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प्रश्न
Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare 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 Balances | Amount (₹) | Cebit Balances | Amount (₹) |
| Insurance | 30,000 | Capital Accounts: | |
| Land and Building ((Addition of ₹ 40,000 wef. 1st July, 2018)) | 1,00,000 | Mama | 1,00,000 |
| Salaries | 10,000 | Kaka | 1,00,000 |
| Export duty | 5,000 | 10% Bank Loan (taken on1st Oct. 2018) | 60,000 |
| Interest | 2,000 | Interest | 3,000 |
| Furniture | 80,000 | Bills payable | 16,000 |
| Debtors | 52,000 | - | |
| 2,79,000 | 2,79,000 | ||
Adjustment:
- Gross profit amounted to ₹ 69,000.
- Prepaid insurance ₹ 7,500.
- Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
- Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
- Closing stock is valued at ₹ 69,000.
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उत्तर
| In the books of Mama and Kaka | |||||
| Dr. | Profit and Loss Account for the year ended on 31st March 2019 | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Insurance | 30,000 | 22,500 | By Gross Profit b/d | 69,000 | |
| (-) prepaid | 7,500 | By Interest received | 3,000 | ||
| To Depreciation on | 13,000 | ||||
| Land and Building | 9,000 | ||||
| Furniture | 4,000 | ||||
| To Bad debts (new) | 2,000 | 4500 | |||
| (+) R.D.D (New) | 2,500 | ||||
| To salaries | 10,000 | ||||
| To export duty | 5,000 | ||||
| To interest on bank loan | 3,000 | ||||
| To interest | 2,000 | ||||
| To Partners' Capital A/c: (New Profit) | |||||
| Mama | 6,000 | 12,000 | |||
| Kaka | 6,000 | ||||
| 72,000 | 72,000 | ||||
| Balance Sheet as on 31st March, 2019 | |||||
| Assets | Amount (₹) | Amount (₹) | Liabilities | Amount (₹) | Amount (₹) |
| Capital Accounts: | Land And Building | 1,00,000 | 91,000 | ||
| Mama | 1,00,000 | 1,06,000 | (-) Depreciation 10% | 9,000 | |
| (+) Net Profit | 6000 | Furniture | 80,000 | 76,000 | |
| Kaka | 1,00,000 | 1,06,000 | (-) Depreciation 5% | 4,000 | |
| (+) Net Profit | 6,000 | Debtors | 52,000 | ||
| 10% Bank loan | 60,000 | 63,000 | (-) Bad debts | 2,000 | |
| (+) Interest due but not paid | 3,000 | 50,000 | |||
| Bills Payable | 16,000 | (-) R.D.D. | 2,500 | 47,500 | |
| Prepaid Insurance | 7,500 | ||||
| Closing Stock | 69,000 | ||||
| 2,91,000 | 2,91,000 | ||||
APPEARS IN
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 ?
Write the word/phrase/term, which can substitute the following sentence.
Debit balance of trading 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 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 31st 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.
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 31st 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. 1st 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.
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.
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
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.
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.
Prepaid expenses are treated as liabilities.
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.
Goodwill is an intangible asset.
Find odd one.
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 is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?
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?
Do you agree/disagree with the following statement:
Amount borrowed by partner from his business will be debited to Current Account.
Do you agree/disagree with the following statement:
Sold but undispatched goods must be part of valuation of closing stock.
Do you agree/disagree with the following statement:
Free distribution of goods is debited to the trading account.
Undervaluation of Closing Stock by 10%. Closing Stock was ₹30,000 find out the value of Closing Stock.
From the following Trial Balance of M/S Mitesh and Mangesh, 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 as on (1/4/2018) | 25,000 | Sundry Creditors | 38,000 |
| Building | 48,500 | Sales | 1,75,000 |
| Carriage | 1,780 | Capital: | |
| Factory Insurance | 2,700 | Mitesh | 1,50,000 |
| Postage | 1,600 | Mangesh | 50,000 |
| Bills Receivable | 13,700 | Outstanding Salaries | 2,000 |
| Sundry Debtors | 52,200 | Bills Payable | 18,000 |
| Return Inward | 1,600 | Return outword | 1,800 |
| Purchases | 68,900 | ||
| Audit fees | 1,800 | Current A/c: | |
| Loose tools | 32,000 | Mitesh | 3,000 |
| Manufacturing Expenses | 1,820 | Mangesh | 2,000 |
| Electricity Charges | 2,600 | ||
| General Expenses | 3,400 | ||
| Export duty | 1,000 | ||
| Cash in hand | 75,000 | ||
| Bank Balance | 29,000 | ||
| Conveyance | 4,100 | ||
| Furniture | 64,000 | ||
| Salaries | 2,000 | ||
| Rent, Rate & Taxes | 3,700 | ||
| Drawings: | |||
| Mitesh | 1,200 | ||
| Mangesh | 2,200 | ||
| 4,39,800 | 4,39,800 |
Adjustments :
1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3: 1.
