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 31st March, 2012 Debit Balance Amount Rs CreditBalance Amount Rs Stock on 1st 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.

Dr. Trading Account for the year ended Mar 31, 2012 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Opening Stock 52,000 Sales 3,20,000 3,26,000 Purchases 1,76,000 Add: Additional Sales 6,000 Wages 22,000 26,000 Closing Stock 80,000 Add: OutstandingWages 4,000 Gross Profit (Balancing Figure) 1,52,000 4,06,000 4,06,000 Dr. Profit and Loss Account for the year ended March 31, 2012 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Bad-Debts 3,000 9,300 Gross Profit 1,52,000 Add: Further Bad-Debts 4,000 Rent Received 9,600 Add: New Reserve for Doubtful Debts 4,300 Discount Received 3,600 Less: Old Reserve for Doubtful Debts (2,000) Reserve for Discount on Creditors 2,520 Reserve for Discount on Debtors 1,634 Salaries 28,000 31,066 Add: Outstanding Salaries 3,066 Depreciation on Motor Vehicle 2,500 Rent 16,000 19,200 Add: OutstandingRent`(16,000 xx 2/10 = "Rs." 3,200)` 3,200 Office Expenses 5,000 Discount Allowed 2,500 Provident Fund Contribution 5,500 Net Profit (Balancing Figure) Roma 44,767 91,020 Mona 44,767 1,67,720 1,67,720 Dr. Balance Sheet as on March 31, 2012 Cr. Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital of Roma 50,000 95,510 Fixed Assets: Add: Net Profit 45,510 Motor Vehicles 50,000 47,500 Capital of Mona 50,000 95,510 Less: 5% depreciation (2,500) Add: Net Profit 45,510 Premises 78,000 Current Liabilities Current Assets: Creditors 84,000 81,480 Closing Stock 80,000 Less: Reserve for Discount on Creditors (2,520) Debtors 84,000 80,066 Outstanding Salaries 3,066 Add: Additional 6,000 Outstanding Wages 4,000 Less: Further Bad-Debts (4,000) Outstanding Rent 3,200 Less: Reserve for Doubtful Debts (4,300) Interest on Provident Fund Investment 2,800 Less: Reserve for Discount on Debtors (1,634) Provident Fund 50,000 Provident Fund Investment 50,000 3,35,566 3,35,566

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 - Book Keeping and Accountancy

प्रश्न

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.

खातेवही

उत्तर

Dr.	Trading Account for the year ended Mar 31, 2012				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Opening Stock		52,000	Sales	3,20,000	3,26,000
Purchases		1,76,000	Add: Additional Sales	6,000	3,26,000
Wages	22,000	26,000	Closing Stock		80,000
Add: Outstanding Wages	4,000	26,000
Gross Profit (Balancing Figure)		1,52,000
		4,06,000			4,06,000

Dr.	Profit and Loss Account for the year ended March 31, 2012			Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)
Bad-Debts	3,000	9,300	Gross Profit	1,52,000
Add: Further Bad-Debts	4,000		Rent Received	9,600
Add: New Reserve for Doubtful Debts	4,300		Discount Received	3,600
Less: Old Reserve for Doubtful Debts	(2,000)		Reserve for Discount on Creditors	2,520
Reserve for Discount on Debtors		1,634
Salaries	28,000	31,066
Add: Outstanding Salaries	3,066	31,066
Depreciation on Motor Vehicle		2,500
Rent	16,000	19,200
Add: Outstanding Rent `(16,000 xx 2/10 = "Rs." 3,200)`	3,200	19,200
Office Expenses		5,000
Discount Allowed		2,500
Provident Fund Contribution		5,500
Net Profit (Balancing Figure)
Roma	44,767	91,020
Mona	44,767	91,020
		1,67,720		1,67,720

Dr.	Balance Sheet as on March 31, 2012				Cr.
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital of Roma	50,000	95,510	Fixed Assets:
Add: Net Profit	45,510	95,510	Motor Vehicles	50,000	47,500
Capital of Mona	50,000	95,510	Less: 5% depreciation	(2,500)	47,500
Add: Net Profit	45,510	95,510	Premises		78,000
Current Liabilities			Current Assets:
Creditors	84,000	81,480	Closing Stock		80,000
Less: Reserve for Discount on Creditors	(2,520)	81,480	Debtors	84,000	80,066
Outstanding Salaries		3,066	Add: Additional	6,000
Outstanding Wages		4,000	Less: Further Bad-Debts	(4,000)
Outstanding Rent		3,200	Less: Reserve for Doubtful Debts	(4,300)
Interest on Provident Fund Investment		2,800	Less: Reserve for Discount on Debtors	(1,634)
Provident Fund		50,000	Provident Fund Investment		50,000
		3,35,566			3,35,566

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Partnership Final Accounts

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Q 4 Q 3 Q 5

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६८]

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मायकल वाझ Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board

पाठ 2 Partnership Final Accounts
Practical Problems | Q 4 | पृष्ठ ६८

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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 __________________.

Write a short note on E-Commerce ?

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

Debit balance of trading account.

Sanjay and Sudhir are partners sharing profit and losses in the ratio 3: 2. The Trial Balance of the firm on 31st March, 2010 was follows:

Trial Balance as on 31st March, 2010
Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Opening stock	20,000	Capital A/c's
Purchases	30,000	Sanjay	40,000
Debtors	12,000	Sudhir	30,000
Wages	5,000	Sales	70,000
Salaries	10,000	Sundry Creditors	21,000
Land and building	30,000	Bills Payable	20,000
Plant and machinery	25,000	Discount	5,000
Furniture	16,000	Outstanding Rent	1,500
Advertisement (for 2 years)	6,000
Bills Receivable	8,000
Insurance	2,000
Drawings:
Sanjay	2,000
Sudhir	3,000
Cash in hand	5,500
Rent	10,000
Power and Fuel	3,000
	1,87,500		1,87,500

Adjustments:

1) Stock on hand on 31st March, 2010 was at Rs. 35,000.

2) Write off Rs. 2,000, for further Bad debts and maintain R.D.D. at 5% on debtors.

3) Depreciate Land and Building at 5% and Machinery at 10%.

4) Outstanding expenses were wages Rs 2,000 and salary Rs 1,000.

5) Credit purchases amounted to Rs 4,000 were not recorded in the books of accounts.

6) Provide interest on Partners Capital at 5% p.a.

From the above Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that data.

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 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.

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

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.

A ______ is an intangible asset.

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

Expenses which are paid before they are due.