हिंदी

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.

Advertisements
Advertisements

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.
Advertisements

उत्तर

In the books of Gunjal

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

Joint Venture A/c

Dr.

 

4,00,000

 

 

To Rokadimal

 

 

 

4,00,000

 

(Goods sent for Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

11,500

 

 

To Rokadimal

 

 

 

11,500

 

(Expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Rokadimal A/c

Dr.

 

95,000

 

 

To Bills Payable A/c

 

 

 

95,000

 

(Acceptance given)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

3,000

 

 

To Discount A/c

 

 

 

3,000

 

(Discount charges charged to Joint venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

13,500

 

 

To Bank A/c

 

 

 

13,500

 

(Expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Joint Bank A/c

Dr.

 

5,00,000

 

 

To Joint Venture A/c

 

 

 

5,00,000

 

(Goods sold)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

7,000

 

 

To Bank A/c

 

 

 

7,000

 

(Selling expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

25,000

 

 

To Gunjal’s A/c

 

 

 

25,000

 

(Commission charged in Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

40,000

 

 

To Rokadimal

 

 

 

32,000

 

To Profit & Loss A/c

 

 

 

8,000

 

(Profit shared on Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Rokadimal

Dr.

 

1,48,500

 

 

To Bank A/c

 

 

 

1,48,500

 

(Final Payment made to Rokadimal)

 

 

 

 

Working Notes:

1. Calculation of commission on sale

\[\text{Commission on Sale} = 5, 00, 000 \times \frac{5}{100} = Rs 25,000\]

2.Calculation of profit and distribution amongst the co-venturers

\[\begin{array}{ccl}Profit & = & 5, 00, 000 -  4, 00, 000 - 11, 500 - 3, 000 - 13, 500 - 7, 000 - 25, 000 \\ = & 40, 000\end{array}\]

\[\begin{array}{l}\text{Distribution of Profit} \\ \text{Rokadimal's Share} = \frac{4}{5} \times 40, 000 = Rs32, 000 \\ \text{Gunjal's Share} = \frac{1}{5}\hspace{0.167em} \times 40, 000 = Rs8, 000\end{array}\]

3. Calculation of final payment to Rokadimal by Gunjal

Gunjal’s Account

Dr.

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

 

Joint Bank

(Final Payment)

   1,48,500

 

Joint Venture (Commission)

25,000

 

 

 

 

Joint Venture (Expenses)

13,500

 

 

 

 

Joint Venture (Selling Expenses)

7,000

 

 

 

 

Bills Receivable

95,000

 

 

 

 

Joint Venture (Profit)

8,000

 

 

1,48,500

 

 

1,48,500

 

shaalaa.com
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
2010-2011 (March)

APPEARS IN

वीडियो ट्यूटोरियलVIEW ALL [1]

संबंधित प्रश्न

Given below is the Trial Balance of M/s Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet on that date.

                   Trial Balance as on 31st 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.


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.


Ashok and Sangmesh are in partnership sharing profit and losses in the ratio of 2 : 1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March 2016 and Balance sheet as on that date:

Trial Balance as on 31st March 2016
Particulars Debit Amount
(₹)
Credit Amount (₹)
Prepaid insurance 3,200  
Insurance 8,000  
R.D.D.   4,000
Discount 3,200  
Postage and telephone 12,800  
Debtors and creditors 2,64,000 2,72,000
Salaries 2,24,000  
Wages 96,000  
Opening stock 1,92,000  
Carriage 4,000  
Purchased and sales 7,72,800 12,06,400
Return inward/Outward 22,400 36,800
Bank Overdraft   4,83,200
Plant and Machinery 96,000  
Land and Building 7,04,000  
Partner's Capital accounts:    
Ashok   2,08,000
Sangmesh   1,92,000
  24,02,400 24,02,400

Adjustment:

  1. Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
  2. Goods worth Rs. 16,000 were distributed as free samples.
  3. Closing stock on 31st March 2016 was valued at the cost of Rs. 2,24,000 while its market price was Rs. 2,40,000.
  4. The salaries were outstanding at Rs. 8,000.
  5. Depreciation: Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

Dhiraj and Suraj are partners 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, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013

Particulars
Amount
Rs.
Particulars
Amount
Rs.
Opening Stock 32,000 Sales 1,93,500
Purchases 64,000 Sundry Creditors 16,500
Plant and Machinery 30,000 Return Outward 2,500
Furniture 18,500 Capital Accounts  
Carriage 1,500 Dhiraj 90,000
Wages 30,000 Suraj 50,000
Bills Receivable 5,000    
Sundry Debtors 32,000    
Conveyance 4,000    
Salaries
10,500    
Cash in hand 14,750    
Land and Building 83,500    
Bad debts 1,750    
Patents 25,000    
  352,500   352,500
Adjustments :
(1) Closing stock : Cost price RS. 25,000 and market price Rs. 30,000.
(2) An amount of Rs.  3,500 spent for repairs to building is debited to building account.
(3) Depreciate plant and machinery and building at 5% p.a.
(4) Included in wages in advance given to workers Rs. 3,000.
(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

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:
  1. 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.
  2. Assets to be revalued as under:
    Stock ₹6,300; Machinery ₹10,000; Furniture ₹10,200.
  3. R.D.D. to be maintained at 10% on debtors.
  4. ₹100 to be written off from creditors.
  5. The amount payable to Mrs. Kavita is to be transferred to her loan account.
Prepare:
  1. Profit and loss adjustment account.
  2. Partner’s capital account, and
  3. 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.

