Question

Prepare Statement of Assets & Liabilities (Part - B : Statement of Account) from the following data as on 31.3.2016 for Simran and Saroi LLP ·

Particulars	Rs.
Capital Account : Simran	4,00,000
saroj	3,00,000
Income & Expenditure A/c (Surplus)	60,000
Bank Balance	45,000
Cash in hand	15,000
Trade Debtors	1,80,000
Bills Receivable	80,000
Bills Payables	75,000
Trade Creditors	1,25,000
Furniture	50,000
Goodwill	72,000
Machinery	3,00,000
Stock (31.3.2016)	1,08,000
Investments	80,000
Bank loan (Secured Against Stock)	2,00,000
Provision for Taxation	70,000
Premises	3,00,000

Answer 1

Part B : Statement of Account
Statement of Assects & Liabilities of Shnran & Saroj LLP as on 31.3.2016

	Particulars	Figures as at the end of the current reporting period
	1	2
I.	Contribution and Liabilities:
1.	Partner's Funds
	(a) Contribution	7,00,000
	(b) Reserves & Surplus	60,000
2.	Liabilities :
	(a) Secured Loans	2,00,000
	(b) Unsecured Loans	-
	( c) Short term borrowings	-
	( d) Creditorsffrade Payables  :Advance from Customers	2,00,000
	(e) Other liabilities (To Specify)
	(t) Provisions :
	(i) For Taxation	70,000
	(ii) For Contingencies	-
	(iii) For Insurance	-
	(iv) Other Provisions (if any)	-
	Total	12.30.000
II.	Assets:
	(a) Fixed Assets	7,22,000
	(b) Investments	80,000
	(c) Loans & Advances
	( d) Inventories	1,08,000
	( e) Debtors / trade Receivables	2,60,000
	(t) Cash and Equivalent to Cash	60,000
	(g) Other Assets (To Specify)	-
	Total	12,30,000