Rohan and Roshan are partners in ‘Shan Traders’ sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date Trial Balance as on 31st March, 2011 Particulars Amount (₹) Particulars Amount (₹) Opening stock 32,000 Sales 1,93,500 Purchases 64,000 Sundry Creditors 15,000 Plant and Machinery 30,000 Unpaid Wages 1,500 Furniture 18,500 Return outward 2,500 Carriage 1,500 Capital A/c: Wages and Salaries 35,000 Rohan 90,000 Bills Receivable 5,000 Roshan 50,000 Sundry Debtors 32,000 Conveyance 4,000 Rent, Rates and Taxes 2,000 Return Inward 3,500 Cash in hand 14,750 Land and Building 83,500 Bad debts 1,750 Patents 25,000 3,52,500 3,52,500 Adjustments: Closing stock: Cost price Rs 25,000 and market price Rs 30,000. An amount of Rs 3,500 spent for repairs to Building is debited to Building account. Depreciate plant and Machinery and Building at 5% p.a. Goods of Rs 750 taken by Roshan for this personal use. Included in wages advances given to workers Rs 3,000. Provide Rs 1,500 for bad and doubtful debts on Debtors.

Dr. Trading Account for the year ended 31, March 2011 Cr. Particulars Amount (Rs) Particulars Amount (Rs) To Opening Stock 32000 By Sales 193500 190000 To Purchases 64000 60750 Less: Return Inward (3500) Less: Drawings (750) By Closing Stock 25000 Less: Return Outward (2500) To Wages and Salaries 35000 32000 Less: Prepaid Wages (3000) To Carriage 1500 To Gross Profit (Balancing Figure) 88750 215000 215000 Dr. Profit and Loss Account for the year ended 31st March 2011 Cr. Particulars Amount (Rs) Particulars Amount (Rs) Depreciation on: By Gross Profit 88750 To Plant and Machinery 1500 5500 To Building 4000 To Repair of Building 3500 To Conveyance 4000 To Rent, Rates and Taxes 2000 To Bad-Debts 1750 3250 Add: Provision for Doubtful Debts 1500 To Net Profit (Balancing Figure) Rohan 47000 70500 Roshan 23500 88750 88750 Dr. Balance sheet as on 31st March 2011 Cr. Liabilities Amount (Rs) Assets Amount (Rs) Capital of Rohan 90000 137000 Fixed Assets: Add: Net Profit 47000 Land and building 83500 76000 Capital of Roshan 50000 72750 Less: Repairs (3500) Less: Drawings (750) Less: 5% Depreciation (4000) Add: Net Profit 23500 Plant and Machinery 30000 28500 Current Liabilities Less: 5% Depreciation (1500) Creditors 15000 Furniture 18500 Unpaid Wages 1500 Patent 25000 Current Assets Debtors 32000 30500 Less: Provision for Doubtful-Debts (1500) Bills Receivable 5000 Cash in Hand 14750 Closing Stock 25000 Advance paid to workers 3000 226250 226250

Rohan and Roshan Are Partners in ‘Shan Traders’ Sharing Profits and Losses in the Ratio of 2:1.

प्रश्न

Rohan and Roshan are partners in ‘Shan Traders’ sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date

Trial Balance as on 31st March, 2011
Particulars	Amount (₹)	Particulars	Amount (₹)
Opening stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	15,000
Plant and Machinery	30,000	Unpaid Wages	1,500
Furniture	18,500	Return outward	2,500
Carriage	1,500	Capital A/c:
Wages and Salaries	35,000	Rohan	90,000
Bills Receivable	5,000	Roshan	50,000
Sundry Debtors	32,000
Conveyance	4,000
Rent, Rates and Taxes	2,000
Return Inward	3,500
Cash in hand	14,750
Land and Building	83,500
Bad debts	1,750
Patents	25,000
	3,52,500		3,52,500

Adjustments:

Closing stock: Cost price Rs 25,000 and market price Rs 30,000.
An amount of Rs 3,500 spent for repairs to Building is debited to Building account.
Depreciate plant and Machinery and Building at 5% p.a.
Goods of Rs 750 taken by Roshan for this personal use.
Included in wages advances given to workers Rs 3,000.
Provide Rs 1,500 for bad and doubtful debts on Debtors.

