Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March, 2020 and Balance sheet as on that date: Trial Balance as on 31st March, 2020 Debit Balance Amount ₹ Credit Balance Amount ₹ sundry Debtors 56,000 Sales 2,40,000 Purchases 1,10,000 Sundry Creditors 99,600 Plant & machinery 1,60,000 Purchases Return 2,000 Furniture 1,05,800 Capital accounts Salaries 8,600 Varsha 1,80,000 Sales return 1,000 Harsh 60,000 Cash in hand 1,02,000 Current Accounts: Opening stock 35,600 Varsha 10,000 Rent, Rates & Taxes 9,000 Harsha 6,000 Advertisement 9,600 5,97,600 5,97,600 Adjustments: Stock on 31st March, 2020 was valued at ₹ 74,000. Depreciation on Plant and Machinery @ 5% p.a. Partners are entitled to get Interest on Capital at 5% p.a. Outstanding expenses: Salaries ₹ 700. Provide further Bad debts of ₹ 1,680 on Sundry debtors.

Dr. In the books of Varsha & Harsha Trading A/cFor the year ended 31st March, 2020 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Opening stock 35,600 By Sales 2,40,000 2,39,000 To Purchases 1,10,000 1,08,000 Less: Returns 1,000 Less: Returns 2,000 By Closing stock 74,000 To Gross profit c/d 1,69,400 3,13,000 3,13,000 Dr. Profit & Loss A/cFor the year ended 31st March, 2020 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Bad debts By Gross Profit 1,69,400 Add: New Bad debts 1,680 Add: New R.D.D Less: Old R.D.D. 1,680 To Salaries 8,600 9,300 By Gross profit b/d 1,69,400 Add: Outstanding 700 To Rent, Rates & Taxes 9,000 To Advertisement 9,600 To Depreciation on plant & machinery 8,000 To Interest on partners Capital Varsha 9,000 12,000 Harsha 3,000 To Further Bad Debts 1,680 To Net profit transfered to partner's current A/c Varsha 89,865 1,19,820 Harsha 29,955 1,69,400 1,69,400 In the books of Varsha & Harsha Balance SheetAs on 31st March, 2020 Liabilities Amount ₹ Amount ₹ Assets Amount ₹ Amount ₹ Partner's Capital Sundry Debtors 56,000 54,320 Varsha 1,80,000 2,40,000 Less: Further Bad Debts 1,680 Harsha 60,000 Plant & Machinery 1,60,000 1,52,000 Partner's Current Less: Depreciation 5% 8,000 Varsha 1,08,865 1,47,820 Furniture 1,05,800 Harsha 38,955 Cash in hand 1,02,000 Sundry Creditors 99,600 Closing stock 74,000 Outstanding Salaries 700 4,88,120 4,88,120 Working Note: Partner's Current A/c Particulars Varsha Harsha Particulars Varsha Harsha To Balance c/d 1,08,865 38,955 By Balance b/d 10,000 6,000 By Interest on Capital 9,000 3,000 By Profit & Loss A/c 89,865 29,955 1,08,865 38,955 1,08,865 38,955 Interest capitalVarsha =`1,80,000xx 5/100xx12/12= 9,000` Harsha = `60,000xx 5/100 xx 12/12 = 3,000`

Varsha and Harsha are partners sharing profits and losses in their capital ratio. - Book Keeping and Accountancy

प्रश्न

Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31^st March, 2020 and Balance sheet as on that date:

Trial Balance as on 31st March, 2020
Debit Balance	Amount ₹	Credit Balance	Amount ₹
sundry Debtors	56,000	Sales	2,40,000
Purchases	1,10,000	Sundry Creditors	99,600
Plant & machinery	1,60,000	Purchases Return	2,000
Furniture	1,05,800	Capital accounts
Salaries	8,600	Varsha	1,80,000
Sales return	1,000	Harsh	60,000
Cash in hand	1,02,000	Current Accounts:
Opening stock	35,600	Varsha	10,000
Rent, Rates & Taxes	9,000	Harsha	6,000
Advertisement	9,600
	5,97,600		5,97,600

Adjustments:

Stock on 31^st March, 2020 was valued at ₹ 74,000.
Depreciation on Plant and Machinery @ 5% p.a.
Partners are entitled to get Interest on Capital at 5% p.a.
Outstanding expenses: Salaries ₹ 700.
Provide further Bad debts of ₹ 1,680 on Sundry debtors.

