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.

Dr. Trading Account for the year ended 31st March, 2010 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Opening Stock 20,000 Sales 70,000 Purchases 30,000 Closing Stock 35,000 Add: Further Purchases 4,000 34,000 Wages 5,000 Add: Outstanding wages 2,000 7,000 Powe and fuel 3,000 Gross Profit 41,000 105,000 105,000 Dr. Profit and Loss Account for the year ended 31st March, 2010 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Interest on Capital: Gross Profit 41,000 Sanjay 2,000 Discount Received 5,000 Sudhir 1,500 3,500 Salaries 10,000 Add: Outstanding Salaries 1,000 11,000 Advertisement 6,000 Less: Prepaid Advertisement (3,000) 3,000 Insurance 2,000 Rent 10,000 Bad debts 2,000 Add: R.D.D. 500 2,500 Depreciation on: Land and Building 1,500 Plant and Machinery 2,500 4,000 Net Profit Sanjay 6,000 Sudhir 4,000 10,000 46,000 46,000 Balance Sheet as on 31st March, 2010 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital of Sanjay: 40,000 Fixed Assets Less: Drawings (2,000) Land and building 30,000 Add: Interest on capital 2,000 (−) 5% Depreciation 1,500 28,500 Add: Net Profit 6,000 46,000 Plant and machinery 25,000 Capital of Sudhir: 30,000 (−) 10% Depreciation 2,500 22,500 Less: Drawings (3,000) Furniture 16,000 Add: Interest on capital 1,500 Current Assets Add: Net Profit 4,000 32,500 Prepaid Advertisement 3,000 Current Liabilities Bills Receivable 8,000 Creditors 21,000 Closing Stock 35,000 Add: New Creditors (purchase on credit) 4,000 25,000 Cash in Hand 5,500 Bills Payable 20,000 Debtors 12,000 Outstanding Expenses: Less: Bad Debts (2,000) Wages 2,000 10,000 Salaries 1,000 Less: R.D.D (500) 9,500 Rent 1,500 4,500 128,000 128,000

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:

प्रश्न

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.

खाता बही

उत्तर

Dr.	Trading Account for the year ended 31st March, 2010				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Opening Stock		20,000	Sales		70,000
Purchases	30,000		Closing Stock		35,000
Add: Further Purchases	4,000	34,000
Wages	5,000
Add: Outstanding wages	2,000	7,000
Powe and fuel		3,000
Gross Profit		41,000
		105,000			105,000

Dr.	Profit and Loss Account for the year ended 31st March, 2010				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Interest on Capital:			Gross Profit		41,000
Sanjay	2,000		Discount Received		5,000
Sudhir	1,500	3,500
Salaries	10,000
Add: Outstanding Salaries	1,000	11,000
Advertisement	6,000
Less: Prepaid Advertisement	(3,000)	3,000
Insurance		2,000
Rent		10,000
Bad debts	2,000
Add: R.D.D.	500	2,500
Depreciation on:
Land and Building	1,500
Plant and Machinery	2,500	4,000
Net Profit
Sanjay	6,000
Sudhir	4,000	10,000
		46,000			46,000

Balance Sheet as on 31st March, 2010
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital of Sanjay:	40,000		Fixed Assets
Less: Drawings	(2,000)		Land and building	30,000
Add: Interest on capital	2,000		(−) 5% Depreciation	1,500	28,500
Add: Net Profit	6,000	46,000	Plant and machinery	25,000
Capital of Sudhir:	30,000		(−) 10% Depreciation	2,500	22,500
Less: Drawings	(3,000)		Furniture		16,000
Add: Interest on capital	1,500		Current Assets
Add: Net Profit	4,000	32,500	Prepaid Advertisement		3,000
Current Liabilities			Bills Receivable		8,000
Creditors	21,000		Closing Stock		35,000
Add: New Creditors (purchase on credit)	4,000	25,000	Cash in Hand		5,500
Bills Payable		20,000	Debtors	12,000
Outstanding Expenses:			Less: Bad Debts	(2,000)
Wages	2,000			10,000
Salaries	1,000		Less: R.D.D	(500)	9,500
Rent	1,500	4,500

		128,000			128,000

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Partnership Final Accounts

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Q 2 Q 1 Q 3

अध्याय 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६६]

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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 2 | पृष्ठ ६६

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Partnership Final Accounts

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संबंधित प्रश्न

Select the most appropriate alternative from those given below and rewrite the statement.

Return outward are deducted from __________________.

What do you mean by intangible asset?

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.

Credit balance of Profit and Loss Account.

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.

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.

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.

Following is the Balance sheet of Harsha and Versha’s firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.

Balance sheet as on 31st March, 2016
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:

Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
A provision of 5% on debtors to be made for doubtful debts.
The stock is to be taken at a value of Rs. 2,00,000.
The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.

Prepare:

Profit and Loss Adjustment Account, Partner’s Capital Account and new Balance Sheet of the firm.

Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

Liabilities	Amt(Rs)	Amt(Rs)	Assets	Amt(Rs)	Amt(Rs)
Capital A/cs:			Building		1,00,000
Darshan	96,000		Furniture		20,000
Amar	64,000	1,60,000	Equipments		10,000
General reserve		18,000	Debtors	63,000
Profit and Loss A/c		6,000	Less: R.D.D	3,000	60,000
Creditors		80,000	Stock		84,000
Pawans loan A/c		26,000	Cash		16,000
		2,90,000			2,90,000

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare:
(1) Revaluation A/c
(2) Capital A/cs of partners and
(3) Balance sheet of the new firm

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.

A ______ is an intangible asset.

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.

An asset which can be converted into cash easily.