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

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

Write a short note on E-Commerce ?

What do you mean by intangible asset?

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.

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.

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.

An asset which can be converted into cash easily.

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.

Carriage inward is a carriage on purchase.

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

Prepaid expenses are treated as liabilities.

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

Wages paid for the installation of Machinery is a Revenue expenditure.

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

Depreciation is not calculated on Current Assets.

Find odd one.

Find odd one

Find odd one.

Partners are _____ liable for the debts of the firm.

If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet

The expenses paid for trading purpose are known as _______ expenses.

Cash receipts which are recurring in nature are called as__________ Receipts.

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

Trading Account is prepared on the basis of ______ expenses.

Answer in one sentence only.

What do you mean by pre-received income?

Answer in one sentence only.

Why is Balance Sheet prepared?

Answer in one sentence only.

Why wages paid for installation of machinery are not shown in Trading Account?

Answer in one sentence only.

What do you mean by indirect incomes?

Current account always shows a debit balance.

Do you agree/disagree with the following statement:

Carriage Inward is a selling and distribution overhead.

From the following Trial Balance of M/S Mitesh and Mangesh, you are required to 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 as on (1/4/2018)	25,000	Sundry Creditors	38,000
Building	48,500	Sales	1,75,000
Carriage	1,780	Capital:
Factory Insurance	2,700	Mitesh	1,50,000
Postage	1,600	Mangesh	50,000
Bills Receivable	13,700	Outstanding Salaries	2,000
Sundry Debtors	52,200	Bills Payable	18,000
Return Inward	1,600	Return outword	1,800
Purchases	68,900
Audit fees	1,800	Current A/c:
Loose tools	32,000	Mitesh	3,000
Manufacturing Expenses	1,820	Mangesh	2,000
Electricity Charges	2,600
General Expenses	3,400
Export duty	1,000
Cash in hand	75,000
Bank Balance	29,000
Conveyance	4,100
Furniture	64,000
Salaries	2,000
Rent, Rate & Taxes	3,700
Drawings:
Mitesh	1,200
Mangesh	2,200
	4,39,800		4,39,800

Adjustments :

1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3: 1.
2) Partners are entitled to get Commission @ 1% each on Gross Profit.
3) The closing stock is valued at ₹ 23,700.
4) Outstanding Expenses - Audit fees ₹ 400; carriage ₹ 600.
5) The building is valued at ₹ 46,500.
6) Furniture is depreciated by 5%.
7) Provide Interest on Partner's capital at 2.5% pa.
8) Goods of ₹ 900 were taken by Mangesh for his personal use.
9) Write off ₹ 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.

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.

Sucheta and Gayatri are Partners sharing Profit and Loss in the ratio 3:2. From the following Trial Balance and additional information, you are required to prepare Trading and Profit and Loss Account for the year ended 31^st March 2019 and Balance Sheet as of that date.

Trial Balance as on 31^s^t March 2019

Particulars	Debit ₹	Credit ₹
Purchases and Sales	65,000	1,85,500
Works Manager's Salary	2,300
Capital:
- Sucheta		75,000
- Gayatri		40,000
Opening Stock	18,700
Debtors and Creditors	47,500	35,000
Wages and Salaries	4,000
Bills Receivable	22,000
Bills Payable		27,300
Discount		400
Motive Power	1,350
Custom duty	1,500
Interest		1,300
Unproductive Wages	3,000
Audit fees	2,500
Rent	1,800
Conveyance	2,000
Goodwill	25,000
Copyrights	20,000
Building	88,000
Partner (Sucheta's) Loan		6,150
Investments	40,000
Cash at Bank	26,000
	3,70,650	3,70,650

Adjustments:

Stock on 31st March 2019 was valued at ₹ 19,700.
Goods costing ₹ 3,000 distributed as a free sample.
Motive Power includes ₹ 500 paid for the deposit of the Power Meter.
Depreciate Building @ 5%.
Write of ₹ 2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
Bills Receivable included dishonored of Bill of ₹ 4,000.

Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance	Amount ₹	Credit Balance	Amount ₹
Insurance	15,000	Capital A/c
Land and building	50,000	Nana	50,000
(Addition of 20,000 w.e.f 1^st July 2018)		Nani	50,000
Salaries	5,000	10% Bank loan taken on 1^st Oct. 2018	30,000
Export Duty	2,500	Interest	1,500
Interest	1,000	Bills Payable	8,000
Furniture	40,000
Debtors	26,000
	1,39,500		1,39,500

Adjustments :

1) Gross profit amounted to ₹ 34,500.

