मराठी
महाराष्ट्र राज्य शिक्षण मंडळएचएससी वाणिज्य (इंग्रजी माध्यम) इयत्ता १२ वी

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.

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प्रश्न

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.
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उत्तर

In the books of Gunjal

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

Joint Venture A/c

Dr.

 

4,00,000

 

 

To Rokadimal

 

 

 

4,00,000

 

(Goods sent for Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

11,500

 

 

To Rokadimal

 

 

 

11,500

 

(Expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Rokadimal A/c

Dr.

 

95,000

 

 

To Bills Payable A/c

 

 

 

95,000

 

(Acceptance given)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

3,000

 

 

To Discount A/c

 

 

 

3,000

 

(Discount charges charged to Joint venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

13,500

 

 

To Bank A/c

 

 

 

13,500

 

(Expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Joint Bank A/c

Dr.

 

5,00,000

 

 

To Joint Venture A/c

 

 

 

5,00,000

 

(Goods sold)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

7,000

 

 

To Bank A/c

 

 

 

7,000

 

(Selling expenses paid)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

25,000

 

 

To Gunjal’s A/c

 

 

 

25,000

 

(Commission charged in Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Joint Venture A/c

Dr.

 

40,000

 

 

To Rokadimal

 

 

 

32,000

 

To Profit & Loss A/c

 

 

 

8,000

 

(Profit shared on Joint Venture)

 

 

 

 

 

 

 

 

 

 

 

Rokadimal

Dr.

 

1,48,500

 

 

To Bank A/c

 

 

 

1,48,500

 

(Final Payment made to Rokadimal)

 

 

 

 

Working Notes:

1. Calculation of commission on sale

\[\text{Commission on Sale} = 5, 00, 000 \times \frac{5}{100} = Rs 25,000\]

2.Calculation of profit and distribution amongst the co-venturers

\[\begin{array}{ccl}Profit & = & 5, 00, 000 -  4, 00, 000 - 11, 500 - 3, 000 - 13, 500 - 7, 000 - 25, 000 \\ = & 40, 000\end{array}\]

\[\begin{array}{l}\text{Distribution of Profit} \\ \text{Rokadimal's Share} = \frac{4}{5} \times 40, 000 = Rs32, 000 \\ \text{Gunjal's Share} = \frac{1}{5}\hspace{0.167em} \times 40, 000 = Rs8, 000\end{array}\]

3. Calculation of final payment to Rokadimal by Gunjal

Gunjal’s Account

Dr.

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

 

Joint Bank

(Final Payment)

   1,48,500

 

Joint Venture (Commission)

25,000

 

 

 

 

Joint Venture (Expenses)

13,500

 

 

 

 

Joint Venture (Selling Expenses)

7,000

 

 

 

 

Bills Receivable

95,000

 

 

 

 

Joint Venture (Profit)

8,000

 

 

1,48,500

 

 

1,48,500

 

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2010-2011 (March)

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संबंधित प्रश्‍न

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.

Debit balance of trading account.


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

Credit balance of Profit and Loss Account.


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.


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 31st 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
  Profit and Loss A/c 15000
  Closing Stock 104500
  Cash in Hand 86000
  518500   518500

On 1st 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:

  1. Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
  2. Goods worth Rs. 16,000 were distributed as free samples.
  3. 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.
  4. The salaries were outstanding at Rs. 8,000.
  5. Depreciation: Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

Dhiraj and Suraj are partners 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, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013

Particulars
Amount
Rs.
Particulars
Amount
Rs.
Opening Stock 32,000 Sales 1,93,500
Purchases 64,000 Sundry Creditors 16,500
Plant and Machinery 30,000 Return Outward 2,500
Furniture 18,500 Capital Accounts  
Carriage 1,500 Dhiraj 90,000
Wages 30,000 Suraj 50,000
Bills Receivable 5,000    
Sundry Debtors 32,000    
Conveyance 4,000    
Salaries
10,500    
Cash in hand 14,750    
Land and Building 83,500    
Bad debts 1,750    
Patents 25,000    
  352,500   352,500
Adjustments :
(1) Closing stock : Cost price RS. 25,000 and market price Rs. 30,000.
(2) An amount of Rs.  3,500 spent for repairs to building is debited to building account.
(3) Depreciate plant and machinery and building at 5% p.a.
(4) Included in wages in advance given to workers Rs. 3,000.
(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

A ______ is an intangible asset.


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

The account to which all adjustments are made when capital is fixed.


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.

An asset which can be converted into cash easily.


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.

Income received in advance is a liability.


State whether the following statement is True or False with reasons.

R.D.D. is created on Creditors.


Find odd one


Find odd one.


Find odd one.


The expenses paid for trading purpose are known as _______ expenses.


