Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: Trial Balance as on 31st March, 2019 Debit Balance Amount (₹) Credit Balance Amount (₹) Purchases 48,000 Capital accounts: Salaries 7,500 Asha 80,000 Wages 2,800 Nisha 40,000 Advertisement (2 years) 4,000 Bank Overdraft 34,000 Sales Return 8,000 Sales 1,48,000 Motor Van 63,000 R.D.D. 1,200 Stock (1. 4. 2018) 94,500 Purchase Return 6,000 Sundry Debtors 62,800 Coal, Gas and Fuel 1,000 Plant and Machinery 17,600 3,09,200 3,09,200 Adjustments: Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000. Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use. Depreciate Motor Van by 5% and Plant and Machinery by 7%. Reserve for Doubtful debts on Debtors at 5% is to be created. Outstanding Wages ₹ 800.

Dr. In the Books of M/s Asha and NishaTrading and Profit and Loss A/cfor the year ended 31st March 2019 Cr. Particulars Amount (₹) Particulars Amount (₹) To Opening Stock 94,500 By Sales 1,48,000 1,40,000 To Purchases 48,000 42,000 Less: Sales Return (8,000) Less: Purchase Return (6,000) By Drawing of Goods To Wages 2,800 3,600 Asha 3,000 5,000 Add: Outstanding 800 Nisha 2,000 To Coal. Gas and Fuel 1,000 By Closing Stock 88,000 To Gross Profit c/d 91,900 2,33,000 2,33,000 To Salaries 7,500 By Gross Profit b/d 91,900 To Advertisement 4,000 1,940 Less: Prepaid (2,000) To New RDD 3,140 Less: Old RDD (1,200) To Depreciation on: Motor Van 3,150 4,382 Plant and Machinery 1,232 To Net Profit transferred to: Asha Capitol A/c 38,039 76,078 Nisha Capital A/c 38,039 91,900 91,900 Dr. Partners' Capital Accounts Cr. Particulars Asha (₹) Nisha (₹) Particulars Asha (₹) Nisha (₹) To Drawings of Goods 3,000 2,000 By Balance b/d 80,000 40,000 To Balance c/d 1,15,039 76,039 By Profit and loss A/c 38,039 38,039 1,18,039 78,039 1,18,039 78,039 M/s Asha and NishaBalance Sheet as on 31st March, 2019 Liabilities Amount (₹) Assets Amount (₹) Capitals: Motor Van 63,000 59,850 Asha 1,15,039 1,91,078 Less: Depreciation (3,150) Nisha 76,039 Sundry Debtors 62,800 59,660 Bank Overdraft 34,000 Less: RDD (3,140) Outstanding Wages 800 Plant and Machinery 17,600 16,368 Less: Depreciation (1,232) Closing Stock 88,000 Prepaid Advertisement 2,000 2,25,878 2,25,878

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: - Book Keeping and Accountancy

प्रश्न

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:

Trial Balance as on 31st March, 2019
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Purchases	48,000	Capital accounts:
Salaries	7,500	Asha	80,000
Wages	2,800	Nisha	40,000
Advertisement (2 years)	4,000	Bank Overdraft	34,000
Sales Return	8,000	Sales	1,48,000
Motor Van	63,000	R.D.D.	1,200
Stock (1. 4. 2018)	94,500	Purchase Return	6,000
Sundry Debtors	62,800
Coal, Gas and Fuel	1,000
Plant and Machinery	17,600
	3,09,200		3,09,200

Adjustments:

Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
Depreciate Motor Van by 5% and Plant and Machinery by 7%.
Reserve for Doubtful debts on Debtors at 5% is to be created.
Outstanding Wages ₹ 800.

खातेवही

उत्तर

Dr.	In the Books of M/s Asha and Nisha Trading and Profit and Loss A/c for the year ended 31st March 2019				Cr.
Particulars		Amount (₹)	Particulars		Amount (₹)
To Opening Stock		94,500	By Sales	1,48,000	1,40,000
To Purchases	48,000	42,000	Less: Sales Return	(8,000)	1,40,000
Less: Purchase Return	(6,000)	42,000	By Drawing of Goods
To Wages	2,800	3,600	Asha	3,000	5,000
Add: Outstanding	800	3,600	Nisha	2,000	5,000
To Coal. Gas and Fuel		1,000	By Closing Stock		88,000
To Gross Profit c/d		91,900
		2,33,000			2,33,000
To Salaries		7,500	By Gross Profit b/d		91,900
To Advertisement	4,000	1,940
Less: Prepaid	(2,000)
To New RDD	3,140
Less: Old RDD	(1,200)
To Depreciation on:
Motor Van	3,150	4,382
Plant and Machinery	1,232	4,382
To Net Profit transferred to:
Asha Capitol A/c	38,039	76,078
Nisha Capital A/c	38,039	76,078
		91,900			91,900

Dr.	Partners' Capital Accounts				Cr.
Particulars	Asha (₹)	Nisha (₹)	Particulars	Asha (₹)	Nisha (₹)
To Drawings of Goods	3,000	2,000	By Balance b/d	80,000	40,000
To Balance c/d	1,15,039	76,039	By Profit and loss A/c	38,039	38,039
	1,18,039	78,039		1,18,039	78,039

M/s Asha and Nisha Balance Sheet as on 31st March, 2019
Liabilities		Amount (₹)	Assets		Amount (₹)
Capitals:			Motor Van	63,000	59,850
Asha	1,15,039	1,91,078	Less: Depreciation	(3,150)	59,850
Nisha	76,039	1,91,078	Sundry Debtors	62,800	59,660
Bank Overdraft		34,000	Less: RDD	(3,140)	59,660
Outstanding Wages		800	Plant and Machinery	17,600	16,368
			Less: Depreciation	(1,232)	16,368
			Closing Stock		88,000
			Prepaid Advertisement		2,000
		2,25,878			2,25,878

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Partnership Final Accounts

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2021-2022 (March) Set 1

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2021-2022 (March) Set 1 (with solutions)

Q 7 | 12 marks

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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 __________________.

Write a short note on E-Commerce ?

What do you mean by intangible asset?

From the following Trading Balance of M/s Ajay and Vijay you are required to prepared Trading and Profit and Loss Account for the year ended 31st March, 2009 and Balance Sheet as on that date

Trial Balance as on 31st March , 2009

Particulars	Debit Amount Rs.	Credit Amount Rs.
Capital A/c's Ajay Vijay		60000 35000
Purchases and Sales	46,700	85,000
Sundry Debtors and Creditors	28000	25000
Bills Receivable and payable	5000	6000
Commission	4600	1800
Opening stock	18000
Wages	9900
Investment	13500
Postage and Telegrams	3600
Insurance	1200
Plant and Machinery	40700
Furniture	18000
Cash in hand	2500
Carriage	3200
Bad debts	400
Prepaid Rent	7000
Salaries	10500

Adjustments:

1) The closing stock is valued at Rs 31,000.

2) Outstanding expenses were wages Rs. 1,400, salaries Rs 800.

3) Depreciate Plant and Machinery by 10%.

4) Insurance at Rs 500 is paid in advance.

5) Provide for further bad debts of Rs 1,500.

6) Commission due but not received Rs 1,200.

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.

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

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

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