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.

Dr. In the Books of Kranti & SumangalaTrading and Profit and Loss A/cfor 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

Kranti and 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

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.

खातेवही

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	58,500
Less: Purchase Return	1,000		By Closing Stock		28,000
Less: Free Sample	3,000
To Wages	3,000	3,800
Add: Outstanding	800	3,800
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	5,625	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	6,275
To Depreciation on:
Plant & Machinery	2,000	2,625
Furniture	625	2,625
To Bad-debts (Old)	500	1,300
Add: Bad debts (New)	800	1,300
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	1,15,294	Less: Depreciation	2,000	13,000
Capital: Sumangala	40,000	38,431	Furniture	12500	11,875
Less: Net Loss	1,569	38,431	Less: Depreciation 5%	625	11,875
Outstanding Expenses:			Sundry Debtors	1,00,000	99,200
Wages	800	1500	Less: Bad Debts	800	99,200
Salaries	700	1500	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

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Partnership Final Accounts

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2025-2026 (March) Model set 2 by shaalaa.com

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2025-2026 (March) Model set 2 by shaalaa.com (with solutions)

Q 7 | 12 marks

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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?

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.

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.

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.

Mohini and Rohini are in partnership firm sharing profits and losses equally. 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, 2010 and Balance Sheet as on that date.

Trial Balance as on 31^st March, 2010

Particulars	Debit Amount Rs.	Credit Amount Rs
Partner’s Capital A/c-
Mohini		120000
Rohini		90000
Purchases and Sales	220000	430000
Sundry Debtors and Creditors	45000	35000
Bills Receivable and Bills Payable	45000	50000
Discount	4000	3500
Opening stock	25000
Wages and Salaries	23000
Manufacturing Expenses	9,000
Factory Insurances	5,000
Factory Building	1,40,000
Plant and Machinery	75,000
Advertisement (for 2years w.e.f. 1^st Jan. 2010)	10,000
Salaries and Wages	45,000
Warehouse rent	6,000
Import duty	11,500
Cash in hand	5,000
10% Government Bond (Purchased on 1st July 2009)	60000
	728500	728500

Adjustments:

1) Closing stock was valued at market price Rs 92,000 which is 15% above its cost price.

2) Goods costing Rs 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book.

3) Depreciate Machinery at 10% p.a.

4) Outstanding Wages were Rs 2,500.

5) Goods of Rs 2,000 were taken by Mohini for personal use but no entry was made in the books of account.

6) Maintain R.D.D at 5% on Sundry Debtors.

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.

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.

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

Expenses which are paid before they are due.

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.