provident Fund Contribution		5,500
Net Profit (Balancing Figure)
Roma	44,767	91,020
Mona	44,767	91,020
		1,67,720		1,67,720

Dr.	Balance Sheet as on March 31, 2012				Cr.
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital of Roma	50,000	95,510	Fixed Assets:
Add: Net Profit	45,510	95,510	Motor Vehicles	50,000	47,500
Capital of Mona	50,000	95,510	Less: 5% depreciation	(2,500)	47,500
Add: Net Profit	45,510	95,510	Premises		78,000
Current Liabilities			Current Assets:
Creditors	84,000	81,480	Closing Stock		80,000
Less: Reserve for Discount on Creditors	(2,520)	81,480	Debtors	84,000	80,066
Outstanding Salaries		3,066	Add: Additional	6,000
Outstanding Wages		4,000	Less: Further Bad-Debts	(4,000)
Outstanding Rent		3,200	Less: Reserve for Doubtful Debts	(4,300)
Interest on Provident Fund Investment		2,800	Less: Reserve for Discount on Debtors	(1,634)
Provident Fund		50,000	Provident Fund Investment		50,000
		3,35,566			3,35,566

shaalaa.com

Partnership Final Accounts

क्या इस प्रश्न या उत्तर में कोई त्रुटि है?

वीडियो ट्यूटोरियलVIEW ALL [1]

view
वीडियो ट्यूटोरियल For All Subjects
Partnership Final Accounts

video tutorial01:23:03

संबंधित प्रश्न

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.

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.

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.

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.

Expenses which are paid before they are due.

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

An asset which can be converted into cash easily.

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

The account in which selling expenses of the business are recorded.