खाता बही

उत्तर

Dr.	In the books of Varsha & Harsha Trading A/c For the year ended 31st March, 2020				Cr.
Particulars	Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Opening stock		35,600	By Sales	2,40,000	2,39,000
To Purchases	1,10,000	1,08,000	Less: Returns	1,000	2,39,000
Less: Returns	2,000	1,08,000	By Closing stock		74,000
To Gross profit c/d		1,69,400
		3,13,000			3,13,000

Dr.	Profit & Loss A/c For the year ended 31st March, 2020				Cr.
Particulars	Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Bad debts			By Gross Profit	1,69,400
Add: New Bad debts	1,680
Add: New R.D.D
Less: Old R.D.D.		1,680
To Salaries	8,600	9,300	By Gross profit b/d		1,69,400
Add: Outstanding	700	9,300
To Rent, Rates & Taxes		9,000
To Advertisement		9,600
To Depreciation on plant & machinery		8,000
To Interest on partners
Capital
Varsha	9,000	12,000
Harsha	3,000	12,000
To Further Bad Debts		1,680
To Net profit transfered to partner's current A/c
Varsha	89,865	1,19,820
Harsha	29,955	1,19,820
		1,69,400			1,69,400

In the books of Varsha & Harsha Balance Sheet As on 31st March, 2020
Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Partner's Capital			Sundry Debtors	56,000	54,320
Varsha	1,80,000	2,40,000	Less: Further Bad Debts	1,680	54,320
Harsha	60,000	2,40,000	Plant & Machinery	1,60,000	1,52,000
Partner's Current			Less: Depreciation 5%	8,000	1,52,000
Varsha	1,08,865	1,47,820	Furniture		1,05,800
Harsha	38,955	1,47,820	Cash in hand		1,02,000
Sundry Creditors		99,600	Closing stock		74,000
Outstanding Salaries		700
		4,88,120			4,88,120

Working Note:

Partner's Current A/c
Particulars	Varsha	Harsha	Particulars	Varsha	Harsha
To Balance c/d	1,08,865	38,955	By Balance b/d	10,000	6,000
			By Interest on Capital	9,000	3,000
			By Profit & Loss A/c	89,865	29,955
	1,08,865	38,955		1,08,865	38,955

Interest capital
Varsha =`1,80,000xx 5/100xx12/12= 9,000`

Harsha = `60,000xx 5/100 xx 12/12 = 3,000`

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Partnership Final Accounts

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Partnership Final Accounts

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संबंधित प्रश्न

What do you mean by intangible asset?

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

Debit balance of trading account.

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 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.

Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3:2. 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, 2012 and Balance Sheet on that date.

Trial Balance as on 31st March, 2012
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	4,00,000	Capital A/cs -
Plant and Machinery	1,20,000	Madhuri	3,00,000
Purchases	6,50,000	Minakshi	2,00,000
Carriage	7,000	Sales	8,10,000
Opening stock	90,000	Sundry Creditors	1,00,000
Wages	35,000	Outstanding salaries	4,200
Sundry Debtors	1,50,000	8% Bank loan (Taken on 1.10.2011)	1,00,000
Salaries	28,000
Postage and Telegram	4,000
Insurance	5,000
Bad debts	3,000
Rent	4,000
Discount	3,200
Drawing A/c-
Madhuri	10,000
Minakshi	5,000
	15,14,200		15,14,200

Adjustments:

Stock on hand on 31st March, 2010 was valued at Rs 1,10,000.
Depreciate Plant and Machinery at 10% p.a. and Building at 5% p.a.
Prepaid Insurance Rs 1,500.
Create R.D.D at 5% on Sundry Debtors.
Partners are allowed interest at 5% p.a. on their capitals.
Salaries include Rs 2,500 as advance to workers.

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.

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.

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.

A ______ is an intangible asset.

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

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