2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at ₹ 34,500.

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance	Amount ₹	Credit Balance	Amount ₹
Land & Building	40,000	Capital A/C
Furniture	18,000	Sun	33,500
Machinery	40,000	Moon	33,500
(Purchased on 1/7/18)		Current A/c: Sun	6,000
Goodwill	2,000	Sundry Creditors	25,000
Wages	2,000	Bank Overdraft	10,000
Current A/c: Moon	4,000	Reserve Fund	5,000
8% Debentures	8,000	Providend Fund	5,000
(Purchased on 1/10/18)
Providend Fund Investment	3,500
Stock of Postal stamps	500
	1,18,000		1,18,000

Adjustments:

1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.

2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.

3) Interest on Capital 5% p.a.

4) Closing Stock ₹ 60,743.

5) Wages included ₹ 1,000 as advance is given to workers.

6) Interest due but not paid ₹ 800.

7) Total Net Profit amounted to ₹ 38,113.

Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as of that date.

Trial Balance as on 31st March, 2019
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Stock (1/4/2018)	32,500	Capital:
Purchases	40,000	Kranti	1,20,000
Sundry Debtors	1,00,000	Sumangala	40,000
Bills Receivable	8,500	Sales	60,000
Wages	3,000	Sundry Creditors	30,000
Investment	32,000	Bills Payable	15,000
Postage	2,700	Commission	325
Insurance	7,500	Purchases Returns	1,000
Plant & Machinery	15,000
Salaries	4,850
Prepaid Rent	2,000
Bad-debts	500
Furniture	12,500
Cash in Hand	3,775
Sales Return	1,500
	2,66,325		2,66,325

Adjustments:

Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
Insurance is paid up to 30th June 2019.
Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
Book value of Plant and Machinery is reduced to ₹ 13,000.
Depreciate Furniture by 5% p.a.
Provide further Bad debts of ₹ 800.
Goods of ₹ 3,000 distributed as a free sample.

From the following information, calculate Current Assets:

Debtors ₹ 60,000, Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.

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

The account in which selling expenses of the business are recorded.

State whether the following statement is True or False with reason:

Profit and Loss Account is a Real Account.

A ______ is an Intangible Asset.

Find odd one.

Complete the following Table:

Creditors	Bills Payable	Third-Party Liabilities
16,000	12,000	?

Find odd one.

Asha and Nirasha are partners sharing profits and losses in the ratio of 1 : 1. From the following Trial Balance and additional information, prepare Trading and Profit and Loss account for the year ended 31st March, 2023 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2023
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Stock (1/4/2022)	1,30,000	General Reserve	29,000
Bills Receivable	56,000	Capital:
Wages and Salaries	18,000	Asha	3,20,000
Sundry Debtors	2,65,000	Nirasha	2,40,000
Bad Debts	2,000	Creditors	1,96,000
Purchases	2,96,000	R.D.D.	3,600
Motor Car	1,36,000	Sales	5,71,000
Machinery	2,29,600	Outstanding Wages	1,400
Audit Fees	2,400	Purchases Returns	8,000
Sales Return	4,000	Discount	3,600
Discount	4,600
Building	1,50,000
Cash at Bank	24,000
10% Investment	40,000
Advertisement (Paid for 9 months)	9,000
Royalties	6,000
	13,72,600		13,72,60

Adjustment and Additional Information:

(1) Closing Stock ₹ 80,000.

(2) Depreciation Building and Machinery @ 5% and 3% respectively.

(3) Bills Receivable included dishonoured bill of ₹ 6,000.

(4) Goods worth ₹ 2,000 taken by Asha for personal use was not entered in the books of accounts.

(5) Write off ₹ 3,600 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.

(6) Goods of ₹ 12,000 were sold but no entry was made in the books of accounts.

From the following Trial Balance and Adjustments of Rushabh and Yesha, you are required to prepare final accounts as on 31st March, 2023. Profit and Loss sharing ratio of partners is their capital ratio.

