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प्रश्न
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.
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उत्तर
Financial Statement of....
Trading Account
for the year ended March 31,2010
Dr. Cr.
| Particulars |
Amount
(Rs)
|
Particulars |
Amount
(Rs)
|
|
| Opening Stock | 25000 | Sales | 4,30,000 | |
| Purchases | 2,20,000 | 232500 | Closing Stock | 80,000 |
| Add : Additions | 3000 | |||
| Add : Import duty | 11500 | |||
| Less : Drawings by Mohini | (2000) | |||
| Factory Insurance | 5000 | |||
| Manufacturing Expenses | 9000 | |||
| Wages and Salaries | 23000 | 25500 | ||
| Add : Outstanding wages | 2500 | |||
| Gross Profit (Balancing Figure) | 213000 | |||
| 510000 | 510000 | |||
| Particulars |
Amount
(Rs)
|
Particulars |
Amount
(Rs)
|
|
| Discount | 4000 | Gross Profit | 213000 | |
| Advertisement | 10000 | 1250 | Discount | 3500 |
| Less : Prepaid `(10000 xx 21/24 )` | (8750) | Accrued Interest on Government Bonds `(60000 xx 10/100 xx 9/2)` |
4500 | |
| Salaries and Wages | 45000 | |||
| Warehouse Rent | 6000 | |||
| Depreciation on Machinery | 7,500 | |||
| Reserve on Doubtful Debts | 2250 | |||
| Net Profit (Balancing Figure) | ||||
| Mohini | 77500 | 155000 | ||
| Rohini | 77500 | |||
| 221000 | 221000 | |||
| Liabilities |
Amount
(Rs)
|
Assets |
Amount
(Rs)
|
||
| Capital | Fixed Assets | ||||
| Mohini | 195500 | 363000 | Building | 140000 | |
| Rohini | 167500 | Plant and Machinery | 75000 | 67500 | |
| Current Liabilities | Less : 10% Depreciation | (7500) | |||
| Creditors | 35000 | 38000 | Current Assets | ||
| Add : Additions | 3000 | Closing Stock | 80000 | ||
| Bills Payable | 50000 | Debtors | 45000 | 42750 | |
| Outstanding Wages | 2500 | Less : Reserve for Doubtful Debts `(Rs. 45000 xx 5/100)` |
2250 | ||
| Bills Receivable | 45000 | ||||
| Cash in Hand | 5000 | ||||
| 10% Government Bond | 60000 | 64500 | |||
| Add : Accrued Interest | 4500 | ||||
| Prepaid Advertisement | 8750 | ||||
| 453500 | 453500 | ||||
Working Notes:
Partners’ Capital Accounts
Dr. Cr.
| Particulars | Mohini | Rohini | Particulars | Mohini | Rohini |
| Drawings | 2000 | Balance b/d | 120000 | 90000 | |
| Balance c/d | 195500 | 167500 | Profit and Loss A/c -Profit | 77500 | 77500 |
| 197500 | 167500 | 197500 | 167500 |
Note : As per the textbook the Total of Balance sheet is Rs 4,48,500 but as per our solution it should be Rs 4,53,500.
*There is difference of Rs 10,000 in the Debit and Credit side of Trial Balance, therefore, Factory Building has been increased by Rs 10,000.
APPEARS IN
संबंधित प्रश्न
Write a short note on E-Commerce ?
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.
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 paid Rs 11,500 for carriage.
Rokadimal discounted this bill with the bank for Rs 92,000.
Gunjal paid Rs 13,500 got advertisement.
Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.
Write the word/phrase/term, which can substitute the following sentence.
Debit balance of trading account.
Write the word/phrase/term, which can substitute the following sentence.
Credit balance of Profit and Loss Account.
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.
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.
Write the word/phrase/term, which can substitute the following sentence.
An asset which can be converted into cash easily.
State whether the following statement is True or False with reasons.
Profit and Loss Account is a Real Account.
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.
Find odd one.
Partners are _____ liable for the debts of the firm.
The expenses paid for trading purpose are known as _______ expenses.
Return outward are deducted from ______.
Answer in one sentence only.
What do you mean by pre-received income?
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.
As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?
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:
Profit and Loss Account reflects the true Financial position.
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:
Carriage Inward is a selling and distribution overhead.
Do you agree/disagree with the following statement?
All direct expenditures are debited to profit and loss account.
Calculate 12.5% P.A. depreciation on Furniture:
- on ₹ 2,20,000 for 1 year
- on ₹ 10,000 for 6 months
From the following Trial Balance and adjustments given below of Reena and Aarti, 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 ₹ |
| Purchases | 35,500 | Sales | 58,200 |
| Sundry Debtors | 40,000 | Sundry Creditors | 25,700 |
| Sales Returns | 1,000 | Purchases Returns | 500 |
| Opening Stock | 18,100 | R.D.D | 800 |
| Bad debts | 500 | Discount | 50 |
| Land and Building | 25,000 | Commission | 250 |
| Furniture | 20,000 | Capital: | |
| Discount | 1,000 | Reena | 50,000 |
| Royalties | 700 | Aarti | 30,000 |
| Rent | 1,900 | ||
| Salaries | 3,000 | ||
| Wages | 800 | ||
| Insurance | 1,500 | ||
| Drawings: | |||
| Reena | 2,000 | ||
| Aarti | 1,000 | ||
| Cash at Bank | 11,500 | ||
| Cash in Hand | 2,000 | ||
| 1,65,500 | 1,65,500 |
Adjustments :
- Closing Stock valued at ₹ 22,000.
- Write off ₹ 900 for Bad and doubtful debts and create a provision for Reserve for doubtful debts ₹ 1,000.
- Create a provision for Discount on Debtors @ 3% and creditors @ 5%.
- Outstanding Expenses - Wages ₹ 700 and Salaries ₹ 800.
- Insurance is paid for 15 months, w.e.f. 1st April 2018
- Depreciate Land and Building @ 5%
- Reena & Aarti are Sharing Profits & Losses in their Capital Ratio.
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.
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.
State whether the following statement is True or False with reason:
Carriage Inward is carriage on purchases.
State whether the following statement is True or False with reason:
Profit and Loss Account is a Real Account.
A ______ is an Intangible Asset.
Find odd one.
Find odd one.
Find odd one.
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.
Credit balance of Profit and Loss Suspense Account is shown in the Balance Sheet on ______ side.
Find the odd one:
Find an odd one.
Find odd one.
Find odd one.
