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

In the books of the firm. Revaluation A/c Particulars Rs. Rs. Particulars Rs. Rs. To Stock A/c 6000 By Buildings A/c 12000 By R.D.D. [3000 - 1800] 1200 To Profit on Revaluation A/c Darshan's Capital A/c 4800 Amar's Capital A/c 2400 7200 13200 13200 Partners Capital A/c Particulars Darshan Amar Ranjit Particulars Darshan Amar Ranjit By Balance b/d 96000 64000 By General Reserve 12000 6000 By Profit and Loss A/c 4000 2000 By Cash A/c 48000 By Goodwill A/c 12000 6000 To Balance c/d 128800 80400 48000 By Profit on Revaluation A/c 4800 2400 128800 80400 48000 128800 80400 48000 Balance Sheet as on 1st April 2016 Liabilities Rs. Rs. Assets Rs. Rs. Creditors 80000 Building 100000 Pawan's Loan A/c 26000 (+) Appreciation 12000 112000 (-) Repaid - 26000 Nil Furniture 20000 Equipments 10000 Capital A/c Debtors 63000 Darshan 128800 (-) R.D.D. - 1800 61200 Amar 80400 Stock 84000 Ranjit 48000 257200 (-) Depreciation - 6000 78000 Cash Balance 38000 Goodwill 18000 337200 337200 Cash A/c Particulars Rs. Rs. Particulars Rs. Rs. To Balance b/d 16000 Pawan't Loan Repaid 26000 To Ranjit's Capital A/c 48000 By Balance c/d 38000 64000 64000 Goodwill A/c Particulars Rs. Rs. Particulars Rs. Rs. To Darshan's Capital A/c 12000 To Amar's Capital A/c 6000 By Balance c/d 18000 18000 18000

Darshan and Amar Were Partners Sharing Profit and Losses in the Proportion of 2: 1. Their Balance Sheet is as Follows: - Book Keeping and Accountancy

प्रश्न

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

रोजकीर्द नोंद

उत्तर

In the books of the firm.

Revaluation A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Stock A/c		6000	By Buildings A/c		12000
			By R.D.D. [3000 - 1800]		1200
To Profit on Revaluation A/c
Darshan's Capital A/c	4800
Amar's Capital A/c	2400	7200
		13200			13200

Partners Capital A/c

Particulars	Darshan	Amar	Ranjit	Particulars	Darshan	Amar	Ranjit
				By Balance b/d	96000	64000
				By General Reserve	12000	6000
				By Profit and Loss A/c	4000	2000
				By Cash A/c			48000
				By Goodwill A/c	12000	6000
To Balance c/d	128800	80400	48000	By Profit on Revaluation A/c	4800	2400

	128800	80400	48000		128800	80400	48000

Balance Sheet as on 1st April 2016

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Creditors		80000	Building	100000
Pawan's Loan A/c	26000		(+) Appreciation	12000	112000
(-) Repaid	- 26000	Nil	Furniture		20000
			Equipments		10000
Capital A/c			Debtors	63000
Darshan	128800		(-) R.D.D.	- 1800	61200
Amar	80400		Stock	84000
Ranjit	48000	257200	(-) Depreciation	- 6000	78000
			Cash Balance		38000
			Goodwill		18000
		337200			337200

Cash A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Balance b/d		16000	Pawan't Loan Repaid		26000
To Ranjit's Capital A/c		48000


			By Balance c/d		38000
		64000			64000

Goodwill A/c

Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Darshan's Capital A/c		12000
To Amar's Capital A/c		6000


			By Balance c/d		18000
		18000			18000

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Partnership Final Accounts

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Partnership Final Accounts

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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.

Rohan and Roshan are partners in ‘Shan Traders’ 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, 2011 and Balance Sheet as on that date

Trial Balance as on 31st March, 2011
Particulars	Amount (₹)	Particulars	Amount (₹)
Opening stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	15,000
Plant and Machinery	30,000	Unpaid Wages	1,500
Furniture	18,500	Return outward	2,500
Carriage	1,500	Capital A/c:
Wages and Salaries	35,000	Rohan	90,000
Bills Receivable	5,000	Roshan	50,000
Sundry Debtors	32,000
Conveyance	4,000
Rent, Rates and Taxes	2,000
Return Inward	3,500
Cash in hand	14,750
Land and Building	83,500
Bad debts	1,750
Patents	25,000
	3,52,500		3,52,500

Adjustments:

Closing stock: Cost price Rs 25,000 and market price Rs 30,000.
An amount of Rs 3,500 spent for repairs to Building is debited to Building account.
Depreciate plant and Machinery and Building at 5% p.a.
Goods of Rs 750 taken by Roshan for this personal use.
Included in wages advances given to workers Rs 3,000.
Provide Rs 1,500 for bad and doubtful debts on 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.

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.

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.

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.

Expenses which are paid before they are due.

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

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

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.