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.

Dr. In the books of M/s Meera and Madhav Trading and Profit and Loss Account for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Opening Stock 25,000 By Sales 3,25,000 To Purchase 2,08,500 Less: Sales Return 1,000 3,24,000 Less: Purchase Return 1,000 2,07,500 By Closing Stock 32,000 To Carriage Inward 3,000 To Gross Profit c/d 1,20,500 3,56,000 3,56,000 To Carriage Outward 4,500 By Gross Profit b/d 1,20,500 To General Expenses 1,800 To Export Duty 900 To Advertisement 4,800 Less: Prepaid Advt. 4,000 800 To Printing & Stationery 1,200 Add : O/s Printing & Stationery 500 1,700 To Written off Leasehold Premises 10,000 To Provision for Doubtful debts (New) 2,000 To R.D.D. (New) 2,355 To Net Profit (Transferred to Capital A/c) Meera 48,223 Madhav 48,222 96,445 1,20,500 1,20,500 Balance Sheet as on 31st March 2019 Liabilities Amount ₹ Amount ₹ Assets Amount ₹ Amount ₹ Capital Account: Meera Motor Vehicle 55,000 Opening Balance 75,000 Prepaid Advt. Expense 4,000 Add: Net Profit 48,223 Leasehold Premises 1,10,000 Less: Drawings 3,500 1,19,723 Less: Written off 10,000 1,00,000 Capital Account: Madhav Closing Stock 32,000 Opening Balance 75,000 Debtors 80,500 Add: Net Profit 48,222 Less: Provision for Doubtful Debts 2,000 Less: Drawings 2,000 1,21,222 78,500 Bank Overdraft 5,000 Less : R.D.D. (New) 2,355 76,145 Bills Payable 12,500 Bills Receivable 10,000 Creditors 68,000 Cash at Bank 45,000 O/s Rent 2,000 Furniture 8,300 Unpaid Wages 1,500 O/s Stationery & Printing 500 3,30,445 3,30,445 Working Notes: (1) Advertisement expenses written off to Profit and Loss account during the year 2018 – 19 for six months i.e from 1/10/18 to 31/03/19 Advertisement expenses W/off = (Advertisement bill paid) x`1/3xx6/12` =`4800xx1/3xx6/12` = ₹ 800 Prepaid advertisement = 4,800 – 800 = ₹ 4,000 .(2) Reserve for Discount on Debtors = 3% (Balance in debtors) = `3/100 (80,500 – 2,000)` = `3/100 xx 78,500` = ₹ 2,355. (3) The difference of opening balance (₹ 1,10,000) and closing balance (₹ 1,00,000) for leasehold premises to be considered as written off on leasehold premises.

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 - Book Keeping and Accountancy

प्रश्न

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 31^s^t 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.

खातेवही

उत्तर

Dr.	In the books of M/s Meera and Madhav Trading and Profit and Loss Account for the year ended on 31st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Opening Stock			25,000	By Sales	3,25,000
To Purchase		2,08,500		Less: Sales Return	1,000	3,24,000
Less: Purchase Return		1,000	2,07,500	By Closing Stock		32,000
To Carriage Inward			3,000
To Gross Profit c/d			1,20,500
			3,56,000			3,56,000
To Carriage Outward			4,500	By Gross Profit b/d		1,20,500
To General Expenses			1,800
To Export Duty			900
To Advertisement		4,800
Less: Prepaid Advt.		4,000	800
To Printing & Stationery		1,200
Add : O/s Printing & Stationery		500	1,700
To Written off Leasehold Premises			10,000
To Provision for Doubtful debts (New)			2,000
To R.D.D. (New)			2,355
To Net Profit (Transferred to Capital A/c)
Meera		48,223
Madhav		48,222	96,445
			1,20,500			1,20,500

Balance Sheet as on 31st March 2019
Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Capital Account: Meera			Motor Vehicle		55,000
Opening Balance	75,000		Prepaid Advt. Expense		4,000
Add: Net Profit	48,223		Leasehold Premises	1,10,000
Less: Drawings	3,500	1,19,723	Less: Written off	10,000	1,00,000
Capital Account: Madhav			Closing Stock		32,000
Opening Balance	75,000		Debtors	80,500
Add: Net Profit	48,222		Less: Provision for Doubtful Debts	2,000
Less: Drawings	2,000	1,21,222		78,500
Bank Overdraft		5,000	Less : R.D.D. (New)	2,355	76,145
Bills Payable		12,500	Bills Receivable		10,000
Creditors		68,000	Cash at Bank		45,000
O/s Rent		2,000	Furniture		8,300
Unpaid Wages		1,500
O/s Stationery & Printing		500
		3,30,445			3,30,445

Working Notes:

(1) Advertisement expenses written off to Profit and Loss account during the year 2018 – 19 for six months i.e from 1/10/18 to 31/03/19

Advertisement expenses W/off

= (Advertisement bill paid) x`1/3xx6/12`

=`4800xx1/3xx6/12`

= ₹ 800

Prepaid advertisement = 4,800 – 800 = ₹ 4,000

.(2) Reserve for Discount on Debtors

= 3% (Balance in debtors)

= `3/100 (80,500 – 2,000)`

= `3/100 xx 78,500`

= ₹ 2,355.

(3) The difference of opening balance (₹ 1,10,000) and closing balance (₹ 1,00,000) for leasehold premises to be considered as written off on leasehold premises.

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Partnership Final Accounts

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 4.Q 3.Q 5.

पाठ 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.2 (Practical Problems) [पृष्ठ ५७]

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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 1.2 (Practical Problems) | Q 4. | पृष्ठ ५७

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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.

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

Credit balance of Profit and Loss Account.

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.

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.

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.

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.

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.

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.

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:

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.
Assets to be revalued as under:
Stock ₹6,300; Machinery ₹10,000; Furniture ₹10,200.
R.D.D. to be maintained at 10% on debtors.
₹100 to be written off from creditors.
The amount payable to Mrs. Kavita is to be transferred to her loan account.

Prepare:

Profit and loss adjustment account.
Partner’s capital account, and
Balance Sheet of new firm as on 01.04.2013.

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

A ______ is an intangible asset.

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.

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.