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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Partnership Final Accounts

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संबंधित प्रश्‍न

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

Return outward are deducted from __________________.

What do you mean by intangible asset?

Given below is the Trial Balance of M/s Roma and Mona partnership firm. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and Balance Sheet as on that date

Trial Balance as on 31^st March, 2012

Debit Balance	Amount Rs	Credit Balance	Amount Rs
Stock on 1^st April, 2011	52000	Provident fund	50000
Sundry Debtors	84000	Interest on P.F. Investment	2800
Bad debts	3000	Sundry Creditors	84000
Premises	78000	Rent received	9600
Salaries	28000	Reserve for Doubtful Debts	2000
Motor Vehicles	50000	Discount received	3600
Purchases	176000	Sales	320000
Provident Fund Investment	50,000	Capital A/c-
Provident Fund contribution	5500	Roma	50000
Wages	22000	Mona	50000
Rent (for 10 months)	16,000
Office Expenses	5,000
Discount allowed	2,500
	572000		572000

Adjustments:

1) Stock on 31st March, 2012 was valued at Rs 80,000.

2) Goods of Rs 6,000 were sold and despatched on 27th March, 2012, but no entry was made in the books of accounts.

3) Write off Bad debts of Rs 4,000 and provide for R.D.D. at 5% on sundry debtors.

4) Provide reserve for discount on debtors at 2% and on creditors at 3%.

5) Outstanding wages Rs 4,000 and outstanding salaries Rs 3,066.

6) Depreciate Motor Vehicle at 5% p.a.

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.

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.

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 31^st 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	72000
		Profit and Loss A/c		15000
		Closing Stock		104500
		Cash in Hand		86000
	518500			518500

On 1^st 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.

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.

Expenses which are paid before they are due.

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.