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प्रश्न
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 31st 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. 1st 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.
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उत्तर
Financial Statement of....
Trading Account
for the year ended March 31,2010
Dr. Cr.
| Particulars |
Amount
(Rs)
|
Particulars |
Amount
(Rs)
|
|
| Opening Stock | 25000 | Sales | 4,30,000 | |
| Purchases | 2,20,000 | 232500 | Closing Stock | 80,000 |
| Add : Additions | 3000 | |||
| Add : Import duty | 11500 | |||
| Less : Drawings by Mohini | (2000) | |||
| Factory Insurance | 5000 | |||
| Manufacturing Expenses | 9000 | |||
| Wages and Salaries | 23000 | 25500 | ||
| Add : Outstanding wages | 2500 | |||
| Gross Profit (Balancing Figure) | 213000 | |||
| 510000 | 510000 | |||
| Particulars |
Amount
(Rs)
|
Particulars |
Amount
(Rs)
|
|
| Discount | 4000 | Gross Profit | 213000 | |
| Advertisement | 10000 | 1250 | Discount | 3500 |
| Less : Prepaid `(10000 xx 21/24 )` | (8750) | Accrued Interest on Government Bonds `(60000 xx 10/100 xx 9/2)` |
4500 | |
| Salaries and Wages | 45000 | |||
| Warehouse Rent | 6000 | |||
| Depreciation on Machinery | 7,500 | |||
| Reserve on Doubtful Debts | 2250 | |||
| Net Profit (Balancing Figure) | ||||
| Mohini | 77500 | 155000 | ||
| Rohini | 77500 | |||
| 221000 | 221000 | |||
| Liabilities |
Amount
(Rs)
|
Assets |
Amount
(Rs)
|
||
| Capital | Fixed Assets | ||||
| Mohini | 195500 | 363000 | Building | 140000 | |
| Rohini | 167500 | Plant and Machinery | 75000 | 67500 | |
| Current Liabilities | Less : 10% Depreciation | (7500) | |||
| Creditors | 35000 | 38000 | Current Assets | ||
| Add : Additions | 3000 | Closing Stock | 80000 | ||
| Bills Payable | 50000 | Debtors | 45000 | 42750 | |
| Outstanding Wages | 2500 | Less : Reserve for Doubtful Debts `(Rs. 45000 xx 5/100)` |
2250 | ||
| Bills Receivable | 45000 | ||||
| Cash in Hand | 5000 | ||||
| 10% Government Bond | 60000 | 64500 | |||
| Add : Accrued Interest | 4500 | ||||
| Prepaid Advertisement | 8750 | ||||
| 453500 | 453500 | ||||
Working Notes:
Partners’ Capital Accounts
Dr. Cr.
| Particulars | Mohini | Rohini | Particulars | Mohini | Rohini |
| Drawings | 2000 | Balance b/d | 120000 | 90000 | |
| Balance c/d | 195500 | 167500 | Profit and Loss A/c -Profit | 77500 | 77500 |
| 197500 | 167500 | 197500 | 167500 |
Note : As per the textbook the Total of Balance sheet is Rs 4,48,500 but as per our solution it should be Rs 4,53,500.
*There is difference of Rs 10,000 in the Debit and Credit side of Trial Balance, therefore, Factory Building has been increased by Rs 10,000.
APPEARS IN
संबंधित प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
Return outward are deducted from __________________.
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 paid Rs 11,500 for carriage.
Rokadimal discounted this bill with the bank for Rs 92,000.
Gunjal paid Rs 13,500 got advertisement.
Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.
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
|
Credit Balance |
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.
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 31st 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.
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 31st 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 31st 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 | |||
| Profit and Loss A/c | 15000 | |||
| Closing Stock | 104500 | |||
| Cash in Hand | 86000 | |||
| 518500 | 518500 | |||
On 1st 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.
A ______ is an intangible asset.
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.
Order in which fixed assets are recorded first in the Balance Sheet.
State whether the following statement is True or False with reasons.
Income received in advance is a liability.
State whether the following statement is True or False with reasons.
Net profit is a debit balance of Profit and Loss Account.
Find odd one.
Find odd one
Find odd one.
Return outward are deducted from ______.
Assets which are held in the business for a long period are called ______.
Trading Account is prepared on the basis of ______ expenses.
Answer in one sentence only.
What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?
Answer in one sentence only.
As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?
Answer in one sentence only.
Why wages paid for installation of machinery are not shown in Trading Account?
Do you agree/disagree with the following statement:
Amount borrowed by partner from his business will be debited to Current Account.