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


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.


State whether the following statement is True or False with reasons.

Profit and Loss Account is a Real Account.


State whether the following statement is True or False with reasons.

Prepaid expenses are treated as liabilities.


State whether the following statement is True or False with reasons.

R.D.D. is created on Creditors.


State whether the following statement is True or False with reasons.

Goodwill is an intangible asset.


State whether the following statement is True or False with reasons.

Bank loan is a current liability.


The withdrawal by partner for personal use from the firm is ________ to his account.


If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet


The expenses paid for trading purpose are known as _______ expenses.


Cash receipts which are recurring in nature are called as__________ Receipts.


Return outward are deducted from ______.


Assets which are held in the business for a long period are called ______.


Answer in one sentence only.

What do you mean by pre-received income?


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 partners capital is treated as long-term liability of business?


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:

  1. on ₹ 2,20,000 for 1 year
  2. on ₹ 10,000 for 6 months

Amit bhai and Narendra bhai are in Partnership 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 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Plant & Machinery 2,80,000 Capital A/c:  
Factory Building 75,000 Amitbhai 3,50,000
Sundry Debtors 28,700 Narendrabhai 3,00,000
Purchases 85,500 Sales 1,80,000
Bad Debts 500 Bills Payable 8,500
Sales Return 2,200 Discount 1,200

10% Govt. Bond
(Purchased on 1st Oct 2018)

40,000 Creditors 38,500
Import Duty 1,800 R.D.D. 2,700
Legal Charges 2,000 Bank Loan 15,000
Motive Power 12,000 Purchases Return 2,000
Warehouse Rent 1,800    
Cash in Hand 20,000    
Cash at Bank 70,000    
Advertisement
(for 2 years, w.e.f 1st Jan 2019) 
10,000    
Salaries 3,800    
Rent 1,500    
Drawings :      
Amitbhai 2,400    
Narendrabhai 3,200    
Furniture 1,95,800    
Bills Receivable 20,700    
Freehold Property 41,000    
  8,97,900   8,97,900

Adjustments:

1) Stock on hand on 31st March 2019 was valued at  ₹ 43,000.

2) Uninsured goods worth ₹ 8,000 were stolen.

3) Create R.D.D at 2% on Sundry debtors.

4) Mr. Patil, our customer becomes insolvent and could not pay his debts of ₹ 500.

5) Outstanding Expenses - Rent ₹ 800 and Salaries ₹ 300

6) Depreciate Factory Building by ₹ 2,500 and Furniture by ₹ 1,800


Sucheta and Gayatri are Partners sharing Profit and Loss in the ratio 3:2. From the following Trial Balance and additional information, 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

Particulars Debit ₹ Credit ₹
Purchases and Sales 65,000 1,85,500
Works Manager's Salary 2,300  
Capital:    
- Sucheta   75,000
- Gayatri   40,000
Opening Stock 18,700  
Debtors and Creditors 47,500 35,000
Wages and Salaries 4,000  
Bills Receivable 22,000  
Bills Payable   27,300
Discount   400
Motive Power 1,350  
Custom duty 1,500  
Interest   1,300
Unproductive Wages 3,000  
Audit fees 2,500  
Rent 1,800  
Conveyance 2,000  
Goodwill 25,000  
Copyrights 20,000  
Building 88,000  
Partner (Sucheta's) Loan   6,150
Investments 40,000  
Cash at Bank 26,000  
  3,70,650 3,70,650

Adjustments:

  1. Stock on 31st March 2019 was valued at ₹ 19,700.
  2. Goods costing ₹ 3,000 distributed as a free sample.
  3. Motive Power includes ₹ 500 paid for the deposit of the Power Meter.
  4. Depreciate Building @ 5%.
  5. Write of ₹ 2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
  6. Bills Receivable included dishonored of Bill of  ₹ 4,000.

Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of following Trial Balance and Adjustments given below. 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 (1/4/2018)

8,560

Capital:

 

Patents

2,000

Archana

40,000

Sundry Debtors

18,500

Prerana

20,000

Stock of Stationary

3,000

Other Loans

3,000

Trade Mark

2,000

Reserve fund

1,000

Bills Receivable

6,300

Sundry Creditors

17,500

Electricity charges

1,450

Bills Payable

5,000

Wages

950

Purchase Return

1,000

Heating & Lighting

1,000

R.D.D

500

Trade Expenses

850

Sales

30,200

Sales Return

400

Interest

310

Land & Building

22,000

   

Furniture

13,000

   

Cash at Bank

5,000

   

Investments

7,500

   

Drawings :

     

Archana

1,200

   

Prerana

900

   

Bad debts

200

   

Purchases

23,700

   
 

1,18,510

 

1,18,510

Adjustments:

1) Stock on 31st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.

