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.

In the books of Dhiraj and Suraj Trading A/c For the year ended 31.3.13 Particulars Amount (Rs.) Amount (Rs.) Particulars Amount (Rs.) Amount (Rs.) To Opening Stock 32,000 By Sales 193,500 To Carriage 1,500 To Wages 30,000 (-) Prepaid (3,000) 27,000 To Purchases 64,000 (-) Return 2,500 61,500 By Closing Stock 25000 To Gross Profit C/d 96,500 218500 218500 Profit and Loss Account for the year ended 31.3.2013 Particulars Amount Rs. Amount Rs. Particulars Amount Rs. Amount Rs. To Conveyance 4000 By Gross Profit b/d 96500 To Salaries 10500 To Bad Debts 1750 (+) F.B.D. 1500 3250 To Repairs on Building 3500 To Depreciation on Plant and Machinery 1500 To Depreciation on Buliding 4000 To Net Profit Transfered to Partners capital A/c Dhiraj Capital Account 46500 Suraj Capital A/c 23250 69750 96500 96500 Partners Capital A/c Particulars Dhiraj Rs. Suraj Rs. Particulars Dhiraj Rs. Suraj Rs. By Balance b/d 90000 50000 By Net Profit B/d 46500 23250 To Balance C/d 136500 73250 136500 73250 136500 73250 Balance sheet as on 31.3.2013 Liabilities Amount Rs. Amount Rs. Assets Amount Rs. Amount Rs. Capital A/c Plant and Machinery 30000 Dhiraj 136500 (-) Depreciation - 1500 28500 Suraj 73250 209750 Furniture 18500 Sundry Creditors 16500 Bills Receivable 5000 Sundry Debtors 32000 (-) F.B.D. -1500 30500 Cash in Hand 14750 Patents 25000 Closing Stock 25000 Prepaid Wages 3000 Land & Building 83500 (-) Repairs -3500 80000 (-) Depreciation - 4000 76000 226250 226250

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 - Book Keeping and Accountancy

Question

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.

Ledger

Solution

In the books of Dhiraj and Suraj

Trading A/c For the year ended 31.3.13

Particulars	Amount (Rs.)	Amount (Rs.)	Particulars	Amount (Rs.)	Amount (Rs.)
To Opening Stock		32,000	By Sales		193,500
To Carriage		1,500
To Wages	30,000
(-) Prepaid	(3,000)	27,000
To Purchases	64,000
(-) Return	2,500	61,500
			By Closing Stock		25000
To Gross Profit C/d		96,500
		218500			218500

Profit and Loss Account for the year ended 31.3.2013

Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
To Conveyance		4000	By Gross Profit b/d		96500
To Salaries		10500
To Bad Debts	1750
(+) F.B.D.	1500	3250
To Repairs on Building		3500
To Depreciation on Plant and Machinery		1500
To Depreciation on Buliding		4000

To Net Profit Transfered to Partners capital A/c
Dhiraj Capital Account	46500
Suraj Capital A/c	23250	69750
		96500			96500

Partners Capital A/c

Particulars	Dhiraj Rs.	Suraj Rs.	Particulars	Dhiraj Rs.	Suraj Rs.
			By Balance b/d	90000	50000
			By Net Profit B/d	46500	23250
To Balance C/d	136500	73250
	136500	73250		136500	73250

Balance sheet as on 31.3.2013

Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital A/c			Plant and Machinery	30000
Dhiraj	136500		(-) Depreciation	- 1500	28500
Suraj	73250	209750	Furniture		18500
Sundry Creditors		16500	Bills Receivable		5000
			Sundry Debtors	32000
			(-) F.B.D.	-1500	30500
			Cash in Hand		14750
			Patents		25000
			Closing Stock		25000
			Prepaid Wages		3000
			Land & Building	83500
			(-) Repairs	-3500
				80000
			(-) Depreciation	- 4000	76000
		226250			226250

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Partnership Final Accounts

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From the following Trading Balance of M/s Ajay and Vijay you are required to prepared Trading and Profit and Loss Account for the year ended 31st March, 2009 and Balance Sheet as on that date

Trial Balance as on 31st March , 2009

Particulars	Debit Amount Rs.	Credit Amount Rs.
Capital A/c's Ajay Vijay		60000 35000
Purchases and Sales	46,700	85,000
Sundry Debtors and Creditors	28000	25000
Bills Receivable and payable	5000	6000
Commission	4600	1800
Opening stock	18000
Wages	9900
Investment	13500
Postage and Telegrams	3600
Insurance	1200
Plant and Machinery	40700
Furniture	18000
Cash in hand	2500
Carriage	3200
Bad debts	400
Prepaid Rent	7000
Salaries	10500

Adjustments:

1) The closing stock is valued at Rs 31,000.

2) Outstanding expenses were wages Rs. 1,400, salaries Rs 800.

3) Depreciate Plant and Machinery by 10%.

4) Insurance at Rs 500 is paid in advance.

5) Provide for further bad debts of Rs 1,500.

6) Commission due but not received Rs 1,200.

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.

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.

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.

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:

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Partner’s capital account, and
Balance Sheet of new firm as on 01.04.2013.

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A ______ is an intangible asset.

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Expenses which are paid before they are due.

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