Trial Balance as on 31st March, 2023
Particulars (Name of Accounts)	Debit (₹)	Credit (₹)
Capital and Drawings :
Rushabh	40,000	2,00,000
Yesha	28,000	1,00,000
Purchases and Sales	2,80,000	5,21,000
Debtors and Creditors	1,80,000	1,20,000
Sales Return and Purchase Return	4,000	6,000
Bills Receivable and Bills Payable	30,000	41,600
Cash Balance and Bank Overdraft	2,000	28,000
Bad Debts and Provision for Doubtful Debts	800	2,600
Wages and Outstanding Wages	70,000	4,000
Machinery	80,000
Furniture	24,000
Opening Stock of Goods	92,200
Prepaid Insurance	400
Salaries	46,000
Insurance Premium	4,000
Rent -Taxes	24,000
Advertisement Expenses	5,800
Goodwill	1,44,000
Leasehold Building	28,000
8 % Loan (From 1111/22)		60,000
	10,83,200	10,83,200

Adjustments :

(1) Closing stock is of ₹ 2,20,000. Its market value is 20 % more than its value.

(2) Calculate interest on capital @ 6 % p.a.

(3) Interest on drawings to be charged from partners: Rushabh ₹ 1,800, Yesha ₹ 1,200

(4) Provision for doubtful debts is to be kept at 5 %.

(5) Outstanding expenses at the end of the year: Rent ₹ 600, Salary ₹ 1,900.

(6) Provide depreciation at 10 % on machinery and at 5 % on furniture.

(7) Write off ₹ 8,000 from Leasehold Building.

Credit balance of Profit and Loss Suspense Account is shown in the Balance Sheet on ______ side.

Zalak and Kalpana are partners sharing Profit and Losses in their Capital ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2023
Debit Balance	Amount (₹)	Credit Balances	Amount (₹)
Sundry Debtors	56,000	Sales	2,40,000
Purchases	1,10,000	Rent	3,600
Furniture	77,000	Sundry Creditors	77,000
Plant and Machinery	1,20,000	Purchase Return	2,000
Wages	1,600	Discount	1,000
Salaries	7,000	Bills Payable	18,000
Discount	1,600	Capital A/c:
Bills Receivable	28,800	Zalak	1,80,000
Carriage Outward	2,000	Kalpana	60,000
Postage	1,000	Current A/c:
Sales Return	1,000	Zalak	10,000
Cash in Hand	8,000	Kalpana	6,000
Cash at Bank	94,000
Insurance	4,000
Opening Stock	35,600
Trade Expenses	3,000
Warehouse Rent	5,000
Advertisement	2,000
Building	40,000
	5,97,600		5,97,600

Adjustments:

(1) Stock on 31st March, 2023 was at ₹ 74,000.

(2) Sales includes, sale of machinery of ₹ 4,000, which is sold on 1st April, 2022.

(3) Depreciation on fixed assets @ 5%.

(4) Each partner is entitled to get commission at 1 % of Gross profit and interest on Capital 5 % p.a.

(5) Outstanding Expenses: Wages ₹ 400 and Salaries ₹ 1,000.

6) Create provision for Doubtful debts @ 3 % on Sundry Debtors.

From the following Trial Balance of Hira and Manek, prepare Trading and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2023
Debit Balances	Amount (₹)	Credit Balances	Amount (₹)
Stock (1 /4/2022)	50,000	Bank Overdraft	10,000
Debtors	1,61,000	Bills Payable	25,000
Bills Receivable	20,000	Creditors	1,36,000
Purchases	4,17,000	Sales	6,50,000
Sales Returns	2,000	Outstanding Rent	4,000
Carriage Inward	6,000	Unpaid Wages	3,000
Carriage Outward	9,000	Capital A/cs:
Motor Vehicle	1,10,000	Hira	1,50,000
General Expenses	3,600	Manek	1,50,000
Export Duty	1,800	Purchase Returns	2,000
Advertisement (For 3 years from 1/10/2022)	9,600
Printing and Stationery	2,400
Drawings:
Hira	7,000
Manek	4,000
Leasehold Premises	2,20,000
Cash at Bank	90,000
Furniture	16,600
	11,30,000		11,30,000

Adjustments:

(1) Closing stock is valued at ₹ 64,000.

(2) Provide provision for doubtful debts ₹ 4,000.

(3) Create reserve for discount on debtors @ 3%

(4) Value of leasehold premises on 31st March, 2023 ₹ 2,00,000.

(5) Outstanding expenses: Printing and Stationery ₹ 1,000.

Find odd one.

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

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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

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