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महाराष्ट्र राज्य शिक्षण मंडळएचएससी वाणिज्य (इंग्रजी माध्यम) इयत्ता १२ वी

Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year

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प्रश्न

Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.

बेरीज
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उत्तर

Loan borrowed = ₹ 2,00,000

Rate of interest = 15% P.a.

Duration = 1st October 2019 to 31st March 2020 i.e. 6 Month

Interest amount = Loan amount × Rate of interest × Duration

= `2,00,000 xx 15/100 xx 6/12` = ₹ 15,000

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  या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
पाठ 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [पृष्ठ ५४]

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बालभारती Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board
पाठ 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.1 (Objective Questions) | Q I. H. 5. | पृष्ठ ५४

व्हिडिओ ट्यूटोरियलVIEW ALL [1]

संबंधित प्रश्‍न

What do you mean by intangible asset?

Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.


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.


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 31st 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
  Profit and Loss A/c 15000
  Closing Stock 104500
  Cash in Hand 86000
  518500   518500

On 1st 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.


Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Capital A/cs:     Building   1,00,000
Darshan 96,000   Furniture   20,000
Amar 64,000 1,60,000 Equipments   10,000
General reserve   18,000 Debtors 63,000  
Profit and Loss A/c   6,000 Less: R.D.D 3,000 60,000
Creditors   80,000 Stock   84,000
Pawans loan A/c   26,000 Cash   16,000
    2,90,000     2,90,000

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare: 
(1) Revaluation A/c 
(2) Capital A/cs of partners and 
(3) Balance sheet of the new firm


Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below:

Balance Sheet as on 31st March, 2013.
Liabilities
Amount
(₹)
Assets
Amount
(₹)
Capital Accounts
11,000
Building
10,000
Anita
15,000
Machinery
10,700
Sunita
8,000
Furniture
10,000
Kavita
10,000
Debtors
5,000
Creditors
10,900
Stock
6,600
Reserve fund
4,000
Cash
6,600
 
On 1st April, 2013, Mrs. Kavita retired from the firm on the following terms:
  1. Goodwill of the firm is to be valued at ₹4,000, however, only Kavita’s share in it is to be raised in the books and written off immediately.
  2. Assets to be revalued as under:
    Stock ₹6,300; Machinery ₹10,000; Furniture ₹10,200.
  3. R.D.D. to be maintained at 10% on debtors.
  4. ₹100 to be written off from creditors.
  5. The amount payable to Mrs. Kavita is to be transferred to her loan account.
Prepare:
  1. Profit and loss adjustment account.
  2. Partner’s capital account, and
  3. Balance Sheet of new firm as on 01.04.2013.

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

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


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

The account in which selling expenses of the business are recorded.


State whether the following statement is True or False with reasons.

Profit and Loss Account is a Real Account.


State whether the following statement is True or False with reasons.

Balance Sheet is an Account.


State whether the following statement is True or False with reasons.

Income received in advance is a liability.


State whether the following statement is True or False with reasons.

Goodwill is an intangible asset.


State whether the following statement is True or False with reasons.

Indirect expenses are debited to Trading Account.


State whether the following statement is True or False with reasons.

Bank loan is a current liability.


State whether the following statement is True or False with reasons.

Net profit is a debit balance of Profit and Loss Account.


Find odd one


Find odd one.


The expenses paid for trading purpose are known as _______ expenses.


Trading Account is prepared on the basis of ______ expenses.


When goods are distributed as free samples, it is treated as ___________of the business.


Answer in one sentence only.

What do you mean by pre-received income?


Answer in one sentence only.

What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?


Answer in one sentence only.

What do you mean by indirect incomes?


Current account always shows a debit balance.


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:

Sold but undispatched goods must be part of valuation of closing stock.


Do you agree/disagree with the following statement?

All direct expenditures are debited to profit and loss account.


Do you agree/disagree with the following statement:

Free distribution of goods is debited to the trading account.


Undervaluation of Closing Stock by 10%. Closing Stock was ₹30,000 find out the value of Closing Stock.


From the following Trial Balance of M/S Meera and Madhav. 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 (1/4/2018)

25,000

Bank overdraft

5,000

Debtors

80,500

Bills Payable

12,500

Bills Receivable

10,000

Creditors

68,000

Purchases

2,08,500

Sales

3,25,000

Returns

1,000

Outstanding Rent

2,000

Carriage Inward

3,000

Unpaid Wages

1,500

Carriage Outwards

4,500

Capital :

 

Motor Vehicle

55,000

Meera

75,000

General Expenses

1,800

Madhav

75,000

Export Duty

900

Purchase Return

1000

Advertisement

4,800

   

(For 3 years from 1/10/2018)

     

Printing & Stationery

1,200

   

Drawings :

     

Meera

3,500

   

Madhav

2,000

   

Leasehold Premises

1,10,000

   

Cash at Bank

45,000

   

Furniture

8,300

   
 

5,65,000

 

5,65,000

Adjustments :

1) Closing Stock is valued at  ₹32,000.

2) Provide Provision for Doubtful Debts ₹ 2,000.

3) Create reserve for Discount on Debtors @ 3%.

4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000.

5) Outstanding Expenses Printing & Stationary ₹500.


Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of 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 ₹ 

Stock (1/4/2018)

8,560

Capital:

 

Patents

2,000

Archana

40,000

Sundry Debtors

18,500

Prerana

20,000

Stock of Stationary

3,000

Other Loans

3,000

Trade Mark

2,000

Reserve fund

1,000

Bills Receivable

6,300

Sundry Creditors

17,500

Electricity charges

1,450

Bills Payable

5,000

Wages

950

Purchase Return

1,000

Heating & Lighting

1,000

R.D.D

500

Trade Expenses

850

Sales

30,200

Sales Return

400

Interest

310

Land & Building

22,000

   

Furniture

13,000

   

Cash at Bank

5,000

   

Investments

7,500

   

Drawings :

     

Archana

1,200

   

Prerana

900

   

Bad debts

200

   

Purchases

23,700

   
 

1,18,510

 

1,18,510

Adjustments:

1) Stock on 31st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.