2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.

3) 1/8th of Patents are to be written off.

4) A part of Furniture ₹ 5,000 is purchased on 1st Oct 2018.

5) Depreciation on Land & Building 10% and on Furniture 5%.

6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.

7) Allow Interest on Capital 3%. 


Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Insurance 15,000 Capital A/c  
Land and building 50,000 Nana 50,000
(Addition of 20,000 w.e.f 1st July 2018)   Nani 50,000
Salaries 5,000 10% Bank loan taken on 1st Oct. 2018 30,000
Export Duty 2,500 Interest 1,500
Interest 1,000 Bills Payable 8,000
Furniture 40,000    
Debtors 26,000    
  1,39,500   1,39,500

Adjustments :

1) Gross profit amounted to ₹ 34,500.

2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at ₹ 34,500.


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:

  1. Stock on 31st March 2019 was at ₹37,000.
  2. Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
  3. Depreciation on fixed assets @ 5%.
  4. Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
  5. Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
  6. Create provision for doubtful debts @ 3% on Sundry Debtors.

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:

  1. Closing Stock ₹ 40,000.
  2. Depreciate Building and Machinery @ 5% and 3% respectively.
  3. Bills Receivable included dishonoured bill of ₹ 3000.
  4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
  5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
  6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.

To find out the Net Profit or Net Loss of the business ______ account is prepared.


Registration of Partnership is ______ in India.


Find odd one.


Undervaluation of closing stock by 10%, closing stock was of ₹ 54,000. Find out the value of closing stock.


Zalak and Kalpana are partners sharing Profit and Losses in their Capital ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2023
Debit Balance Amount (₹) Credit Balances  Amount (₹)
Sundry Debtors 56,000 Sales 2,40,000
Purchases 1,10,000 Rent 3,600
Furniture 77,000 Sundry Creditors 77,000
Plant and Machinery 1,20,000 Purchase Return 2,000
Wages 1,600 Discount 1,000
Salaries 7,000 Bills Payable 18,000
Discount 1,600 Capital A/c:  
Bills Receivable 28,800 Zalak 1,80,000
Carriage Outward 2,000 Kalpana 60,000
Postage 1,000 Current A/c:  
Sales Return 1,000 Zalak 10,000
Cash in Hand 8,000 Kalpana 6,000
Cash at Bank 94,000    
Insurance 4,000    
Opening Stock 35,600    
Trade Expenses 3,000    
Warehouse Rent 5,000    
Advertisement 2,000    
Building 40,000    
  5,97,600   5,97,600

Adjustments:

(1) Stock on 31st March, 2023 was at ₹ 74,000.

(2) Sales includes, sale of machinery of ₹ 4,000, which is sold on 1st April, 2022.

(3) Depreciation on fixed assets @ 5%.

(4) Each partner is entitled to get commission at 1 % of Gross profit and interest on Capital 5 % p.a.

(5) Outstanding Expenses: Wages ₹ 400 and Salaries ₹ 1,000.

6) Create provision for Doubtful debts @ 3 % on Sundry Debtors.


Advertisement expense ₹ 80,000 paid for 2 years from 1st Jan. 2022. Calculate prepaid advertisement expense for the year ended on 31st March, 2022.


Provident fund amount is a ______ for the firm.


From the following Trial Balance of Hira and Manek, prepare Trading and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2023
Debit Balances Amount (₹) Credit Balances Amount (₹)
Stock (1 /4/2022) 50,000 Bank Overdraft 10,000
Debtors 1,61,000 Bills Payable 25,000
Bills Receivable 20,000 Creditors 1,36,000
Purchases 4,17,000 Sales 6,50,000
Sales Returns 2,000 Outstanding Rent 4,000
Carriage Inward 6,000  Unpaid Wages 3,000
Carriage Outward 9,000 Capital A/cs:  
Motor Vehicle 1,10,000 Hira 1,50,000
General Expenses 3,600 Manek 1,50,000
Export Duty 1,800 Purchase Returns 2,000
Advertisement (For 3 years from 1/10/2022) 9,600    
Printing and Stationery 2,400    
Drawings:      
Hira 7,000    
Manek 4,000    
Leasehold Premises 2,20,000    
Cash at Bank 90,000    
Furniture 16,600    
  11,30,000   11,30,000

Adjustments:

(1) Closing stock is valued at ₹ 64,000.

(2) Provide provision for doubtful debts ₹ 4,000.

(3) Create reserve for discount on debtors @ 3%

(4) Value of leasehold premises on 31st March, 2023 ₹ 2,00,000.

(5) Outstanding expenses: Printing and Stationery ₹ 1,000.


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:

  1. Gross profit amounted to ₹ 69,000.
  2. Prepaid insurance ₹ 7,500.
  3. Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
  4. Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
  5. Closing stock is valued at ₹ 69,000.

Find odd one.


Find odd one.


Find odd one.


Find the odd one.


Find odd one.


Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×