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:

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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Q 3.A Q 2.B Q 3.B

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Partnership Final Accounts

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संबंधित प्रश्‍न

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.

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

Debit balance of trading account.

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.

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.

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.

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.

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.

Income received in advance is a liability.

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

Goodwill is an intangible asset.

Find odd one.

Partners are _____ liable for the debts of the firm.

Expenses which are paid before due date are called as _____.

Assets which are held in the business for a long period are called ______.

Trading Account is prepared on the basis of ______ expenses.

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