Do you agree/disagree with the following statement?
All direct expenditures are debited to profit and loss account.
Undervaluation of Closing Stock by 10%. Closing Stock was ₹30,000 find out the value of Closing Stock.
Calculate 12.5% P.A. depreciation on Furniture:
- on ₹ 2,20,000 for 1 year
- on ₹ 10,000 for 6 months
From the following Trial Balance of M/S Mitesh and Mangesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019, and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock as on (1/4/2018) | 25,000 | Sundry Creditors | 38,000 |
| Building | 48,500 | Sales | 1,75,000 |
| Carriage | 1,780 | Capital: | |
| Factory Insurance | 2,700 | Mitesh | 1,50,000 |
| Postage | 1,600 | Mangesh | 50,000 |
| Bills Receivable | 13,700 | Outstanding Salaries | 2,000 |
| Sundry Debtors | 52,200 | Bills Payable | 18,000 |
| Return Inward | 1,600 | Return outword | 1,800 |
| Purchases | 68,900 | ||
| Audit fees | 1,800 | Current A/c: | |
| Loose tools | 32,000 | Mitesh | 3,000 |
| Manufacturing Expenses | 1,820 | Mangesh | 2,000 |
| Electricity Charges | 2,600 | ||
| General Expenses | 3,400 | ||
| Export duty | 1,000 | ||
| Cash in hand | 75,000 | ||
| Bank Balance | 29,000 | ||
| Conveyance | 4,100 | ||
| Furniture | 64,000 | ||
| Salaries | 2,000 | ||
| Rent, Rate & Taxes | 3,700 | ||
| Drawings: | |||
| Mitesh | 1,200 | ||
| Mangesh | 2,200 | ||
| 4,39,800 | 4,39,800 |
Adjustments :
1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3: 1.
2) Partners are entitled to get Commission @ 1% each on Gross Profit.
3) The closing stock is valued at ₹ 23,700.
4) Outstanding Expenses - Audit fees ₹ 400; carriage ₹ 600.
5) The building is valued at ₹ 46,500.
6) Furniture is depreciated by 5%.
7) Provide Interest on Partner's capital at 2.5% pa.
8) Goods of ₹ 900 were taken by Mangesh for his personal use.
9) Write off ₹ 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.
Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Stock (1/4/2018) |
8,700 |
Sales |
68,000 |
|
Purchases |
18,300 |
Dividend |
2,000 |
|
Wages |
1,000 |
Purchases Return |
500 |
|
Insurance |
800 |
Sundry Creditors |
13,000 |
|
Unproductive Wages |
1,400 |
10% Bank Loan (w.e.f. 1/7/2018) |
8,000 |
|
Warehouse Rent |
600 |
||
|
Carriage Outward |
1,200 |
Other Receipts |
1,000 |
|
Sales Return |
600 |
||
|
Export Duty |
1,400 |
||
|
Customs Duty |
800 |
||
|
Sundry Debtors |
40,000 |
||
|
Investments |
15,700 |
||
|
Factory Rent |
1,600 |
||
|
Postage & Telegram |
400 |
||
|
92,500 |
92,500 |
Adjustments:
- The Closing Stock is valued at ₹ 15,400.
- Outstanding Wages ₹ 500.
- Create provision for Bad debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
- Goods of ₹ 1,800 distributed as a free sample.
- Goods of ₹ 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.
Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Land & Building |
40,000 |
Capital A/C |
|
|
Furniture |
18,000 |
Sun |
33,500 |
|
Machinery |
40,000 |
Moon |
33,500 |
|
(Purchased on 1/7/18) |
Current A/c: Sun |
6,000 |
|
|
Goodwill |
2,000 |
Sundry Creditors |
25,000 |
|
Wages |
2,000 |
Bank Overdraft |
10,000 |
|
Current A/c: Moon |
4,000 |
Reserve Fund |
5,000 |
|
8% Debentures |
8,000 |
Providend Fund |
5,000 |
|
(Purchased on 1/10/18) |
|||
|
Providend Fund Investment |
3,500 |
||
|
Stock of Postal stamps |
500 |
||
|
1,18,000 |
1,18,000 |
Adjustments:
1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.
2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.
3) Interest on Capital 5% p.a.
4) Closing Stock ₹ 60,743.
5) Wages included ₹ 1,000 as advance is given to workers.
6) Interest due but not paid ₹ 800.
7) Total Net Profit amounted to ₹ 38,113.
Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.
| Trial Balance as on 31st March 2019 | |||
|
Debit Balance |
Amount (₹) |
Credit Balance |
Amount (₹) |
|
Sundry Debtors |
28,000 |
Sales |
1,20,000 |
|
Purchases |
55,000 |
Rent |
1,800 |
|
Furniture |
38,500 |
Sundry Creditors |
38,500 |
|
Plant & Machinery |
60,000 |
Purchase Return |
1,000 |
|
Wages |
800 |
Discount |
500 |
|
Salaries |
3,500 |
Bills Payable |
9,000 |
|
Discount |
800 |
Capital A/c: |
|
|
Bills Receivable |
14,400 |
Kshipra |
90,000 |
|
Carriage Outward |
1,000 |
Manisha |
30,000 |
|
Postage |
500 |
Current A/c: |
|
|
Sales Return |
500 |
Kshipra |
5,000 |
|
Cash in Hand |
4,000 |
Manisha |
3,000 |
|
Cash at Bank |
47,000 |
||
|
Insurance |
2,000 |
||
|
Opening Stock |
17,800 |
||
|
Trade Expenses |
1,500 |
||
|
Warehouse Rent |
2,500 |
||
|
Advertisement |
1,000 |
||
|
Building |
20,000 |
||
|
2,98,800 |
2,98,800 |
||
Adjustments:
- Stock on 31st March 2019 was at ₹37,000.
- Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
- Depreciation on fixed assets @ 5%.
- Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
- Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
- Create provision for doubtful debts @ 3% on Sundry Debtors.
Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.
Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.
| Trial Balance as on 31st March, 2020 | ||
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
| Capital: | ||
| Kavya | 7,50,000 | |
| Bhavya | 5,00,000 | |
| Sundry Debtors | 2,25,000 | |
| Sundry Creditors | 1,50,000 | |
| Rent (10 Months) | 5,000 | |
| Opening Stock | 2,67,750 | |
| Building | 4,25,000 | |
| Salaries | 25,000 | |
| Commission | 400 | 475 |
| Vehicles | 1,85,000 | |
| Sales | 4,20,250 | |
| Purchases | 3,20,250 | |
| Wages | 5,000 | |
| Office Expenses | 10,000 | |
| Bank Overdraft | 75,000 | |
| Goods Returns | 2,750 | 1,750 |
| Provident Fund Investment | 4,00,000 | |
| Cash in Hand | 20,000 | |
| Provident Fund Contribution | 50,000 | |
| Provident Fund | 1,40,000 | |
| Cash at Bank | 1,00,000 | |
| Interest on P.F. Investment | 21,000 | |
| Drawing: | ||
| Kavya | 10,000 | |
| Bhavya | 7,500 | |
| Bad-debts | 1,675 | |
| R.D.D. | 1,850 | |
| Total | 20,60,325 | 20,60,325 |
Adjustments :
- Closing Stock ₹ 1,80,000.
- Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
- Depreciate Vehicles @ 5% p.a.
- Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
- Bhavya withdrew Goods of ₹ 3,000 for her personal use.
Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:
| Trial Balance as on 31st March, 2019 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Purchases | 48,000 | Capital accounts: | |
| Salaries | 7,500 | Asha | 80,000 |
| Wages | 2,800 | Nisha | 40,000 |
| Advertisement (2 years) | 4,000 | Bank Overdraft | 34,000 |
| Sales Return | 8,000 | Sales | 1,48,000 |
| Motor Van | 63,000 | R.D.D. | 1,200 |
| Stock (1. 4. 2018) | 94,500 | Purchase Return | 6,000 |
| Sundry Debtors | 62,800 | ||
| Coal, Gas and Fuel | 1,000 | ||
| Plant and Machinery | 17,600 | ||
| 3,09,200 | 3,09,200 | ||
Adjustments:
- Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
- Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
- Depreciate Motor Van by 5% and Plant and Machinery by 7%.
- Reserve for Doubtful debts on Debtors at 5% is to be created.
- Outstanding Wages ₹ 800.
Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as of that date.
| Trial Balance as on 31st March, 2019 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock (1/4/2018) | 32,500 | Capital: | |
| Purchases | 40,000 | Kranti | 1,20,000 |
| Sundry Debtors | 1,00,000 | Sumangala | 40,000 |
| Bills Receivable | 8,500 | Sales | 60,000 |
| Wages | 3,000 | Sundry Creditors | 30,000 |
| Investment | 32,000 | Bills Payable | 15,000 |
| Postage | 2,700 | Commission | 325 |
| Insurance | 7,500 | Purchases Returns | 1,000 |
| Plant & Machinery | 15,000 | ||
| Salaries | 4,850 | ||
| Prepaid Rent | 2,000 | ||
| Bad-debts | 500 | ||
| Furniture | 12,500 | ||
| Cash in Hand | 3,775 | ||
| Sales Return | 1,500 | ||
| 2,66,325 | 2,66,325 | ||
Adjustments:
- Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
- Insurance is paid up to 30th June 2019.
- Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
- Book value of Plant and Machinery is reduced to ₹ 13,000.
- Depreciate Furniture by 5% p.a.
- Provide further Bad debts of ₹ 800.
- Goods of ₹ 3,000 distributed as a free sample.
Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.
| Trial Balance as on 31st March, 2020 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock (1/4/2019) | 65,000 | General Reserve | 14,500 |
| Bills Receivable | 28,000 | Capital: | |
| Wages and Salaries | 9,000 | Sun | 1,60,000 |
| Sundry Debtors | 1,32,500 | Moon | 1,20,000 |
| Bad-debts | 1,000 | Creditors | 98,000 |
| Purchases | 1,48,000 | R.D.D. | 1,800 |
| Motor car | 68,000 | Sales | 2,85,500 |
| Machinery | 1,14,800 | Outstanding Wages | 700 |
| Audit Fees | 1,200 | Purchases Returns | 4,000 |
| Sales Return | 2,000 | Discount | 1,800 |
| Discount | 2,300 | ||
| Building | 75,000 | ||
| Cash at Bank | 12,000 | ||
| 10% Investment | 20,000 | ||
| Advertisement (Paid for 9 months) | 4,500 | ||
| Royalties | 3,000 | ||
| 6,86,300 | 6,86,300 | ||
Adjustment and Additional Information:
- Closing Stock ₹ 40,000.
- Depreciate Building and Machinery @ 5% and 3% respectively.
- Bills Receivable included dishonoured bill of ₹ 3000.
- Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
- Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
- Goods of ₹ 6000 were sold but no entry was made in the books of accounts.
From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.
| Trial Balance as on 31st March, 2020 | ||
| Debit Balance | Debit (₹) | Credit (₹) |
| Stock (1/4/2018) | 48,000 | |
| Capital - Riddhi | 50,000 | |
| Siddhi | 30,000 | |
| Purchases | 22,500 | |
| Wages | 800 | |
| Carriage Inward | 1,000 | |
| Sundry Creditors | 27,600 | |
| Bills Payable | 20,000 | |
| Cash in hand | 2,850 | |
| Insurance | 1,200 | |
| Sundry Debtors | 32,000 | |
| Bank Overdraft | 18,000 | |
| Carriage outward | 900 | |
| Land and Building | 42,500 | |
| Furniture | 38,700 | |
| Sales | 47,000 | |
| Purchase Return | 500 | |
| Sales Return | 400 | |
| Rent | 1,800 | |
| Bad-debts | 300 | |
| R.D.D | 350 | |
| Discount | 700 | 1,000 |
| Travelling Expenses | 250 | |
| Advertisements | 4,150 | |
| 1,96,250 | 1,96,250 | |
Adjustments:
- Closing stock ₹ 48,700.
- Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
- Depreciate Land and Building by 10% and Furniture by 5%.
- Insurance Paid in Advance ₹ 300.
- Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.
A ______ is an Intangible Asset.
Find odd one.
Find odd one
Find odd one.
Find odd one.
Find odd one.
Royalty paid on production is shown in the ______.
Find the odd one:
Provident fund amount is a ______ for the firm.
Find an odd one.
Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date:
| Trial Balance as on 31st March, 2019 | |||
| Debit Balances | Amount (₹) | Cebit Balances | Amount (₹) |
| Insurance | 30,000 | Capital Accounts: | |
| Land and Building ((Addition of ₹ 40,000 wef. 1st July, 2018)) | 1,00,000 | Mama | 1,00,000 |
| Salaries | 10,000 | Kaka | 1,00,000 |
| Export duty | 5,000 | 10% Bank Loan (taken on1st Oct. 2018) | 60,000 |
| Interest | 2,000 | Interest | 3,000 |
| Furniture | 80,000 | Bills payable | 16,000 |
| Debtors | 52,000 | - | |
| 2,79,000 | 2,79,000 | ||
Adjustment:
- Gross profit amounted to ₹ 69,000.
- Prepaid insurance ₹ 7,500.
- Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
- Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
- Closing stock is valued at ₹ 69,000.
Find odd one.
Find odd one.
Find the odd one.
