Partnership Final Accounts

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

Find 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:

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.

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

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.

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

1. Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
2. She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
3. land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
4. A provision of 5% on debtors to be made for doubtful debts.
5. The stock is to be taken at a value of Rs. 2,00,000.
6. 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.

Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, 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.

Adjustments:

1. Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
2. Insurance is paid up to 30th June 2019. 
3. Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
4. Book value of Plant and Machinery is reduced to ₹ 13,000.
5. Depreciate Furniture by 5% p.a.
6. Provide further Bad debts of ₹ 800.
7. Goods of ₹ 3,000 distributed as a free sample.

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 31^st March, 2013

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.

Find odd one