खाता बही

उत्तर

Dr.		Trading Account for the year ended 31, March 2011			Cr.
Particulars		Amount (Rs)	Particulars		Amount (Rs)
To Opening Stock		32000	By Sales	193500	190000
To Purchases	64000	60750	Less: Return Inward	(3500)	190000
Less: Drawings	(750)		By Closing Stock		25000
Less: Return Outward	(2500)
To Wages and Salaries	35000	32000
Less: Prepaid Wages	(3000)	32000
To Carriage		1500
To Gross Profit (Balancing Figure)		88750
		215000			215000

Dr.		Profit and Loss Account for the year ended 31st March 2011		Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)
Depreciation on:			By Gross Profit	88750
To Plant and Machinery	1500	5500
To Building	4000	5500
To Repair of Building		3500
To Conveyance		4000
To Rent, Rates and Taxes		2000
To Bad-Debts	1750	3250
Add: Provision for Doubtful Debts	1500	3250
To Net Profit (Balancing Figure)
Rohan	47000	70500
Roshan	23500	70500
		88750		88750

Dr.		Balance sheet as on 31st March 2011			Cr.
Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital of Rohan	90000	137000	Fixed Assets:
Add: Net Profit	47000	137000	Land and building	83500	76000
Capital of Roshan	50000	72750	Less: Repairs	(3500)
Less: Drawings	(750)		Less: 5% Depreciation	(4000)
Add: Net Profit	23500		Plant and Machinery	30000	28500
Current Liabilities			Less: 5% Depreciation	(1500)	28500
Creditors		15000	Furniture		18500
Unpaid Wages		1500	Patent		25000
			Current Assets
			Debtors	32000	30500
			Less: Provision for Doubtful-Debts	(1500)	30500
			Bills Receivable		5000
			Cash in Hand		14750
			Closing Stock		25000
			Advance paid to workers		3000
		226250			226250

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Partnership Final Accounts

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अध्याय 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६७]

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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 3 | पृष्ठ ६७

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Partnership Final Accounts

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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.

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

Debit balance of trading account.

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.

Sanjay and Sudhir are partners sharing profit and losses in the ratio 3: 2. The Trial Balance of the firm on 31st March, 2010 was follows:

Trial Balance as on 31st March, 2010
Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Opening stock	20,000	Capital A/c's
Purchases	30,000	Sanjay	40,000
Debtors	12,000	Sudhir	30,000
Wages	5,000	Sales	70,000
Salaries	10,000	Sundry Creditors	21,000
Land and building	30,000	Bills Payable	20,000
Plant and machinery	25,000	Discount	5,000
Furniture	16,000	Outstanding Rent	1,500
Advertisement (for 2 years)	6,000
Bills Receivable	8,000
Insurance	2,000
Drawings:
Sanjay	2,000
Sudhir	3,000
Cash in hand	5,500
Rent	10,000
Power and Fuel	3,000
	1,87,500		1,87,500

Adjustments:

1) Stock on hand on 31st March, 2010 was at Rs. 35,000.

2) Write off Rs. 2,000, for further Bad debts and maintain R.D.D. at 5% on debtors.

3) Depreciate Land and Building at 5% and Machinery at 10%.

4) Outstanding expenses were wages Rs 2,000 and salary Rs 1,000.

5) Credit purchases amounted to Rs 4,000 were not recorded in the books of accounts.

6) Provide interest on Partners Capital at 5% p.a.

From the above Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that data.

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.

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

The account to which all adjustments are made when capital is fixed.

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

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

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

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