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प्रश्न
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.
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उत्तर
| Dr. | In the Books of Kranti & Sumangala Trading and Profit and Loss A/c for the year ended 31st March 2019 |
Cr. | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) | ||
| To Opening Stock | 32,500 | By Sales | 60,000 | 58,500 | |
| To Purchases | 40,000 | 36,000 | Less: Sales Return | 1,500 | |
| Less: Purchase Return | 1,000 | By Closing Stock | 28,000 | ||
| Less: Free Sample | 3,000 | ||||
| To Wages | 3,000 | 3,800 | |||
| Add: Outstanding | 800 | ||||
| To Gross Profit c/d | 14,200 | ||||
| 86,500 | 86,500 | ||||
| To Postage | 2,700 | By Gross Profit b/d | 14,200 | ||
| To Insurance | 7,500 | 5,625 | By Commission | 325 | |
| Less: Prepaid Insurance | 1,875 | By Net Loss (Transferred to Capital A/c's) | |||
| To Salaries | 4,850 | Kranti | 4,706 | 6,275 | |
| Add: Outstanding Salary | 700 | 5,550 | Sumangala | 1,569 | |
| To Depreciation on: | |||||
| Plant & Machinery | 2,000 | 2,625 | |||
| Furniture | 625 | ||||
| To Bad-debts (Old) | 500 | 1,300 | |||
| Add: Bad debts (New) | 800 | ||||
| To Advertisement (Goods distributed) | 3,000 | ||||
| 20,800 | 20,800 | ||||
| Balance Sheet as on 31st March, 2019 | |||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capitals: Kranti | 1,20,000 | 1,15,294 | Plant & Machinery | 15,000 | 13,000 |
| Less: Net Loss | 4,706 | Less: Depreciation | 2,000 | ||
| Capital: Sumangala | 40,000 | 38,431 | Furniture | 12500 | 11,875 |
| Less: Net Loss | 1,569 | Less: Depreciation 5% | 625 | ||
| Outstanding Expenses: | Sundry Debtors | 1,00,000 | 99,200 | ||
| Wages | 800 | 1500 | Less: Bad Debts | 800 | |
| Salaries | 700 | Bills Receivable | 8,500 | ||
| Sundry Creditors | 30,000 | Investment | 32,000 | ||
| Bills Payable | 15,000 | Cash in Hand | 3,775 | ||
| Closing Stock | 28,000 | ||||
| Prepaid Insurance | 1,875 | ||||
| Prepaid Rent | 2,000 | ||||
| 2,00,225 | 2,00,225 | ||||
APPEARS IN
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.
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 31st 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.
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
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
|
- 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.
- 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 accounts that are prepared at the end of each accounting year.
Write the word/phrase/term, which can substitute the following sentence.
Order in which fixed assets are recorded first in the Balance Sheet.
Write the word/phrase/term, which can substitute the following sentence.
The account in which selling expenses of the business are recorded.
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.
Balance Sheet is an Account.
State whether the following statement is True or False with reasons.
R.D.D. is created on Creditors.
State whether the following statement is True or False with reasons.
Goodwill is an intangible asset.
State whether the following statement is True or False with reasons.
Indirect expenses are debited to Trading Account.
State whether the following statement is True or False with reasons.
Bank loan is a current liability.
State whether the following statement is True or False with reasons.
Net profit is a debit balance of Profit and Loss Account.
Find odd one.
Find odd one.
Partners are _____ liable for the debts of the firm.
The withdrawal by partner for personal use from the firm is ________ to his account.
If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet
Return outward are deducted from ______.
Expenses which are paid before due date are called as _____.
Assets which are held in the business for a long period are called ______.
When goods are distributed as free samples, it is treated as ___________of the business.
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:
Gross profit is an operation profit.
Do you agree/disagree with the following statement?
All direct expenditures are debited to profit and loss account.
Undervaluation of Closing Stock by 10%. Closing Stock was ₹30,000 find out the value of Closing Stock.
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 31st March 2019 and Balance Sheet as of that date.
Trial Balance as on 31st 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.
Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of following Trial Balance and Adjustments given below. 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 (1/4/2018) |
8,560 |
Capital: |
|
|
Patents |
2,000 |
Archana |
40,000 |
|
Sundry Debtors |
18,500 |
Prerana |
20,000 |
|
Stock of Stationary |
3,000 |
Other Loans |
3,000 |
|
Trade Mark |
2,000 |
Reserve fund |
1,000 |
|
Bills Receivable |
6,300 |
Sundry Creditors |
17,500 |
|
Electricity charges |
1,450 |
Bills Payable |
5,000 |
|
Wages |
950 |
Purchase Return |
1,000 |
|
Heating & Lighting |
1,000 |
R.D.D |
500 |
|
Trade Expenses |
850 |
Sales |
30,200 |
|
Sales Return |
400 |
Interest |
310 |
|
Land & Building |
22,000 |
||
|
Furniture |
13,000 |
||
|
Cash at Bank |
5,000 |
||
|
Investments |
7,500 |
||
|
Drawings : |
|||
|
Archana |
1,200 |
||
|
Prerana |
900 |
||
|
Bad debts |
200 |
||
|
Purchases |
23,700 |
||
|
1,18,510 |
1,18,510 |
Adjustments:
1) Stock on 31st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.
2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.
3) 1/8th of Patents are to be written off.
4) A part of Furniture ₹ 5,000 is purchased on 1st Oct 2018.
5) Depreciation on Land & Building 10% and on Furniture 5%.
6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.
7) Allow Interest on Capital 3%.
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 1st July 2018) | Nani | 50,000 | |
| Salaries | 5,000 | 10% Bank loan taken on 1st 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.
The insurance premium is paid for the year ending 1st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31st March 2019.
Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.
Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.
Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:
| Trial Balance as on 31st March, 2019 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Purchases | 48,000 | Capital accounts: | |
| Salaries | 7,500 | Asha | 80,000 |
| Wages | 2,800 | Nisha | 40,000 |
| Advertisement (2 years) | 4,000 | Bank Overdraft | 34,000 |
| Sales Return | 8,000 | Sales | 1,48,000 |
| Motor Van | 63,000 | R.D.D. | 1,200 |
| Stock (1. 4. 2018) | 94,500 | Purchase Return | 6,000 |
| Sundry Debtors | 62,800 | ||
| Coal, Gas and Fuel | 1,000 | ||
| Plant and Machinery | 17,600 | ||
| 3,09,200 | 3,09,200 | ||
Adjustments:
- Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
- Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
- Depreciate Motor Van by 5% and Plant and Machinery by 7%.
- Reserve for Doubtful debts on Debtors at 5% is to be created.
- Outstanding Wages ₹ 800.
Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.
| Trial Balance as on 31st March, 2020 | |||
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock (1/4/2019) | 65,000 | General Reserve | 14,500 |
| Bills Receivable | 28,000 | Capital: | |
| Wages and Salaries | 9,000 | Sun | 1,60,000 |
| Sundry Debtors | 1,32,500 | Moon | 1,20,000 |
| Bad-debts | 1,000 | Creditors | 98,000 |
| Purchases | 1,48,000 | R.D.D. | 1,800 |
| Motor car | 68,000 | Sales | 2,85,500 |
| Machinery | 1,14,800 | Outstanding Wages | 700 |
| Audit Fees | 1,200 | Purchases Returns | 4,000 |
| Sales Return | 2,000 | Discount | 1,800 |
| Discount | 2,300 | ||
| Building | 75,000 | ||
| Cash at Bank | 12,000 | ||
| 10% Investment | 20,000 | ||
| Advertisement (Paid for 9 months) | 4,500 | ||
| Royalties | 3,000 | ||
| 6,86,300 | 6,86,300 | ||
Adjustment and Additional Information:
- Closing Stock ₹ 40,000.
- Depreciate Building and Machinery @ 5% and 3% respectively.
- Bills Receivable included dishonoured bill of ₹ 3000.
- Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
- Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
- Goods of ₹ 6000 were sold but no entry was made in the books of accounts.
To find out the Net Profit or Net Loss of the business ______ account is prepared.
Find odd one.
Complete the following Table:
| Creditors | Bills Payable | Third-Party Liabilities |
| 16,000 | 12,000 | ? |
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.
Do you agree or disagree with the following statements:
Bills receivable is a current asset.
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.
Find the odd one.
