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

In the books of Sucheta and Gayatri Dr. Trading A/c for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Opening Stock 18,700 By Sales 1,85,500 To Purchase 65,000 By Goods Distributed as Free sample 3,000 To Works Manager’s Salary 2,300 By Closing Stock 19,700 To Wages and Salaries 4,000 To Motive Power 1,350 Less: Deposit for Power Meter 500 850 To Custom Duty 1,500 To Gross Profit c/d 1,15,850 2,08,200 2,08,200 Dr. Profit and Loss Account for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Unproductive Wages 3,000 By Gross Profit b/d 1,15,850 To Audit Fees 2,500 By Discount 400 To Rent 1,800 By Interest 1,300 To Conveyance 2,000 To O/s Interest on Sucheta's Loan 369 To Advertisement Expenses (Goods distributed as samples) 3,000 To Depreciation on Building 4,400 To Bad debts Nil Add: New Bad debts 2000 Add: New R.D.D 1,485 3,485 To Net Profit (Transferred to Capital A/cs) Sucheta 58,198 Gayatri 38,798 96,996 1,17,550 1,17,550 Dr. Capital Account for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ By Balance b/d 75,000 40,000 To balance c/d 1,33,198 78,798 By Net Profit 58,198 38,798 1,33,198 78,798 1,33,198 78,798 Balance Sheet as on 31st March 2019 Liabilities Amount ₹ Amount ₹ Assets Amount ₹ Amount ₹ Capital A/c: Deposit Power Meter 500 Sucheta 1,33,198 Building 88,000 Gayatri 78,798 2,11,996 Less: Depreciation 4,400 83,600 Sucheta’s Loan 6,150 Debtors 47,500 Add: O/s Interest on Sucheta's Loan 369 6,519 Creditors 35,000 Add: Dishonoured Bill 4,000 Bills Payable 27,300 51,500 Less: New Bad Debts 2,000 49,500 Less: New R.D.D. 1,485 48,015 Bills Receivable 22,000 Less: Dishonoured Bill 4,000 18,000 Goodwill 25,000 Copy Rights 20,000 Investments 40,000 Closing Stock 19,700 Cash at Bank 26,000 2,80,815 2,80,815 Working Notes: Add dishonored bill amount to debtors amount and then calculate B.D. and R.D.D. Subtract dishonoured bill amount from bills receivable amount. Rate of interest on the partner’s loan is not mentioned; therefore, interest on the loan is calculated at 6% p.a.&there4; Interest on Sucheta’s Loan = `6,150 xx 1 xx 6/100` = ₹ 369

Sucheta and Gayatri are Partners sharing Profit and Losses in the ratio 3:2. From the following Trial Balance you are required to prepare Trading and Profit and Loss Account for the year ended - Book Keeping and Accountancy

प्रश्न

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 31^st March 2019 and Balance Sheet as of that date.

Trial Balance as on 31^s^t 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:

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

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उत्तर

In the books of Sucheta and Gayatri

Dr.	Trading A/c for the year ended on 31^st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Opening Stock			18,700	By Sales		1,85,500
To Purchase			65,000	By Goods Distributed as Free sample		3,000
To Works Manager’s Salary			2,300	By Closing Stock		19,700
To Wages and Salaries			4,000
To Motive Power		1,350
Less: Deposit for Power Meter		500	850
To Custom Duty			1,500
To Gross Profit c/d			1,15,850
			2,08,200			2,08,200

Dr.	Profit and Loss Account for the year ended on 31^st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Unproductive Wages			3,000	By Gross Profit b/d		1,15,850
To Audit Fees			2,500	By Discount		400
To Rent			1,800	By Interest		1,300
To Conveyance			2,000
To O/s Interest on Sucheta's Loan			369
To Advertisement Expenses (Goods distributed as samples)			3,000
To Depreciation on Building			4,400
To Bad debts		Nil
Add: New Bad debts		2000
Add: New R.D.D		1,485	3,485
To Net Profit (Transferred to Capital A/cs)
Sucheta		58,198
Gayatri		38,798	96,996
			1,17,550			1,17,550

Dr.	Capital Account for the year ended on 31^st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
				By Balance b/d	75,000	40,000
To balance c/d		1,33,198	78,798	By Net Profit	58,198	38,798

		1,33,198	78,798		1,33,198	78,798

Balance Sheet as on 31^st March 2019

Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Capital A/c:			Deposit Power Meter		500
Sucheta	1,33,198		Building	88,000
Gayatri	78,798	2,11,996	Less: Depreciation	4,400	83,600
Sucheta’s Loan	6,150		Debtors	47,500
Add: O/s Interest on Sucheta's Loan	369	6,519
Creditors		35,000	Add: Dishonoured Bill	4,000
Bills Payable		27,300		51,500
			Less: New Bad Debts	2,000
				49,500
			Less: New R.D.D.	1,485	48,015
			Bills Receivable	22,000
			Less: Dishonoured Bill	4,000	18,000
			Goodwill		25,000
			Copy Rights		20,000
			Investments		40,000
			Closing Stock		19,700
			Cash at Bank		26,000
		2,80,815			2,80,815

Working Notes:

Add dishonored bill amount to debtors amount and then calculate B.D. and R.D.D.
Subtract dishonoured bill amount from bills receivable amount.
Rate of interest on the partner’s loan is not mentioned; therefore, interest on the loan is calculated at 6% p.a.
∴ Interest on Sucheta’s Loan = `6,150 xx 1 xx 6/100` = ₹ 369

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Partnership Final Accounts

क्या इस प्रश्न या उत्तर में कोई त्रुटि है?

Q 5.Q 4.Q 6.

अध्याय 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.2 (Practical Problems) [पृष्ठ ५८]

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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 5. | पृष्ठ ५८

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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.

Debit balance of trading account.

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.

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.

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.

An asset which can be converted into cash easily.

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

Order in which fixed assets are recorded first in the Balance Sheet.