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.

In the books of Dhiraj and Suraj Trading A/c For the year ended 31.3.13 Particulars Amount (Rs.) Amount (Rs.) Particulars Amount (Rs.) Amount (Rs.) To Opening Stock 32,000 By Sales 193,500 To Carriage 1,500 To Wages 30,000 (-) Prepaid (3,000) 27,000 To Purchases 64,000 (-) Return 2,500 61,500 By Closing Stock 25000 To Gross Profit C/d 96,500 218500 218500 Profit and Loss Account for the year ended 31.3.2013 Particulars Amount Rs. Amount Rs. Particulars Amount Rs. Amount Rs. To Conveyance 4000 By Gross Profit b/d 96500 To Salaries 10500 To Bad Debts 1750 (+) F.B.D. 1500 3250 To Repairs on Building 3500 To Depreciation on Plant and Machinery 1500 To Depreciation on Buliding 4000 To Net Profit Transfered to Partners capital A/c Dhiraj Capital Account 46500 Suraj Capital A/c 23250 69750 96500 96500 Partners Capital A/c Particulars Dhiraj Rs. Suraj Rs. Particulars Dhiraj Rs. Suraj Rs. By Balance b/d 90000 50000 By Net Profit B/d 46500 23250 To Balance C/d 136500 73250 136500 73250 136500 73250 Balance sheet as on 31.3.2013 Liabilities Amount Rs. Amount Rs. Assets Amount Rs. Amount Rs. Capital A/c Plant and Machinery 30000 Dhiraj 136500 (-) Depreciation - 1500 28500 Suraj 73250 209750 Furniture 18500 Sundry Creditors 16500 Bills Receivable 5000 Sundry Debtors 32000 (-) F.B.D. -1500 30500 Cash in Hand 14750 Patents 25000 Closing Stock 25000 Prepaid Wages 3000 Land & Building 83500 (-) Repairs -3500 80000 (-) Depreciation - 4000 76000 226250 226250

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 - Book Keeping and Accountancy

प्रश्न

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.

खातेवही

उत्तर

In the books of Dhiraj and Suraj

Trading A/c For the year ended 31.3.13

Particulars	Amount (Rs.)	Amount (Rs.)	Particulars	Amount (Rs.)	Amount (Rs.)
To Opening Stock		32,000	By Sales		193,500
To Carriage		1,500
To Wages	30,000
(-) Prepaid	(3,000)	27,000
To Purchases	64,000
(-) Return	2,500	61,500
			By Closing Stock		25000
To Gross Profit C/d		96,500
		218500			218500

Profit and Loss Account for the year ended 31.3.2013

Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
To Conveyance		4000	By Gross Profit b/d		96500
To Salaries		10500
To Bad Debts	1750
(+) F.B.D.	1500	3250
To Repairs on Building		3500
To Depreciation on Plant and Machinery		1500
To Depreciation on Buliding		4000

To Net Profit Transfered to Partners capital A/c
Dhiraj Capital Account	46500
Suraj Capital A/c	23250	69750
		96500			96500

Partners Capital A/c

Particulars	Dhiraj Rs.	Suraj Rs.	Particulars	Dhiraj Rs.	Suraj Rs.
			By Balance b/d	90000	50000
			By Net Profit B/d	46500	23250
To Balance C/d	136500	73250
	136500	73250		136500	73250

Balance sheet as on 31.3.2013

Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital A/c			Plant and Machinery	30000
Dhiraj	136500		(-) Depreciation	- 1500	28500
Suraj	73250	209750	Furniture		18500
Sundry Creditors		16500	Bills Receivable		5000
			Sundry Debtors	32000
			(-) F.B.D.	-1500	30500
			Cash in Hand		14750
			Patents		25000
			Closing Stock		25000
			Prepaid Wages		3000
			Land & Building	83500
			(-) Repairs	-3500
				80000
			(-) Depreciation	- 4000	76000
		226250			226250

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Partnership Final Accounts

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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 __________________.

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.

Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

Rokadimal sent goods of Rs 4,00,000 to Gunjal for sale.

Rokadimal paid Rs 11,500 for carriage.

Rokadimal drew a bill of Rs 95,000 on Gunjal, which he accepts.

Rokadimal discounted this bill with the bank for Rs 92,000.

The amount of discount is to be treated as joint venture expenditure.

Gunjal paid Rs 13,500 got advertisement.

Gunjal sold all the goods for Rs 5,00,000.

Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

Give Journal Entries in the books of Gunjal of Pune.

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.

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.

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 31^st 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 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.

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

An asset which can be converted into cash easily.

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.

Carriage inward is a carriage on purchase.

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.

Depreciation is not calculated on Current Assets.

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.

Partners are _____ liable for the debts of the firm.

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.

Trading Account is prepared on the basis of ______ expenses.

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