Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date. Trial Balance as on 31st March, 2020 Particulars Debit Amount (₹) Credit Amount (₹) Capital: Kavya 7,50,000 Bhavya 5,00,000 Sundry Debtors 2,25,000 Sundry Creditors 1,50,000 Rent (10 Months) 5,000 Opening Stock 2,67,750 Building 4,25,000 Salaries 25,000 Commission 400 475 Vehicles 1,85,000 Sales 4,20,250 Purchases 3,20,250 Wages 5,000 Office Expenses 10,000 Bank Overdraft 75,000 Goods Returns 2,750 1,750 Provident Fund Investment 4,00,000 Cash in Hand 20,000 Provident Fund Contribution 50,000 Provident Fund 1,40,000 Cash at Bank 1,00,000 Interest on P.F. Investment 21,000 Drawing: Kavya 10,000 Bhavya 7,500 Bad-debts 1,675 R.D.D. 1,850 Total 20,60,325 20,60,325 Adjustments : Closing Stock ₹ 1,80,000. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000 Depreciate Vehicles @ 5% p.a. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors. Bhavya withdrew Goods of ₹ 3,000 for her personal use.

In the Books of Kavya and Bhavya Trading & Profit & Loss Account For the year ended 31st March, 2020 Dr Cr Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) To Opening Stock 2,67,750 By Sales 4,20,250 To Purchases 3,20,250 3,18,500 Less: Goods Return 2,750 4,17,500 Less - Goods Return 1,750 By Goods Withdraw by Bhavya for Personal Use 3,000 To Wages 5,000 6,500 By Closing Stock 1,80,000 Add: Outstanding Wages 1,500 To Gross profit c/d 7,750 6,00,500 6,00,500 To salaries 25,000 26,000 By Gross Profit b/d 7,750 Add: Outstanding 1,000 By Commission 475 To Depreciation on Vehicles 9,250 By Net Loss(Transferred to Capital A/c) To Bad Debts (Old) 1,675 13,450 Kavya 64,125 1,06,875 Add: Bad Debts (New) 2,500 Bhavya 42,750 Add: New R.D.D. 11,125 15,300 Less: R.D.D. (Old) 1,850 To Rent 5,000 6,000 Add: Outstanding Rent 1,000 To Commission 400 To Office Expenses 10,000 To Provident Fund Contribution 50,000 1,15,100 1,15,100 Balance Sheet as on 31st March, 2020 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital: Kavya 7,50,000 6,75,875 Vehicles 1,85,000 1,75,750 Less: Net Loss 64,125 Less: Depreciation 5% 9,250 6,85,875 Sundry Debtors 2,25,000 2,11,375 Less: Drawing 10,000 Less: Bad Debts 2,500 Capital: Bhavya 5,00,000 4,46,750 2,22,500 Less - Net Loss 42,750 Less - R.D.D. 5% 11,125 4,57,250 Building 4,25,000 Less: Drawings (7,500+3,000) 10,500 Provident Fund Sundry Creditors 1,50,000 Investment 4,00,000 Outstanding Expenses Cash in hand 20,000 Wages 1,500 3,500 Cash at Bank 1,00,000 Salaries 1,000 Closing Stock 1,80,000 Rent 1,000 Bank Overdraft 75,000 Provident Fund 1,40,000 1,61,000 Add: Interest on Provident Fund Investment 21,000 15,12,125 15,12,125 Working Notes: (1) Rent (10 months) is paid i.e. 2 months rent is outstanding For 10 months → ₹ 5,000 &there4; 2 months → (?) `= (500 xx 2)/10 = ₹ 1,000` (2) Depreciation on vehicle @ 5% `= 1,85,000 xx 5/100 = ₹ 9,250` (3) New R.D.D. is calculated as follows: R.D.D. = 5% on net debtors `= 5/100 xx ("Sundry debtors" - "New bad debts")` `= 5/100 xx (2,25,000 - 2,500)` `= 5/100 xx 2,22,500` = ₹ 11,125

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. Trading and Profit and loss Account for the year ending and Balance Sheet as on that date - Book Keeping and Accountancy

प्रश्न

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.

