Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information. Trial Balance as on 31st March 2019 Debit Balance Amount ₹ Credit Balance Amount ₹ Land & Building 40,000 Capital A/C Furniture 18,000 Sun 33,500 Machinery 40,000 Moon 33,500 (Purchased on 1/7/18) Current A/c: Sun 6,000 Goodwill 2,000 Sundry Creditors 25,000 Wages 2,000 Bank Overdraft 10,000 Current A/c: Moon 4,000 Reserve Fund 5,000 8% Debentures 8,000 Providend Fund 5,000 (Purchased on 1/10/18) Providend Fund Investment 3,500 Stock of Postal stamps 500 1,18,000 1,18,000 Adjustments: 1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing. 2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively. 3) Interest on Capital 5% p.a. 4) Closing Stock ₹ 60,743. 5) Wages included ₹ 1,000 as advance is given to workers. 6) Interest due but not paid ₹ 800. 7) Total Net Profit amounted to ₹ 38,113.

Dr. In the books of Sun and Moon Partner’s Current Account Cr. Particulars Sun Moon Particulars Sun Moon To Balance b/d 4,000 By Balance b/d 6,000 - By Profit and Loss A/c (Share in Net Profit) 19,056 19,056 By Profit and Loss A/c (Partners Salary) 6,000 6,000 By Profit and Loss A/c (Interest on Capital) 1,675 1,675 To Balance c/d 32,731 22,732 32,731 26,732 32,731 26,732 By Balance b/d 32,731 22,732 Balance Sheet as on 31st March 2019 Liabilities Amt ₹ Amt ₹ Assets Amt ₹ Amt ₹ Capital Accounts: Land & Building 40,000 Sun 33,500 Less: Depreciation 4,000 36,000 Moon 33,500 67,000 Furniture 18,000 Current A/cs: Less: Depreciation 900 17,100 Sun 32,731 Machinery 40,000 Moon 22,732 55,463 Less: Depreciation 900 39,100 Sundry Creditors 25,000 Goodwill 2000 Bank Overdraft 10,000 8 % Debentures 8,000 Reserve Fund 5,000 Add: O/s Interest 320 8,320 Provident Fund 5,000 Provident Fund Investments 3,500 O/s Interest 800 Stock & Postal Stamps 500 1,68,263 Closing Stock 60,743 Advance to Workers 1,000 1,68,263 1,68,263 Working Notes: (1) Depreciation on machinery is calculated for 9 months. (i.e. from 1/7/18 to 31/3/19) Depreciation = `40,000xx 3/100 xx9/12` = ₹ 900 (2) Interest on 8 % debentures, calculated for 6 months. (i.e. from 1/10/18 to 31/3/19) I = `"PRN"/100= 8,000 xx 8/ 100 xx 6 /12` = ₹ 320 (3) Advance given to workers (by firm) ₹ 1,000 is an asset for the firm, so, it is shown on Assets side. (4) Interest due but not paid is a liability for firm, so, it is shown on the Liabilities side

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

प्रश्न

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance	Amount ₹	Credit Balance	Amount ₹
Land & Building	40,000	Capital A/C
Furniture	18,000	Sun	33,500
Machinery	40,000	Moon	33,500
(Purchased on 1/7/18)		Current A/c: Sun	6,000
Goodwill	2,000	Sundry Creditors	25,000
Wages	2,000	Bank Overdraft	10,000
Current A/c: Moon	4,000	Reserve Fund	5,000
8% Debentures	8,000	Providend Fund	5,000
(Purchased on 1/10/18)
Providend Fund Investment	3,500
Stock of Postal stamps	500
	1,18,000		1,18,000

Adjustments:

1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.

2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.

3) Interest on Capital 5% p.a.

4) Closing Stock ₹ 60,743.

5) Wages included ₹ 1,000 as advance is given to workers.

6) Interest due but not paid ₹ 800.

7) Total Net Profit amounted to ₹ 38,113.

खातेवही

उत्तर

Dr.	In the books of Sun and Moon Partner’s Current Account						Cr.
Particulars		Sun	Moon	Particulars	Sun	Moon
To Balance b/d			4,000	By Balance b/d	6,000	-
				By Profit and Loss A/c (Share in Net Profit)	19,056	19,056
				By Profit and Loss A/c (Partners Salary)	6,000	6,000
				By Profit and Loss A/c (Interest on Capital)	1,675	1,675
To Balance c/d		32,731	22,732
		32,731	26,732		32,731	26,732
				By Balance b/d	32,731	22,732

Balance Sheet as on 31st March 2019
Liabilities	Amt ₹	Amt ₹	Assets	Amt ₹	Amt ₹
Capital Accounts:			Land & Building	40,000
Sun	33,500		Less: Depreciation	4,000	36,000
Moon	33,500	67,000	Furniture	18,000
Current A/cs:			Less: Depreciation	900	17,100
Sun	32,731		Machinery	40,000
Moon	22,732	55,463	Less: Depreciation	900	39,100
Sundry Creditors		25,000	Goodwill		2000
Bank Overdraft		10,000	8 % Debentures	8,000
Reserve Fund		5,000	Add: O/s Interest	320	8,320
Provident Fund		5,000	Provident Fund Investments		3,500
O/s Interest		800	Stock & Postal Stamps		500
		1,68,263	Closing Stock		60,743
			Advance to Workers		1,000
		1,68,263			1,68,263

Working Notes:

(1) Depreciation on machinery is calculated for 9 months. (i.e. from 1/7/18 to 31/3/19)

Depreciation = `40,000xx 3/100 xx9/12` = ₹ 900

(2) Interest on 8 % debentures, calculated for 6 months. (i.e. from 1/10/18 to 31/3/19)

I = `"PRN"/100= 8,000 xx 8/ 100 xx 6 /12` = ₹ 320

(3) Advance given to workers (by firm) ₹ 1,000 is an asset for the firm, so, it is shown on Assets side.

