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प्रश्न
Amit bhai and Narendra bhai are in Partnership 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 2019 and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
| Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
| Plant & Machinery | 2,80,000 | Capital A/c: | |
| Factory Building | 75,000 | Amitbhai | 3,50,000 |
| Sundry Debtors | 28,700 | Narendrabhai | 3,00,000 |
| Purchases | 85,500 | Sales | 1,80,000 |
| Bad Debts | 500 | Bills Payable | 8,500 |
| Sales Return | 2,200 | Discount | 1,200 |
|
10% Govt. Bond |
40,000 | Creditors | 38,500 |
| Import Duty | 1,800 | R.D.D. | 2,700 |
| Legal Charges | 2,000 | Bank Loan | 15,000 |
| Motive Power | 12,000 | Purchases Return | 2,000 |
| Warehouse Rent | 1,800 | ||
| Cash in Hand | 20,000 | ||
| Cash at Bank | 70,000 | ||
| Advertisement (for 2 years, w.e.f 1st Jan 2019) |
10,000 | ||
| Salaries | 3,800 | ||
| Rent | 1,500 | ||
| Drawings : | |||
| Amitbhai | 2,400 | ||
| Narendrabhai | 3,200 | ||
| Furniture | 1,95,800 | ||
| Bills Receivable | 20,700 | ||
| Freehold Property | 41,000 | ||
| 8,97,900 | 8,97,900 |
Adjustments:
1) Stock on hand on 31st March 2019 was valued at ₹ 43,000.
2) Uninsured goods worth ₹ 8,000 were stolen.
3) Create R.D.D at 2% on Sundry debtors.
4) Mr. Patil, our customer becomes insolvent and could not pay his debts of ₹ 500.
5) Outstanding Expenses - Rent ₹ 800 and Salaries ₹ 300
6) Depreciate Factory Building by ₹ 2,500 and Furniture by ₹ 1,800
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उत्तर
In the books of Amitbhai and Narendrabhai
| Dr. | Trading and Profit and Loss Account for the year ended on 31st March 2019 |
|||||
Particulars |
Amount (₹) |
Amount (₹) |
Particulars | Amount (₹) | Amount (₹) |
|
| To Purchases | 85,500 | By Sales | 1,80,000 | |||
| (-) Purchase Return | 2,000 | 83,500 | (-) Sales Return | 2,200 | 1,77,800 | |
| To Import Duty | 1,800 | By Goods Stolen Away | 8,000 | |||
| To Motive Power | 12,000 | By Closing Stock | 43,000 | |||
| To Gross Profit c/d | 1,31,500 | |||||
| 2,28,800 | 2,28,800 | |||||
| To Warehouse Rent | 1,800 | By Gross Profit b/d | 1,31,500 | |||
| To R.B.D.D. A/C | By Discount | 1,200 | ||||
| Bad debts | 500 | By O/s Interest on Govt. Bonds | 2,000 | |||
| (+) New Bad debts | 500 |
By R.D.D. A/c (Excess Reserve)(2,700 – 1,564) |
1,136 | |||
| (+) New R.D.D. | 564 | |||||
| 1564 | ||||||
| (-) Old Reserve | 2700 | |||||
| To Legal Charges | 2,000 | |||||
| To Advertisement Expenses | 10,000 | |||||
| (-) Prepaid Adv. Exp. | 8,750 | 1,250 | ||||
| To Salaries | 3,800 | |||||
| (+) O/s Salaries | 300 | 4,100 | ||||
| To Rent | 1,500 | |||||
| (+) O/s Rent | 800 | 2,300 | ||||
| To Depreciation on: | ||||||
| Furniture | 1,800 | |||||
| Factory Building | 2,500 | 4,300 | ||||
| To Loss due to Theft | 8,000 | |||||
| To Net Profit Transferred to Capital A/c: | ||||||
| Amitbhai | 56,043 | |||||
| Narendrabhai | 56,043 | 1,12,086 | ||||
| 1,35,836 | 1,35,836 |
|||||
Balance Sheet as on 31st March 2019
| Liabilities | Amount ₹ | Amount ₹ | Assets | Amount ₹ | Amount ₹ |
| Capital Account: | Plant & Machinery | 2,80,000 | |||
| Amit bhai: | Factory Building | 75,000 | |||
| Opening Balance | 3,50,000 | (-) Depreciation | 2,500 | 72,500 | |
| (+) Net Profit | 56,043 | Furniture | 1,95,800 | ||
| (-) Drawings | 2,400 | 4,03,643 | (-) Depreciation | 1,800 | 1,94,000 |
| Narendra bhai: | Closing Stock | 43,000 | |||
| Opening Balance | 3,00,000 | Sundry Debtors | 28,700 | ||
| (+) Net Profit | 56,043 | (-) B.D. (New) | 500 | ||
| (-) Drawings | 3,200 | 3,52,843 | 28,200 | ||
| Bills Payable | 8,500 | (-) R.D.D. (New) | 564 | 27,636 | |
| Creditors | 38,500 | 10 % Govt. Bond | 40,000 | ||
| Bank Loan | 15,000 | O/s Interest on Govt. Bond | 2,000 | ||
| O/s expenses: | Cash in Hand | 20,000 | |||
| Rent | 800 | Cash at Bank | 70,000 | ||
| Salaries | 300 | 1,100 | Prepaid Advertisement Expense | 8,750 | |
| Bills Receivable | 20,700 | ||||
| Freehold property | 41,000 | ||||
| 8,19,586 | 8,19,586 |
Notes :
(1) Import duty and Motive power are recorded in the Trading A/c.
