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.

Dr. Trading Account for the year ended 31st March, 2010 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Opening Stock 20,000 Sales 70,000 Purchases 30,000 Closing Stock 35,000 Add: Further Purchases 4,000 34,000 Wages 5,000 Add: Outstanding wages 2,000 7,000 Powe and fuel 3,000 Gross Profit 41,000 105,000 105,000 Dr. Profit and Loss Account for the year ended 31st March, 2010 Cr. Particulars Amount (₹) Amount (₹) Particulars Amount (₹) Amount (₹) Interest on Capital: Gross Profit 41,000 Sanjay 2,000 Discount Received 5,000 Sudhir 1,500 3,500 Salaries 10,000 Add: Outstanding Salaries 1,000 11,000 Advertisement 6,000 Less: Prepaid Advertisement (3,000) 3,000 Insurance 2,000 Rent 10,000 Bad debts 2,000 Add: R.D.D. 500 2,500 Depreciation on: Land and Building 1,500 Plant and Machinery 2,500 4,000 Net Profit Sanjay 6,000 Sudhir 4,000 10,000 46,000 46,000 Balance Sheet as on 31st March, 2010 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital of Sanjay: 40,000 Fixed Assets Less: Drawings (2,000) Land and building 30,000 Add: Interest on capital 2,000 (−) 5% Depreciation 1,500 28,500 Add: Net Profit 6,000 46,000 Plant and machinery 25,000 Capital of Sudhir: 30,000 (−) 10% Depreciation 2,500 22,500 Less: Drawings (3,000) Furniture 16,000 Add: Interest on capital 1,500 Current Assets Add: Net Profit 4,000 32,500 Prepaid Advertisement 3,000 Current Liabilities Bills Receivable 8,000 Creditors 21,000 Closing Stock 35,000 Add: New Creditors (purchase on credit) 4,000 25,000 Cash in Hand 5,500 Bills Payable 20,000 Debtors 12,000 Outstanding Expenses: Less: Bad Debts (2,000) Wages 2,000 10,000 Salaries 1,000 Less: R.D.D (500) 9,500 Rent 1,500 4,500 128,000 128,000

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:

प्रश्न

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.

खातेवही

उत्तर

Dr.	Trading Account for the year ended 31st March, 2010				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Opening Stock		20,000	Sales		70,000
Purchases	30,000		Closing Stock		35,000
Add: Further Purchases	4,000	34,000
Wages	5,000
Add: Outstanding wages	2,000	7,000
Powe and fuel		3,000
Gross Profit		41,000
		105,000			105,000

Dr.	Profit and Loss Account for the year ended 31st March, 2010				Cr.
Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
Interest on Capital:			Gross Profit		41,000
Sanjay	2,000		Discount Received		5,000
Sudhir	1,500	3,500
Salaries	10,000
Add: Outstanding Salaries	1,000	11,000
Advertisement	6,000
Less: Prepaid Advertisement	(3,000)	3,000
Insurance		2,000
Rent		10,000
Bad debts	2,000
Add: R.D.D.	500	2,500
Depreciation on:
Land and Building	1,500
Plant and Machinery	2,500	4,000
Net Profit
Sanjay	6,000
Sudhir	4,000	10,000
		46,000			46,000

Balance Sheet as on 31st March, 2010
Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital of Sanjay:	40,000		Fixed Assets
Less: Drawings	(2,000)		Land and building	30,000
Add: Interest on capital	2,000		(−) 5% Depreciation	1,500	28,500
Add: Net Profit	6,000	46,000	Plant and machinery	25,000
Capital of Sudhir:	30,000		(−) 10% Depreciation	2,500	22,500
Less: Drawings	(3,000)		Furniture		16,000
Add: Interest on capital	1,500		Current Assets
Add: Net Profit	4,000	32,500	Prepaid Advertisement		3,000
Current Liabilities			Bills Receivable		8,000
Creditors	21,000		Closing Stock		35,000
Add: New Creditors (purchase on credit)	4,000	25,000	Cash in Hand		5,500
Bills Payable		20,000	Debtors	12,000
Outstanding Expenses:			Less: Bad Debts	(2,000)
Wages	2,000			10,000
Salaries	1,000		Less: R.D.D	(500)	9,500
Rent	1,500	4,500

		128,000			128,000

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Partnership Final Accounts

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Q 2 Q 1 Q 3

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६६]

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

पाठ 2 Partnership Final Accounts
Practical Problems | Q 2 | पृष्ठ ६६

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Partnership Final Accounts

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संबंधित प्रश्‍न

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.

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.

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.

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.

Following is the Balance sheet of Harsha and Versha’s firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.

Balance sheet as on 31st March, 2016
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:

Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
A provision of 5% on debtors to be made for doubtful debts.
The stock is to be taken at a value of Rs. 2,00,000.
The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.

Prepare:

Profit and Loss Adjustment Account, Partner’s Capital Account and new Balance Sheet of the 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.

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

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.

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.

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