Trial Balance as on 31st March, 2020
Particulars	Debit Amount (₹)	Credit Amount (₹)
Capital:
Kavya		7,50,000
Bhavya		5,00,000
Sundry Debtors	2,25,000
Sundry Creditors		1,50,000
Rent (10 Months)	5,000
Opening Stock	2,67,750
Building	4,25,000
Salaries	25,000
Commission	400	475
Vehicles	1,85,000
Sales		4,20,250
Purchases	3,20,250
Wages	5,000
Office Expenses	10,000
Bank Overdraft		75,000
Goods Returns	2,750	1,750
Provident Fund Investment	4,00,000
Cash in Hand	20,000
Provident Fund Contribution	50,000
Provident Fund		1,40,000
Cash at Bank	1,00,000
Interest on P.F. Investment		21,000
Drawing:
Kavya	10,000
Bhavya	7,500
Bad-debts	1,675
R.D.D.		1,850
Total	20,60,325	20,60,325

Adjustments :

Closing Stock ₹ 1,80,000.
Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
Depreciate Vehicles @ 5% p.a.
Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
Bhavya withdrew Goods of ₹ 3,000 for her personal use.

खातेवही

उत्तर

In the Books of Kavya and Bhavya
Trading & Profit & Loss Account For the year ended 31st March, 2020
Dr			Cr
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Opening Stock		2,67,750	By Sales	4,20,250
To Purchases	3,20,250	3,18,500	Less: Goods Return	2,750	4,17,500
Less - Goods Return	1,750	3,18,500	By Goods Withdraw by Bhavya for Personal Use		3,000
To Wages	5,000	6,500	By Closing Stock		1,80,000
Add: Outstanding Wages	1,500	6,500
To Gross profit c/d		7,750
		6,00,500			6,00,500
To salaries	25,000	26,000	By Gross Profit b/d		7,750
Add: Outstanding	1,000	26,000	By Commission		475
To Depreciation on Vehicles		9,250	By Net Loss (Transferred to Capital A/c)
To Bad Debts (Old)	1,675	13,450	Kavya	64,125	1,06,875
Add: Bad Debts (New)	2,500		Bhavya	42,750	1,06,875
Add: New R.D.D.	11,125
	15,300
Less: R.D.D. (Old)	1,850
To Rent	5,000	6,000
Add: Outstanding Rent	1,000	6,000
To Commission		400
To Office Expenses		10,000
To Provident Fund Contribution		50,000
		1,15,100			1,15,100

Balance Sheet as on 31st March, 2020
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital: Kavya	7,50,000	6,75,875	Vehicles	1,85,000	1,75,750
Less: Net Loss	64,125		Less: Depreciation 5%	9,250	1,75,750
	6,85,875		Sundry Debtors	2,25,000	2,11,375
Less: Drawing	10,000		Less: Bad Debts	2,500
Capital: Bhavya	5,00,000	4,46,750		2,22,500
Less - Net Loss	42,750		Less - R.D.D. 5%	11,125
	4,57,250		Building		4,25,000
Less: Drawings (7,500+3,000)	10,500		Provident Fund
Sundry Creditors		1,50,000	Investment		4,00,000
Outstanding Expenses			Cash in hand		20,000
Wages	1,500	3,500	Cash at Bank		1,00,000
Salaries	1,000		Closing Stock		1,80,000
Rent	1,000
Bank Overdraft		75,000
Provident Fund	1,40,000	1,61,000
Add: Interest on Provident Fund Investment	21,000	1,61,000
		15,12,125			15,12,125

Working Notes:

(1) Rent (10 months) is paid i.e. 2 months rent is outstanding

For 10 months → ₹ 5,000

∴ 2 months → (?)

`= (500 xx 2)/10 = ₹ 1,000`

(2) Depreciation on vehicle @ 5%

`= 1,85,000 xx 5/100 = ₹ 9,250`

(3) New R.D.D. is calculated as follows:

R.D.D. = 5% on net debtors

`= 5/100 xx ("Sundry debtors" - "New bad debts")`

`= 5/100 xx (2,25,000 - 2,500)`

`= 5/100 xx 2,22,500`

= ₹ 11,125

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Partnership Final Accounts

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2021-2022 (March) Model set 2 shaalaa.com

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2021-2022 (March) Model set 2 shaalaa.com (with solutions)

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Partnership Final Accounts

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संबंधित प्रश्‍न

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.

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

Credit balance of Profit and Loss Account.

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.

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.

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.

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.

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.