(4) Interest due but not paid is a liability for firm, so, it is shown on the Liabilities side

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Partnership Final Accounts

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 9.Q 8.Q 10.

पाठ 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.2 (Practical Problems) [पृष्ठ ६१]

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बालभारती Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board

पाठ 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.2 (Practical Problems) | Q 9. | पृष्ठ ६१

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Partnership Final Accounts

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संबंधित प्रश्‍न

Write a short note on E-Commerce ?

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.

Credit balance of Profit and Loss Account.

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.

Given below is the Trial Balance of M/s Seeta and Geeta as on 31^st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31^st March, 2010 and Balance Sheet on that date.

Trial Balance as on 31^st March, 2010

Debit Balance	Amount (Rs)	Credit Balance	Amount (Rs)
Current A/c-		Capital A/c-
Geeta	4000	Seeta	120000
Opening stock	88,000	Geeta	120000
Purchases	1,76,000	Current A/c- Seeta	5000
Wages	23,500	Sundry Creditors	103000
Salaries	15,000	Bank overdraft	60000
Office Expenses	8000	Sales	308000
Bank Charges	2600
Legal Charges	3000
Machinery	90000
Land and building	130000
Interest	3600
Export Duty	3800
Bad -Debts	4000
Sundry Debtors	82000
Travelling Expenses	3200
Electricity charges	2300
Furniture	37000
8% Debentures (Purchased on 1.10.2009)	40000
	716000		716000

Adjustments:

1) Stock on hand on 31st March, 2010 was valued at Rs 80,000.

2) Goods costing Rs 16,000 destroyed by fire and Insurance Company admitted a claim of Rs 13,000.

3) Provide for outstanding expenses: Salaries Rs 3,000, Wages Rs 2,400.

4) Depreciate Machinery at 10% p.a. Land and Building at 5% p.a.

5) Create Reserve for Bad and doubtful debts at 5% on Sundry Debtors.

6) Legal charges paid in advance Rs 1,200.

7) Provide interest on capital at 8% 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.

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 31^st 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 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.

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

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.

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.

Expenses which are paid before they are due.

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

An asset which can be converted into cash easily.

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

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

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

R.D.D. is created on Creditors.

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

Depreciation is not calculated on Current Assets.

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

Bank loan is a current liability.

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.

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

Expenses which are paid before due date are called as _____.

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

Answer in one sentence only.

What do you mean by pre-received income?

Answer in one sentence only.

Why is Balance Sheet prepared?

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:

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 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.

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 31^st March 2019 and Balance Sheet as of that date.

Trial Balance as on 31^s^t 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.

Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of 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 31^s^t March 2019

Debit Balance	Amount ₹	Credit Balance	Amount ₹
Stock (1/4/2018)	8,560	Capital:
Patents	2,000	Archana	40,000
Sundry Debtors	18,500	Prerana	20,000
Stock of Stationary	3,000	Other Loans	3,000
Trade Mark	2,000	Reserve fund	1,000
Bills Receivable	6,300	Sundry Creditors	17,500
Electricity charges	1,450	Bills Payable	5,000
Wages	950	Purchase Return	1,000
Heating & Lighting	1,000	R.D.D	500
Trade Expenses	850	Sales	30,200
Sales Return	400	Interest	310
Land & Building	22,000
Furniture	13,000
Cash at Bank	5,000
Investments	7,500
Drawings :
Archana	1,200
Prerana	900
Bad debts	200
Purchases	23,700
	1,18,510		1,18,510

Adjustments:

1) Stock on 31^st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.

2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.

3) 1/8^th of Patents are to be written off.

4) A part of Furniture ₹ 5,000 is purchased on 1^st Oct 2018.

5) Depreciation on Land & Building 10% and on Furniture 5%.

6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.

7) Allow Interest on Capital 3%.

Returns outward are deducted from ______.

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:

Trial Balance as on 31st March, 2019
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Purchases	48,000	Capital accounts:
Salaries	7,500	Asha	80,000
Wages	2,800	Nisha	40,000
Advertisement (2 years)	4,000	Bank Overdraft	34,000
Sales Return	8,000	Sales	1,48,000
Motor Van	63,000	R.D.D.	1,200
Stock (1. 4. 2018)	94,500	Purchase Return	6,000
Sundry Debtors	62,800
Coal, Gas and Fuel	1,000
Plant and Machinery	17,600
	3,09,200		3,09,200

Adjustments:

Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
Depreciate Motor Van by 5% and Plant and Machinery by 7%.
Reserve for Doubtful debts on Debtors at 5% is to be created.
Outstanding Wages ₹ 800.

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.

To find out the Net Profit or Net Loss of the business ______ account is prepared.

A ______ is an Intangible Asset.

Find 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 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.

Royalty paid on production is shown in the ______.

Find the odd one:

Find an odd one.

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.

Find the odd one.

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

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Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

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