2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.

3) 1/8th of Patents are to be written off.

4) A part of Furniture ₹ 5,000 is purchased on 1st Oct 2018.

5) Depreciation on Land & Building 10% and on Furniture 5%.

6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.

7) Allow Interest on Capital 3%. 


The insurance premium is paid for the year ending 1st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31st March 2019.


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 :

  1. Closing Stock ₹ 1,80,000.
  2. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
  3. Depreciate Vehicles @ 5% p.a.
  4. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
  5. 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:

  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.

Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.

Trial Balance as on 31st March, 2020
Debit Balance Amount (₹) Credit Balance Amount (₹)
Stock (1/4/2019) 65,000 General Reserve 14,500
Bills Receivable 28,000 Capital:  
Wages and Salaries 9,000 Sun 1,60,000
 Sundry Debtors 1,32,500 Moon  1,20,000
Bad-debts  1,000 Creditors 98,000
Purchases   1,48,000 R.D.D. 1,800
Motor car  68,000 Sales  2,85,500
Machinery  1,14,800 Outstanding Wages 700
Audit Fees   1,200 Purchases Returns 4,000
Sales Return 2,000 Discount 1,800
Discount  2,300    
Building 75,000    
Cash at Bank  12,000    
10% Investment  20,000    
Advertisement (Paid for 9 months) 4,500    
Royalties 3,000    
  6,86,300   6,86,300

Adjustment and Additional Information:

  1. Closing Stock ₹ 40,000.
  2. Depreciate Building and Machinery @ 5% and 3% respectively.
  3. Bills Receivable included dishonoured bill of ₹ 3000.
  4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
  5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
  6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.

From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.

Trial Balance as on 31st March, 2020
Debit Balance Debit (₹) Credit (₹)
Stock (1/4/2018) 48,000  
Capital - Riddhi   50,000
Siddhi   30,000
Purchases 22,500  
Wages 800  
Carriage Inward 1,000  
Sundry Creditors   27,600
Bills Payable   20,000
Cash in hand 2,850  
Insurance 1,200  
Sundry Debtors 32,000  
Bank Overdraft   18,000
Carriage outward 900  
Land and Building 42,500  
Furniture 38,700  
Sales   47,000
Purchase Return   500
Sales Return 400  
Rent   1,800
Bad-debts 300  
R.D.D   350
Discount 700 1,000
Travelling Expenses 250  
Advertisements 4,150  
  1,96,250 1,96,250

Adjustments:

  1. Closing stock ₹ 48,700.
  2. Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
  3. Depreciate Land and Building by 10% and Furniture by 5%.
  4. Insurance Paid in Advance ₹ 300.
  5. Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.

From the following information, calculate Current Assets:

Debtors ₹ 60,000,  Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.


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:

  1. Stock on 31st March, 2020 was valued at ₹ 74,000.
  2. Depreciation on Plant and Machinery @ 5% p.a.
  3. Partners are entitled to get Interest on Capital at 5% p.a.
  4. Outstanding expenses: Salaries ₹ 700.
  5. 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.


Find odd one.


Registration of Partnership is ______ in India.


Find the odd one:


Find the odd one:

Building, capital, reserve fund, bank loan


Royalty paid on production is shown in the ______.


Credit balance of Profit and Loss Suspense Account is shown in the Balance Sheet on ______ side.


Find the odd one:


From the following Trial Balance of Hira and Manek, 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 (₹)
Stock (1 /4/2022) 50,000 Bank Overdraft 10,000
Debtors 1,61,000 Bills Payable 25,000
Bills Receivable 20,000 Creditors 1,36,000
Purchases 4,17,000 Sales 6,50,000
Sales Returns 2,000 Outstanding Rent 4,000
Carriage Inward 6,000  Unpaid Wages 3,000
Carriage Outward 9,000 Capital A/cs:  
Motor Vehicle 1,10,000 Hira 1,50,000
General Expenses 3,600 Manek 1,50,000
Export Duty 1,800 Purchase Returns 2,000
Advertisement (For 3 years from 1/10/2022) 9,600    
Printing and Stationery 2,400    
Drawings:      
Hira 7,000    
Manek 4,000    
Leasehold Premises 2,20,000    
Cash at Bank 90,000    
Furniture 16,600    
  11,30,000   11,30,000

Adjustments:

(1) Closing stock is valued at ₹ 64,000.

(2) Provide provision for doubtful debts ₹ 4,000.

(3) Create reserve for discount on debtors @ 3%

(4) Value of leasehold premises on 31st March, 2023 ₹ 2,00,000.

(5) Outstanding expenses: Printing and Stationery ₹ 1,000.


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:

Trial Balance as on 31st March, 2019
Debit Balances Amount (₹) Cebit Balances Amount (₹)
Insurance 30,000 Capital Accounts:  
Land and Building ((Addition of ₹ 40,000 wef. 1st July, 2018)) 1,00,000 Mama 1,00,000
Salaries 10,000 Kaka 1,00,000
Export duty 5,000 10% Bank Loan (taken on1st Oct. 2018) 60,000
Interest 2,000 Interest 3,000
Furniture 80,000 Bills payable 16,000
Debtors 52,000   -
  2,79,000   2,79,000

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.

Find odd one.


Find odd one.


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