(2) 10% govt. bond is an investment. It was purchased on 1.10.2018.
∴ Interest is calculated for six months.
Interest on Govt. Bond = `40,000 × 6/12 × 10/100` = ₹ 2,000
(3) Adv. exp. paid for 2 years from 01.01.2019. Up to 31.3.2019, 3 months adv. exp. is written off to Profit and Loss A/c. It is calculated as below:
`10,000 × 3/24` = ₹ 1,250
Prepaid adv. exp. = 10,000 – 1,250 = ₹ 8,750
APPEARS IN
संबंधित प्रश्न
Write the word/phrase/term, which can substitute the following sentence.
Debit balance of trading account.
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.
Given below is the Trial Balance of M/s Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet on that date.
Trial Balance as on 31st 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 31st 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 31st 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. 1st 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.
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 31st March, 2013
| Debit Balance |
Amount
Rs
|
Credit Balance |
Amount
Rs
|
| Salaries and wages | 12000 | Sales | 110000 |
| Postage and Telegram | 1,750 | Sundry Creditors | 72700 |
| Opening Stock | 23,500 | Bills Payable | 40000 |
| Plant and Machinery | 70,000 | 10% Bank loan (Taken on 1st Oct 2012) | 60000 |
| Advertisement | 5,000 | Outstanding Audit fees | 5900 |
| Import duty | 2,100 | Capital A/c- | |
| Bad debts | 1000 | Sanjay | 45000 |
| Purchases | 98500 | Vijay | 45000 |
| Sundry Debtors | 45800 | ||
| Bills Receivable | 16700 | ||
| Carriage outward | 1800 | ||
| Wages and stationery (Note 2) | 14000 | ||
| Printing and stationery | 4600 | ||
| Cash in hand | 1850 | ||
| Leasehold Premises | 80000 | ||
| 378600 | 378600 |
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.
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 |
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.
Order in which fixed assets are recorded first in the Balance Sheet.
State whether the following statement is True or False with reasons.
Carriage inward is a carriage on purchase.
State whether the following statement is True or False with reasons.
Wages paid for the installation of Machinery is a Revenue expenditure.
Find odd one.
Find odd one.
The withdrawal by partner for personal use from the firm is ________ to his account.
The expenses paid for trading purpose are known as _______ expenses.
Cash receipts which are recurring in nature are called as__________ Receipts.
Answer in one sentence only.
As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?
Answer in one sentence only.
Why wages paid for installation of machinery are not shown in Trading Account?
Answer in one sentence only.
What do you mean by indirect incomes?
Do you agree/disagree with the following statement:
Profit and Loss Account reflects the true Financial position.
Do you agree/disagree with the following statement:
Carriage Inward is a selling and distribution overhead.
Do you agree/disagree with the following statement:
Gross profit is an operation profit.
From the following Trial Balance of M/S Mitesh and Mangesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019, and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock as on (1/4/2018) | 25,000 | Sundry Creditors | 38,000 |
| Building | 48,500 | Sales | 1,75,000 |
| Carriage | 1,780 | Capital: | |
| Factory Insurance | 2,700 | Mitesh | 1,50,000 |
| Postage | 1,600 | Mangesh | 50,000 |
| Bills Receivable | 13,700 | Outstanding Salaries | 2,000 |
| Sundry Debtors | 52,200 | Bills Payable | 18,000 |
| Return Inward | 1,600 | Return outword | 1,800 |
| Purchases | 68,900 | ||
| Audit fees | 1,800 | Current A/c: | |
| Loose tools | 32,000 | Mitesh | 3,000 |
| Manufacturing Expenses | 1,820 | Mangesh | 2,000 |
| Electricity Charges | 2,600 | ||
| General Expenses | 3,400 | ||
| Export duty | 1,000 | ||
| Cash in hand | 75,000 | ||
| Bank Balance | 29,000 | ||
| Conveyance | 4,100 | ||
| Furniture | 64,000 | ||
| Salaries | 2,000 | ||
| Rent, Rate & Taxes | 3,700 | ||
| Drawings: | |||
| Mitesh | 1,200 | ||
| Mangesh | 2,200 | ||
| 4,39,800 | 4,39,800 |
Adjustments :
1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3: 1.