Cash receipts which are recurring in nature are called as__________ Receipts.


Return outward are deducted from ______.


When goods are distributed as free samples, it is treated as ___________of the business.


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.

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.

Why partners capital is treated as long-term liability of business?


Do you agree/disagree with the following statement:

Sold but undispatched goods must be part of valuation of closing stock.


Calculate 12.5% P.A. depreciation on Furniture:

  1. on ₹ 2,20,000 for 1 year
  2. on ₹ 10,000 for 6 months

Amit bhai and Narendra bhai are in Partnership 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 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Plant & Machinery 2,80,000 Capital A/c:  
Factory Building 75,000 Amitbhai 3,50,000
Sundry Debtors 28,700 Narendrabhai 3,00,000
Purchases 85,500 Sales 1,80,000
Bad Debts 500 Bills Payable 8,500
Sales Return 2,200 Discount 1,200

10% Govt. Bond
(Purchased on 1st Oct 2018)

40,000 Creditors 38,500
Import Duty 1,800 R.D.D. 2,700
Legal Charges 2,000 Bank Loan 15,000
Motive Power 12,000 Purchases Return 2,000
Warehouse Rent 1,800    
Cash in Hand 20,000    
Cash at Bank 70,000    
Advertisement
(for 2 years, w.e.f 1st Jan 2019) 
10,000    
Salaries 3,800    
Rent 1,500    
Drawings :      
Amitbhai 2,400    
Narendrabhai 3,200    
Furniture 1,95,800    
Bills Receivable 20,700    
Freehold Property 41,000    
  8,97,900   8,97,900

Adjustments:

1) Stock on hand on 31st March 2019 was valued at  ₹ 43,000.

2) Uninsured goods worth ₹ 8,000 were stolen.

3) Create R.D.D at 2% on Sundry debtors.

4) Mr. Patil, our customer becomes insolvent and could not pay his debts of ₹ 500.

5) Outstanding Expenses - Rent ₹ 800 and Salaries ₹ 300

6) Depreciate Factory Building by ₹ 2,500 and Furniture by ₹ 1,800


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.


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 :

  1. Closing Stock ₹ 1,80,000.
  2. Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
  3. Depreciate Vehicles @ 5% p.a.
  4. Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
  5. Bhavya withdrew Goods of ₹ 3,000 for her personal use.

Returns outward are deducted from ______.


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:

  1. Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
  2. Insurance is paid up to 30th June 2019. 
  3. Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
  4. Book value of Plant and Machinery is reduced to ₹ 13,000.
  5. Depreciate Furniture by 5% p.a.
  6. Provide further Bad debts of ₹ 800.
  7. Goods of ₹ 3,000 distributed as a free sample.

From the following information, calculate Current Assets:

Debtors ₹ 60,000,  Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.


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:

  1. Stock on 31st March, 2020 was valued at ₹ 74,000.
  2. Depreciation on Plant and Machinery @ 5% p.a.
  3. Partners are entitled to get Interest on Capital at 5% p.a.
  4. Outstanding expenses: Salaries ₹ 700.
  5. Provide further Bad debts of ₹ 1,680 on Sundry debtors.

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.


Registration of Partnership is ______ in India.


Find odd one.


Find the odd one:


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.


From the following Trial Balance and Adjustments given below of Rutul and Atul, you are required to 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 (₹)
Purchases 71,000 Sales 1,16,400
Sundry Debtors 80,000 Sundry Creditors 51,400
Sales Returns 2,000 Purchase Returns 1,000
Opening Stock 36,200 R.D.D. 1,600
Bad Debts 1,000 Discount 100
Land & Building 50,000 Commission 500
Furniture 40,000  Capital A/cs:  
Discount 2,000 Rutul 1,00,000
Royalties 1,400 Atul 60,000
Rent 3,800    
Salaries 6,000    
Wages 1,600    
Insurance 3,000    
Drawing:      
Rutul 4,000    
Atul 2,000    
Cash at Bank 23,000    
Cash in Hand 4,000    
  3,31,000   3,31,000

Adjustments:

(1) Closing stock valued at ₹ 44,000.

(2) Write off ₹ 1,800 for bad and doubtful debts and create a provision for reserve for doubtful debts ₹ 2,000.

(3) Create a provision for discount on debtors @ 3% and on creditors @ 5%.

(4) Outstanding expenses: Wages ₹ 1,400 and Salaries ₹ 1,600.

(5) Insurance is paid for 15 months, w.e.f. 1st April, 2022.

(6) Depreciate Land and Building @ 5%.

(7) Rutul and Atul are sharing Profits and Losses in their Capital Ratio.


Find the odd one:


Find an odd one.


Find odd one.


Find odd one.


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