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.

Dr. Trading Account for the year ended March 31, 2012 Cr. Particulars Amount (₹) Particulars Amount (₹) To Opening Stock 90,000 By Sales 8,10,000 To Purchases 6,50,000 By Closing Stock 1,10,000 To Carriage 7,000 To Wages 35,000 To Gross Profit c/d (Balancing Figure) 1,38,000 9,20,000 9,20,000 Dr. Profit and Loss Accountfor the year ended March 31, 2012 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount(₹) To Salaries 28,000 25,500 By Gross Profit b/d 1,38,000 Less: Prepaid 2,500 To Postage and Telegram 4,000 To Insurance 5,000 3,500 Less: Prepaid (1,500) To Bad-Debts 3,000 10,500 Add: Reserve for Doubtful Debts 7,500 To Rent 4,000 To Discount 3,200 To Interest on Loan Outstanding 4,000 To Depreciation on: 32,000 Plant and Machinery 12,000 Building 20,000 To Interest on Capital: 25,000 Madhuri 15,000 Minakshi 10,000 To Net Profit (Balancing Figure) 26,300 Madhuri 15,780 Minakshi 10,520 1,38,000 1,38,000 Balance Sheet as on March 31, 2012 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital of Madhuri 3,00,000 3,20,780 Fixed Assets Less: Drawings (10,000) Building 4,00,000 3,80,000 Add: Interest on Capital 15,000 Less: 5% Depreciation (20,000) Add: Net Profit 15,780 Plant and machinery 1,20,000 1,08,000 Capital of Minakshi 2,00,000 2,15,520 Less: 10% Depreciation (12,000) Less: Drawings (5,000) Current Assets Add: Interest on Capital 10,000 Closing Stock 1,10,000 Add: Net profit 10,520 Debtors 1,50,000 1,42,500 8% Bank loan 1,00,000 1,04,000 Less: Reserve for Doubtful Debts (7,500) Add: Outstanding Interest on Loan 4,000 Prepaid Insurance 1,500 Current Liabilities Prepaid Salary 2,500 Creditors 1,00,000 Outstanding Salaries 4,200 7,44,500 7,44,500

Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3:2. From the following Trial Balance and adjustments given below,

प्रश्न

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.

खातेवही

उत्तर

Dr.	Trading Account for the year ended March 31, 2012		Cr.
Particulars	Amount (₹)	Particulars	Amount (₹)
To Opening Stock	90,000	By Sales	8,10,000
To Purchases	6,50,000	By Closing Stock	1,10,000
To Carriage	7,000
To Wages	35,000
To Gross Profit c/d (Balancing Figure)	1,38,000
	9,20,000		9,20,000

Dr.	Profit and Loss Account for the year ended March 31, 2012			Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)
To Salaries	28,000	25,500	By Gross Profit b/d	1,38,000
Less: Prepaid	2,500	25,500
To Postage and Telegram		4,000
To Insurance	5,000	3,500
Less: Prepaid	(1,500)	3,500
To Bad-Debts	3,000	10,500
Add: Reserve for Doubtful Debts	7,500	10,500
To Rent		4,000
To Discount		3,200
To Interest on Loan Outstanding		4,000
To Depreciation on:		32,000
Plant and Machinery	12,000
Building	20,000
To Interest on Capital:		25,000
Madhuri	15,000
Minakshi	10,000
To Net Profit (Balancing Figure)		26,300
Madhuri	15,780
Minakshi	10,520
		1,38,000		1,38,000

Balance Sheet as on March 31, 2012
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital of Madhuri	3,00,000	3,20,780	Fixed Assets
Less: Drawings	(10,000)		Building	4,00,000	3,80,000
Add: Interest on Capital	15,000		Less: 5% Depreciation	(20,000)	3,80,000
Add: Net Profit	15,780		Plant and machinery	1,20,000	1,08,000
Capital of Minakshi	2,00,000	2,15,520	Less: 10% Depreciation	(12,000)	1,08,000
Less: Drawings	(5,000)		Current Assets
Add: Interest on Capital	10,000		Closing Stock		1,10,000
Add: Net profit	10,520		Debtors	1,50,000	1,42,500
8% Bank loan	1,00,000	1,04,000	Less: Reserve for Doubtful Debts	(7,500)	1,42,500
Add: Outstanding Interest on Loan	4,000	1,04,000	Prepaid Insurance		1,500
Current Liabilities			Prepaid Salary		2,500
Creditors		1,00,000
Outstanding Salaries		4,200
		7,44,500			7,44,500

shaalaa.com

Partnership Final Accounts

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 7 Q 6 Q 8

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ७०]

APPEARS IN

मायकल वाझ Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board

पाठ 2 Partnership Final Accounts
Practical Problems | Q 7 | पृष्ठ ७०

व्हिडिओ ट्यूटोरियलVIEW ALL [1]

view
व्हिडिओ ट्यूटोरियल For All Subjects
Partnership Final Accounts

video tutorial01:23:03

संबंधित प्रश्‍न

Select the most appropriate alternative from those given below and rewrite the statement.

Return outward are deducted from __________________.

Write a short note on E-Commerce ?

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.

Debit balance of trading 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.

From the following Trial Balance of M/s Mahesh and Umesh, 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. Profit sharing ratio of Mahesh and Umesh was 3/5th and 2/5th respectively.

Trial Balance as on 31^st March, 2013
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Investments	56,000	Capital A/c:
Carriage	7,000	Mahesh	1,62,000
Loose Tools	17,000	Umesh	1,08,000
Building	1,50,000	Current A/c:
Salary	13,000	Mahesh	16,200
Audit fees	8,500	Umesh	10,800
Opening stock	83,000	Sundry Creditors	99,000
Wages	7,500	Sales	4,20,000
Purchases	1,97,000	Bank Overdraft	56,400
Motive Power	15,000
Bad Debts	6,400
Printing and Stationery	4000
Debtors	96,000
Cash at Bank	52,000
Machinery	72,000
Motor Van	88,000
	8,72,400		8,72,400

Adjustments:

1) Stock on hand on 31st March, 2013 was valued at Rs 76,000.

2) Interest on partner’s capital at 5% p.a. was allowed.

3) Goods worth Rs 2,000 and Rs 1,500 withdrawn by Mahesh and Umesh respectively for their personal use.

4) Mahesh is entitled to get salary of Rs 6,500 and Umesh is to be given 20% commission on sales.

5) Rs. 2,500 due from customer is not recoverable.

6) Depreciate Motor Van at 8% p.a. and Building at 7% 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.

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.

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.

Order in which fixed assets are recorded first in the Balance Sheet.