2) Partners are entitled to get Commission @ 1% each on Gross Profit.
3) The closing stock is valued at ₹ 23,700.
4) Outstanding Expenses - Audit fees ₹ 400; carriage ₹ 600.
5) The building is valued at ₹ 46,500.
6) Furniture is depreciated by 5%.
7) Provide Interest on Partner's capital at 2.5% pa.
8) Goods of ₹ 900 were taken by Mangesh for his personal use.
9) Write off ₹ 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.
From the following Trial Balance and adjustments given below of Reena and Aarti, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
| Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
| Purchases | 35,500 | Sales | 58,200 |
| Sundry Debtors | 40,000 | Sundry Creditors | 25,700 |
| Sales Returns | 1,000 | Purchases Returns | 500 |
| Opening Stock | 18,100 | R.D.D | 800 |
| Bad debts | 500 | Discount | 50 |
| Land and Building | 25,000 | Commission | 250 |
| Furniture | 20,000 | Capital: | |
| Discount | 1,000 | Reena | 50,000 |
| Royalties | 700 | Aarti | 30,000 |
| Rent | 1,900 | ||
| Salaries | 3,000 | ||
| Wages | 800 | ||
| Insurance | 1,500 | ||
| Drawings: | |||
| Reena | 2,000 | ||
| Aarti | 1,000 | ||
| Cash at Bank | 11,500 | ||
| Cash in Hand | 2,000 | ||
| 1,65,500 | 1,65,500 |
Adjustments :
- Closing Stock valued at ₹ 22,000.
- Write off ₹ 900 for Bad and doubtful debts and create a provision for Reserve for doubtful debts ₹ 1,000.
- Create a provision for Discount on Debtors @ 3% and creditors @ 5%.
- Outstanding Expenses - Wages ₹ 700 and Salaries ₹ 800.
- Insurance is paid for 15 months, w.e.f. 1st April 2018
- Depreciate Land and Building @ 5%
- Reena & Aarti are Sharing Profits & Losses in their Capital Ratio.
Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.
| Trial Balance as on 31st March 2019 | |||
|
Debit Balance |
Amount (₹) |
Credit Balance |
Amount (₹) |
|
Sundry Debtors |
28,000 |
Sales |
1,20,000 |
|
Purchases |
55,000 |
Rent |
1,800 |
|
Furniture |
38,500 |
Sundry Creditors |
38,500 |
|
Plant & Machinery |
60,000 |
Purchase Return |
1,000 |
|
Wages |
800 |
Discount |
500 |
|
Salaries |
3,500 |
Bills Payable |
9,000 |
|
Discount |
800 |
Capital A/c: |
|
|
Bills Receivable |
14,400 |
Kshipra |
90,000 |
|
Carriage Outward |
1,000 |
Manisha |
30,000 |
|
Postage |
500 |
Current A/c: |
|
|
Sales Return |
500 |
Kshipra |
5,000 |
|
Cash in Hand |
4,000 |
Manisha |
3,000 |
|
Cash at Bank |
47,000 |
||
|
Insurance |
2,000 |
||
|
Opening Stock |
17,800 |
||
|
Trade Expenses |
1,500 |
||
|
Warehouse Rent |
2,500 |
||
|
Advertisement |
1,000 |
||
|
Building |
20,000 |
||
|
2,98,800 |
2,98,800 |
||
Adjustments:
- Stock on 31st March 2019 was at ₹37,000.
- Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
- Depreciation on fixed assets @ 5%.
- Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
- Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
- Create provision for doubtful debts @ 3% on Sundry Debtors.
Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.
| Trial Balance as on 31st March, 2020 | ||
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
| Capital: | ||
| Kavya | 7,50,000 | |
| Bhavya | 5,00,000 | |
| Sundry Debtors | 2,25,000 | |
| Sundry Creditors | 1,50,000 | |
| Rent (10 Months) | 5,000 | |
| Opening Stock | 2,67,750 | |
| Building | 4,25,000 | |
| Salaries | 25,000 | |
| Commission | 400 | 475 |
| Vehicles | 1,85,000 | |
| Sales | 4,20,250 | |
| Purchases | 3,20,250 | |
| Wages | 5,000 | |
| Office Expenses | 10,000 | |
| Bank Overdraft | 75,000 | |
| Goods Returns | 2,750 | 1,750 |
| Provident Fund Investment | 4,00,000 | |
| Cash in Hand | 20,000 | |
| Provident Fund Contribution | 50,000 | |
| Provident Fund | 1,40,000 | |
| Cash at Bank | 1,00,000 | |
| Interest on P.F. Investment | 21,000 | |
| Drawing: | ||
| Kavya | 10,000 | |
| Bhavya | 7,500 | |
| Bad-debts | 1,675 | |
| R.D.D. | 1,850 | |
| Total | 20,60,325 | 20,60,325 |
Adjustments :
- Closing Stock ₹ 1,80,000.
- Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
- Depreciate Vehicles @ 5% p.a.
- Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
- Bhavya withdrew Goods of ₹ 3,000 for her personal use.
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.
| Trial Balance as on 31st March, 2019 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock (1/4/2018) | 32,500 | Capital: | |
| Purchases | 40,000 | Kranti | 1,20,000 |
| Sundry Debtors | 1,00,000 | Sumangala | 40,000 |
| Bills Receivable | 8,500 | Sales | 60,000 |
| Wages | 3,000 | Sundry Creditors | 30,000 |
| Investment | 32,000 | Bills Payable | 15,000 |
| Postage | 2,700 | Commission | 325 |
| Insurance | 7,500 | Purchases Returns | 1,000 |
| Plant & Machinery | 15,000 | ||
| Salaries | 4,850 | ||
| Prepaid Rent | 2,000 | ||
| Bad-debts | 500 | ||
| Furniture | 12,500 | ||
| Cash in Hand | 3,775 | ||
| Sales Return | 1,500 | ||
| 2,66,325 | 2,66,325 | ||
Adjustments:
- Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
- Insurance is paid up to 30th June 2019.
- Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
- Book value of Plant and Machinery is reduced to ₹ 13,000.
- Depreciate Furniture by 5% p.a.
- Provide further Bad debts of ₹ 800.
- Goods of ₹ 3,000 distributed as a free sample.
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.
State whether the following statement is True or False with reason:
Carriage Inward is carriage on purchases.
State whether the following statement is True or False with reason:
Profit and Loss Account is a Real Account.
A ______ is an Intangible Asset.
Find odd one.
Find odd one
Find odd one.
Complete the following Table:
| Creditors | Bills Payable | Third-Party Liabilities |
| 16,000 | 12,000 | ? |
Find the odd one:
Find the odd one:
Building, capital, reserve fund, bank loan
Undervaluation of closing stock by 10%, closing stock was of ₹ 54,000. Find out the value of closing stock.
Advertisement expense ₹ 80,000 paid for 2 years from 1st Jan. 2022. Calculate prepaid advertisement expense for the year ended on 31st March, 2022.
From the following Trial Balance and Adjustments given below of Rutul and Atul, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.
| Trial Balance as on 31st March, 2023 | |||
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Purchases | 71,000 | Sales | 1,16,400 |
| Sundry Debtors | 80,000 | Sundry Creditors | 51,400 |
| Sales Returns | 2,000 | Purchase Returns | 1,000 |
| Opening Stock | 36,200 | R.D.D. | 1,600 |
| Bad Debts | 1,000 | Discount | 100 |
| Land & Building | 50,000 | Commission | 500 |
| Furniture | 40,000 | Capital A/cs: | |
| Discount | 2,000 | Rutul | 1,00,000 |
| Royalties | 1,400 | Atul | 60,000 |
| Rent | 3,800 | ||
| Salaries | 6,000 | ||
| Wages | 1,600 | ||
| Insurance | 3,000 | ||
| Drawing: | |||
| Rutul | 4,000 | ||
| Atul | 2,000 | ||
| Cash at Bank | 23,000 | ||
| Cash in Hand | 4,000 | ||
| 3,31,000 | 3,31,000 | ||
Adjustments:
(1) Closing stock valued at ₹ 44,000.
(2) Write off ₹ 1,800 for bad and doubtful debts and create a provision for reserve for doubtful debts ₹ 2,000.
(3) Create a provision for discount on debtors @ 3% and on creditors @ 5%.
(4) Outstanding expenses: Wages ₹ 1,400 and Salaries ₹ 1,600.
(5) Insurance is paid for 15 months, w.e.f. 1st April, 2022.
(6) Depreciate Land and Building @ 5%.
(7) Rutul and Atul are sharing Profits and Losses in their Capital Ratio.
Find an odd one.
Find odd one.
Find odd one.
Find the odd one.