2) Partners are entitled to get Commission @ 1% each on Gross Profit.
3) The closing stock is valued at ₹ 23,700.
4) Outstanding Expenses - Audit fees ₹ 400; carriage ₹ 600.
5) The building is valued at ₹ 46,500.
6) Furniture is depreciated by 5%.
7) Provide Interest on Partner's capital at 2.5% pa.
8) Goods of ₹ 900 were taken by Mangesh for his personal use.
9) Write off ₹ 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.
From the following Trial Balance of M/S Meera and Madhav. 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) |
25,000 |
Bank overdraft |
5,000 |
|
Debtors |
80,500 |
Bills Payable |
12,500 |
|
Bills Receivable |
10,000 |
Creditors |
68,000 |
|
Purchases |
2,08,500 |
Sales |
3,25,000 |
|
Returns |
1,000 |
Outstanding Rent |
2,000 |
|
Carriage Inward |
3,000 |
Unpaid Wages |
1,500 |
|
Carriage Outwards |
4,500 |
Capital : |
|
|
Motor Vehicle |
55,000 |
Meera |
75,000 |
|
General Expenses |
1,800 |
Madhav |
75,000 |
|
Export Duty |
900 |
Purchase Return |
1000 |
|
Advertisement |
4,800 |
||
|
(For 3 years from 1/10/2018) |
|||
|
Printing & Stationery |
1,200 |
||
|
Drawings : |
|||
|
Meera |
3,500 |
||
|
Madhav |
2,000 |
||
|
Leasehold Premises |
1,10,000 |
||
|
Cash at Bank |
45,000 |
||
|
Furniture |
8,300 |
||
|
5,65,000 |
5,65,000 |
Adjustments :
1) Closing Stock is valued at ₹32,000.
2) Provide Provision for Doubtful Debts ₹ 2,000.
3) Create reserve for Discount on Debtors @ 3%.
4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000.
5) Outstanding Expenses Printing & Stationary ₹500.
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.
Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Stock (1/4/2018) |
8,700 |
Sales |
68,000 |
|
Purchases |
18,300 |
Dividend |
2,000 |
|
Wages |
1,000 |
Purchases Return |
500 |
|
Insurance |
800 |
Sundry Creditors |
13,000 |
|
Unproductive Wages |
1,400 |
10% Bank Loan (w.e.f. 1/7/2018) |
8,000 |
|
Warehouse Rent |
600 |
||
|
Carriage Outward |
1,200 |
Other Receipts |
1,000 |
|
Sales Return |
600 |
||
|
Export Duty |
1,400 |
||
|
Customs Duty |
800 |
||
|
Sundry Debtors |
40,000 |
||
|
Investments |
15,700 |
||
|
Factory Rent |
1,600 |
||
|
Postage & Telegram |
400 |
||
|
92,500 |
92,500 |
Adjustments:
- The Closing Stock is valued at ₹ 15,400.
- Outstanding Wages ₹ 500.
- Create provision for Bad debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
- Goods of ₹ 1,800 distributed as a free sample.
- Goods of ₹ 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.
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.
Returns outward are deducted from ______.
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.
From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.
| Trial Balance as on 31st March, 2020 | ||
| Debit Balance | Debit (₹) | Credit (₹) |
| Stock (1/4/2018) | 48,000 | |
| Capital - Riddhi | 50,000 | |
| Siddhi | 30,000 | |
| Purchases | 22,500 | |
| Wages | 800 | |
| Carriage Inward | 1,000 | |
| Sundry Creditors | 27,600 | |
| Bills Payable | 20,000 | |
| Cash in hand | 2,850 | |
| Insurance | 1,200 | |
| Sundry Debtors | 32,000 | |
| Bank Overdraft | 18,000 | |
| Carriage outward | 900 | |
| Land and Building | 42,500 | |
| Furniture | 38,700 | |
| Sales | 47,000 | |
| Purchase Return | 500 | |
| Sales Return | 400 | |
| Rent | 1,800 | |
| Bad-debts | 300 | |
| R.D.D | 350 | |
| Discount | 700 | 1,000 |
| Travelling Expenses | 250 | |
| Advertisements | 4,150 | |
| 1,96,250 | 1,96,250 | |
Adjustments:
- Closing stock ₹ 48,700.
- Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
- Depreciate Land and Building by 10% and Furniture by 5%.
- Insurance Paid in Advance ₹ 300.
- Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.
Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March, 2020 and Balance sheet as on that date:
| Trial Balance as on 31st March, 2020 | |||
| Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
| sundry Debtors | 56,000 | Sales | 2,40,000 |
| Purchases | 1,10,000 | Sundry Creditors | 99,600 |
| Plant & machinery | 1,60,000 | Purchases Return | 2,000 |
| Furniture | 1,05,800 | Capital accounts | |
| Salaries | 8,600 | Varsha | 1,80,000 |
| Sales return | 1,000 | Harsh | 60,000 |
| Cash in hand | 1,02,000 | Current Accounts: | |
| Opening stock | 35,600 | Varsha | 10,000 |
| Rent, Rates & Taxes | 9,000 | Harsha | 6,000 |
| Advertisement | 9,600 | ||
| 5,97,600 | 5,97,600 | ||
Adjustments:
- Stock on 31st March, 2020 was valued at ₹ 74,000.
- Depreciation on Plant and Machinery @ 5% p.a.
- Partners are entitled to get Interest on Capital at 5% p.a.
- Outstanding expenses: Salaries ₹ 700.
- Provide further Bad debts of ₹ 1,680 on Sundry debtors.
State whether the following statement is True or False with reason:
Carriage Inward is carriage on purchases.
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Registration of Partnership is ______ in India.
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Asha and Nirasha are partners sharing profits and losses in the ratio of 1 : 1. From the following Trial Balance and additional information, 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 Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Stock (1/4/2022) | 1,30,000 | General Reserve | 29,000 |
| Bills Receivable | 56,000 | Capital: | |
| Wages and Salaries | 18,000 | Asha | 3,20,000 |
| Sundry Debtors | 2,65,000 | Nirasha | 2,40,000 |
| Bad Debts | 2,000 | Creditors | 1,96,000 |
| Purchases | 2,96,000 | R.D.D. | 3,600 |
| Motor Car | 1,36,000 | Sales | 5,71,000 |
| Machinery | 2,29,600 | Outstanding Wages | 1,400 |
| Audit Fees | 2,400 | Purchases Returns | 8,000 |
| Sales Return | 4,000 | Discount | 3,600 |
| Discount | 4,600 | ||
| Building | 1,50,000 | ||
| Cash at Bank | 24,000 | ||
| 10% Investment | 40,000 | ||
| Advertisement (Paid for 9 months) | 9,000 | ||
| Royalties | 6,000 | ||
| 13,72,600 | 13,72,60 | ||
Adjustment and Additional Information:
(1) Closing Stock ₹ 80,000.
(2) Depreciation Building and Machinery @ 5% and 3% respectively.
(3) Bills Receivable included dishonoured bill of ₹ 6,000.
(4) Goods worth ₹ 2,000 taken by Asha for personal use was not entered in the books of accounts.
(5) Write off ₹ 3,600 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
(6) Goods of ₹ 12,000 were sold but no entry was made in the books of accounts.
Royalty paid on production is shown in the ______.
Zalak and Kalpana are partners sharing Profit and Losses in their Capital ratio. You are required to prepare Trading Account 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 Balance | Amount (₹) | Credit Balances | Amount (₹) |
| Sundry Debtors | 56,000 | Sales | 2,40,000 |
| Purchases | 1,10,000 | Rent | 3,600 |
| Furniture | 77,000 | Sundry Creditors | 77,000 |
| Plant and Machinery | 1,20,000 | Purchase Return | 2,000 |
| Wages | 1,600 | Discount | 1,000 |
| Salaries | 7,000 | Bills Payable | 18,000 |
| Discount | 1,600 | Capital A/c: | |
| Bills Receivable | 28,800 | Zalak | 1,80,000 |
| Carriage Outward | 2,000 | Kalpana | 60,000 |
| Postage | 1,000 | Current A/c: | |
| Sales Return | 1,000 | Zalak | 10,000 |
| Cash in Hand | 8,000 | Kalpana | 6,000 |
| Cash at Bank | 94,000 | ||
| Insurance | 4,000 | ||
| Opening Stock | 35,600 | ||
| Trade Expenses | 3,000 | ||
| Warehouse Rent | 5,000 | ||
| Advertisement | 2,000 | ||
| Building | 40,000 | ||
| 5,97,600 | 5,97,600 | ||
Adjustments:
(1) Stock on 31st March, 2023 was at ₹ 74,000.
(2) Sales includes, sale of machinery of ₹ 4,000, which is sold on 1st April, 2022.
(3) Depreciation on fixed assets @ 5%.
(4) Each partner is entitled to get commission at 1 % of Gross profit and interest on Capital 5 % p.a.
(5) Outstanding Expenses: Wages ₹ 400 and Salaries ₹ 1,000.
6) Create provision for Doubtful debts @ 3 % on Sundry Debtors.
Advertisement expense ₹ 80,000 paid for 2 years from 1st Jan. 2022. Calculate prepaid advertisement expense for the year ended on 31st March, 2022.
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