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.

Dr. In the books of Satish and Pramod Trading and Profit and Loss Account for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Opening Stock 8700 By Sales 68,000 To Purchases 18,300 (−) Sales Return 600 (−) Purchase Return 500 17,800 67,400 To Wages 1,000 (+) Unrecorded Sales 2,000 69,400 (+) O/s Wages 500 1,500 By Closing Stock 15,400 To Custom Duty 800 By Goods Distributed as Free Samples 1,800 To Factory Rent 1,600 To Gross Profit c/d 56,200 86,600 86,600 To Advertisement Expenses 1,800 By Gross Profit b/d 56,200 To Insurance 800 By Dividend 2,000 To Unproductive Wages 1,400 By Other Receipts 1,000 To Carriage Outward 1,200 To Warehouse Rent 600 To Export Duty 1,400 To Postage & Telegram 400 To O/s Interest on Bank Loan 600 To R.B.D.D A/c - Bad debts - (+) New Bad debts 800 (+) New Reserve 1,236 2,036 To Net Profit (Transferred to Capital A/cs) Satish 24,482 Pramod 24,482 48,964 59,200 59,200 Working Notes and Adjustment: (1) Balance Sheet as on 31st March, 2019 Liabilities Amount ₹ Amount ₹ Assets Amount ₹ Amount ₹ Capital A/c: Sundry Debtors 40,000 Satish 24,482 (+) Unrecorded Sales 2,000 Pramod 24,482 48,964 42,000 (−) New Bad debts 800 Sundry Creditor 13,000 41,200 10% Bank Loan (w.e.f. 1/7/2018) 8,000 (−) New R.D.D. (3% of 41,200) 1,236 39,964 (+) O/s Interest 600 8,600 Investments 15,700 O/s Wages 500 Closing Stock 15,400 71,064 71,064 (2) Closing stock: The adjustment with regard to the closing stock is done by (i) by crediting it to the trading and profit and loss account, and (ii) by showing it on the asset side of the balance sheet. (3) Outstanding Expenses: The amount of outstanding expenses is (i) added to the total of expenses under a particular head for the purpose of preparing trading and profit and loss account, and (ii) shown on the liabilities side of the balance sheet. (4) Goods distributed as free samples is an advertisement expense for business. (5) Interest on 10% bank loan is calculated for 9 months (From 1.7.2018 to 31.3.2019) I = `"PRN"/100 = 8,000 × 10/100 × 9/12` = ₹ 600. (6) Sundry Debtors 40,000 Add: Unrecorded Sales 2,000 Less: Provision for Bad Debts 800 41,200 Less: R.D.D. (New) (3 % of 41,200) 1,236 39,964

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. - Book Keeping and Accountancy

प्रश्न

Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31^st March 2019. You have to find out Gross Profit and Net Profit only.

Trial Balance as on 31^st 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	10% Bank Loan (w.e.f. 1/7/2018)	8,000
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 31^st March 2019 but no entry is passed in the Books of Account.

खाता बही

उत्तर

Dr.	In the books of Satish and Pramod Trading and Profit and Loss Account for the year ended on 31^st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Opening Stock			8700	By Sales	68,000
To Purchases		18,300		(−) Sales Return	600
(−) Purchase Return		500	17,800		67,400
To Wages		1,000		(+) Unrecorded Sales	2,000	69,400
(+) O/s Wages		500	1,500	By Closing Stock		15,400
To Custom Duty			800	By Goods Distributed as Free Samples		1,800
To Factory Rent			1,600
To Gross Profit c/d			56,200
			86,600			86,600
To Advertisement Expenses			1,800	By Gross Profit b/d		56,200
To Insurance			800	By Dividend		2,000
To Unproductive Wages			1,400	By Other Receipts		1,000
To Carriage Outward			1,200
To Warehouse Rent			600
To Export Duty			1,400
To Postage & Telegram			400
To O/s Interest on Bank Loan			600
To R.B.D.D A/c		-
Bad debts		-
(+) New Bad debts		800
(+) New Reserve		1,236	2,036
To Net Profit (Transferred to Capital A/cs)
Satish		24,482
Pramod		24,482	48,964
			59,200			59,200

Working Notes and Adjustment:

(1)

Balance Sheet as on 31st March, 2019

Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Capital A/c:			Sundry Debtors	40,000
Satish	24,482		(+) Unrecorded Sales	2,000
Pramod	24,482	48,964		42,000
			(−) New Bad debts	800
Sundry Creditor		13,000		41,200
10% Bank Loan (w.e.f. 1/7/2018)	8,000		(−) New R.D.D. (3% of 41,200)	1,236	39,964
(+) O/s Interest	600	8,600	Investments		15,700
O/s Wages		500	Closing Stock		15,400

		71,064			71,064

(2) Closing stock: The adjustment with regard to the closing stock is done by (i) by crediting it to the trading and profit and loss account, and (ii) by showing it on the asset side of the balance sheet.

(3) Outstanding Expenses: The amount of outstanding expenses is (i) added to the total of expenses under a particular head for the purpose of preparing trading and profit and loss account, and (ii) shown on the liabilities side of the balance sheet.

(4) Goods distributed as free samples is an advertisement expense for business.

(5) Interest on 10% bank loan is calculated for 9 months (From 1.7.2018 to 31.3.2019)

I = `"PRN"/100 = 8,000 × 10/100 × 9/12` = ₹ 600.

(6)

Sundry Debtors	40,000
Add: Unrecorded Sales	2,000
Less: Provision for Bad Debts	800
	41,200
Less: R.D.D. (New) (3 % of 41,200)	1,236
	39,964

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Partnership Final Accounts

क्या इस प्रश्न या उत्तर में कोई त्रुटि है?

Q 7.Q 6.Q 8.

अध्याय 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.2 (Practical Problems) [पृष्ठ ५९]

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बालभारती Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board

अध्याय 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.2 (Practical Problems) | Q 7. | पृष्ठ ५९

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Partnership Final Accounts

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संबंधित प्रश्न

What do you mean by intangible asset?

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.

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.

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.

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

Trial Balance as on 31^st 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 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.

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:

Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
Goods worth Rs. 16,000 were distributed as free samples.
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.
The salaries were outstanding at Rs. 8,000.
Depreciation: Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

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.

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.

Expenses which are paid before they are due.

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.