Given below is the Trial Balance of M/s Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet on that date. Trial Balance as on 31st March, 2010 Debit Balance Amount (Rs) CreditBalance 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.

Trading Account for the year ended March 31,2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 88000 Sales 308000 Purchases 176000 Closing Stock 80000 Wages 23500 25900 Goods Destroyed by fire 16000 Add : Outstanding Wages 2400 Gross Profit (Balancing Figure) 114100 404000 404000 Profit and Loss Account for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Salaries 15000 18000 Gross Profit 114100 Add : Outstanding Salaries 3000 Accrued Interest`(40000 xx 8/100 xx 6/12)` 1600 Office Expenses 8000 Bank Charges 2600 Legal Charges 3000 1800 Less : Prepaid (1200) Interest 3600 Export Duty 3800 Bad-Debts 4000 8100 Add : Reserve for Bad and doubtful Debts 4100 Travelling Expenses 3200 Electricity Charges 2300 Goods destroyed by fire (not received from Insurance company) 3000 Depreciation on: Land and Building 6500 15500 Machinery 9000 Interest on Capital: Seeta 9600 Geeta 9600 Net Profit (Balancing Figure) Seeta’s Current A/c 13300 26600 Geeta'sCurrent A/c 13300 115700 115700 Balance Sheet as on March 31, 2010 Liabilities Amount (Rs) Assets Amount (Rs) Capital 240000 Fixed Assets Seeta 120000 Land and Building 130000 123500 Geeta 120000 Less : 5% Depreciation (6500) Current A/c: Machinery 90000 81000 Seeta 27900 46800 Less : 10% Depreciation (9000) Geeta 18900 Furniture 37000 Current Liabilities Current Assets Creditors 103000 Closing Stock 80000 Bank Overdraft 60000 Debtors 82000 77900 Outstanding Expenses: Less : Reserve for Bad andDoubtful Debts (4100) Salaries 3000 5400 Prepaid Legal Charges 1200 Wages 2400 Cash 13000 8% Debentures 40000 41600 Add : Accrued Interest 1600 455200 455200 Working Note : Partners' Current Accounts Particulars Seeta Geeta Particulars Seeta Geeta Balance b/d 4000 Balance b/d 5000 Balance c/d 27900 18900 Interest on Capital A/c 9600 9600 Profit and loss A/c - Profit 13300 13300 27900 22900 27900 22900

Given Below is the Trial Balance of M/S Seeta and Geeta as on 31st March, 2010. You Are Required to Prepare Trading and Profit and Loss Account for the Year Ended 31st March, 2010 - Book Keeping and Accountancy

प्रश्न

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.

खातेवही

उत्तर

Trading Account

for the year ended March 31,2010

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Opening Stock		88000	Sales	308000
Purchases		176000	Closing Stock	80000
Wages	23500	25900	Goods Destroyed by fire	16000
Add : Outstanding Wages	2400	25900
Gross Profit (Balancing Figure)		114100
		404000		404000

Profit and Loss Account
for the year ended March 31, 2010

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Salaries	15000	18000	Gross Profit	114100
Add : Outstanding Salaries	3000	18000	Accrued Interest `(40000 xx 8/100 xx 6/12)`	1600
Office Expenses		8000
Bank Charges		2600
Legal Charges	3000	1800
Less : Prepaid	(1200)	1800
Interest		3600
Export Duty		3800
Bad-Debts	4000	8100
Add : Reserve for Bad and doubtful Debts	4100	8100
Travelling Expenses		3200
Electricity Charges		2300
Goods destroyed by fire (not received from Insurance company)		3000
Depreciation on:
Land and Building	6500	15500
Machinery	9000	15500
Interest on Capital:
Seeta	9600
Geeta	9600
Net Profit (Balancing Figure)
Seeta’s Current A/c	13300	26600
Geeta's Current A/c	13300	26600
		115700		115700

Balance Sheet

as on March 31, 2010

Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital		240000	Fixed Assets
Seeta	120000		Land and Building	130000	123500
Geeta	120000		Less : 5% Depreciation	(6500)
Current A/c:			Machinery	90000	81000
Seeta	27900	46800	Less : 10% Depreciation	(9000)
Geeta	18900		Furniture		37000
Current Liabilities			Current Assets
Creditors		103000	Closing Stock		80000
Bank Overdraft		60000	Debtors	82000	77900
Outstanding Expenses:			Less : Reserve for Bad and Doubtful Debts	(4100)
Salaries	3000	5400	Prepaid Legal Charges		1200
Wages	2400		Cash		13000
			8% Debentures	40000	41600
			Add : Accrued Interest	1600
		455200			455200

Working Note :

Partners' Current Accounts

Particulars	Seeta	Geeta	Particulars	Seeta	Geeta
Balance b/d		4000	Balance b/d	5000
Balance c/d	27900	18900	Interest on Capital A/c	9600	9600
			Profit and loss A/c - Profit	13300	13300
	27900	22900		27900	22900

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Partnership Final Accounts

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 6 Q 5 Q 7

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६९]

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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 6 | पृष्ठ ६९

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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 __________________.

What do you mean by intangible asset?

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.

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.

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.

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.

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.

A ______ is an intangible asset.

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

The accounts that are prepared at the end of each accounting year.