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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

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Question

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.

Ledger
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Solution

                            Trading Account
                For the year ended Mar. 31 2009
Dr.                                                                                  Cr.

Particulars
Amount
(Rs)
 Particulars
Amount
(Rs)
Opening Stock 18000 Sales 85000
Purchases 46700 Closing Stock 31000
Carriage 3200  
Wages 9900 11300
Add: Outstanding wages 1400
Gross Profit (Balancing Figure) 36800
  116000   116000

                      Profit and loss Account
              for the year ended March 31, 2009
Dr.                                                                                           Cr.

Particulars

Amount

(Rs)

 Particulars

Amount

(Rs)
Commission 4,600 Gross Profit 36800
Salaries 10,500  11,300 Commission received 1,800  3,000
Add: Outstanding Salaries 800 

Add: Accrued Commission

 1,200 
Postage and telegram 3,600    
Insurance 1,200  700
Less: Prepaid Insurance

(500) 
Depreciation on Plant and Machinery

4,070
Bad-Debts 400  1,900
Add: Further Bad-Debts 1,500 
Net Profit (Balancing Figure)  
Ajay 6,815 13,630
Vijay 6,815
  39800   39800

Balance Sheet

     as on March 31, 2009     

                                                                   

Liabilities

Amount
(Rs)

 Assets

Amount
(Rs)
Capital of Ajay 60000 66815 Fixed Assets  
Add: Net Profit 6815 Investment 13500
Capital of Vijay 35000 41815 Furniture 18000
Add: Net Profit 6815 Plant and Machinery 40700 36630
Current Liabilities     Less : Depreciation (4070)
Creditors 25000 Current Assets  
Bills payable 6000 Closing Stock 31000
Outstanding Wages 1400 Debtors 28000 26500
Outstanding Salaries 800 Less: Further Bad-Debts (1500)
    Bills Receivable 5000
  Prepaid Rent 7000
  Accrued Commission 1200
  Prepaid Insurance 500
  Cash in Hand 2500
  141830   141830
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Partnership Final Accounts
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Q 1
Chapter 2: Partnership Final Accounts - Practical Problems [Page 66]

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Micheal Vaz Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
Chapter 2 Partnership Final Accounts
Practical Problems | Q 1 | Page 66

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RELATED QUESTIONS

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 31st March, 2012

Debit Balance
Amount
Rs
 Credit
Balance
Amount
Rs
Stock on 1st 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.


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 31st 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.


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.

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.

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.

The account in which selling expenses of the business are recorded.


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

Profit and Loss Account is a Real Account.


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.

Balance Sheet is an Account.


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.

Depreciation is not calculated on Current Assets.


Find odd one.


Partners are _____ liable for the debts of the firm.


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


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


Current account always shows a debit balance.


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:

Free distribution of goods is debited to the trading account.


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


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.


From the following Trial Balance and adjustments given below of Reena and Aarti, 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 ₹
Purchases 35,500 Sales 58,200
Sundry Debtors 40,000 Sundry Creditors 25,700
Sales Returns 1,000 Purchases Returns 500
Opening Stock 18,100 R.D.D 800
Bad debts 500 Discount 50
Land and Building 25,000 Commission 250
Furniture 20,000 Capital:  
Discount 1,000 Reena 50,000
Royalties 700 Aarti 30,000
Rent 1,900    
Salaries 3,000    
Wages 800    
Insurance 1,500    
Drawings:      
Reena 2,000    
Aarti 1,000    
Cash at Bank 11,500    
Cash in Hand 2,000    
  1,65,500   1,65,500

Adjustments :

  1. Closing Stock valued at ₹ 22,000.
  2. Write off  ₹ 900 for Bad and doubtful debts and create a provision for Reserve for doubtful debts ₹ 1,000.
  3. Create a provision for Discount on Debtors @ 3% and creditors @ 5%.
  4. Outstanding Expenses - Wages ₹ 700 and Salaries ₹ 800.
  5. Insurance is paid for 15 months, w.e.f. 1st April 2018 
  6. Depreciate Land and Building @ 5%
  7. Reena & Aarti are Sharing Profits & Losses in their Capital Ratio.

Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance Amount ₹ Credit Balance Amount ₹
Insurance 15,000 Capital A/c  
Land and building 50,000 Nana 50,000
(Addition of 20,000 w.e.f 1st July 2018)   Nani 50,000
Salaries 5,000 10% Bank loan taken on 1st Oct. 2018 30,000
Export Duty 2,500 Interest 1,500
Interest 1,000 Bills Payable 8,000
Furniture 40,000    
Debtors 26,000    
  1,39,500   1,39,500

Adjustments :

1) Gross profit amounted to ₹ 34,500.

2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at ₹ 34,500.


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.


Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account 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 (₹)

Sundry Debtors

28,000

Sales

1,20,000

Purchases

55,000

Rent

1,800

Furniture

38,500

Sundry Creditors

38,500

Plant & Machinery

60,000

Purchase Return

1,000

Wages

800

Discount

500

Salaries

3,500

Bills Payable

9,000

Discount

800

Capital A/c:

  

Bills Receivable

14,400

Kshipra

90,000

Carriage Outward

1,000

Manisha

30,000

Postage

500

Current A/c:

  

Sales Return

500

Kshipra

5,000

Cash in Hand

4,000

Manisha

3,000

Cash at Bank

47,000

    

Insurance

2,000

    

Opening Stock

17,800

    

Trade Expenses

1,500

    

Warehouse Rent

2,500

    

Advertisement

1,000

    

Building

20,000

    
 

2,98,800

  

2,98,800

Adjustments:

  1. Stock on 31st March 2019 was at ₹37,000.
  2. Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
  3. Depreciation on fixed assets @ 5%.
  4. Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
  5. Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
  6. Create provision for doubtful debts @ 3% on Sundry Debtors.

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.


Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.


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:

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

Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.

Trial Balance as on 31st March, 2020
Debit Balance Amount (₹) Credit Balance Amount (₹)
Stock (1/4/2019) 65,000 General Reserve 14,500
Bills Receivable 28,000 Capital:  
Wages and Salaries 9,000 Sun 1,60,000
 Sundry Debtors 1,32,500 Moon  1,20,000
Bad-debts  1,000 Creditors 98,000
Purchases   1,48,000 R.D.D. 1,800
Motor car  68,000 Sales  2,85,500
Machinery  1,14,800 Outstanding Wages 700
Audit Fees   1,200 Purchases Returns 4,000
Sales Return 2,000 Discount 1,800
Discount  2,300    
Building 75,000    
Cash at Bank  12,000    
10% Investment  20,000    
Advertisement (Paid for 9 months) 4,500    
Royalties 3,000    
  6,86,300   6,86,300

Adjustment and Additional Information:

  1. Closing Stock ₹ 40,000.
  2. Depreciate Building and Machinery @ 5% and 3% respectively.
  3. Bills Receivable included dishonoured bill of ₹ 3000.
  4. Goods worth ₹ 1000 taken by sun for personal use was not entered in the books of accounts.
  5. Write off ₹ 1800 as Bad debts and maintain R.D.D. at 5% on Sundry Debtors.
  6. Goods of ₹ 6000 were sold but no entry was made in the books of accounts.

From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.

Trial Balance as on 31st March, 2020
Debit Balance Debit (₹) Credit (₹)
Stock (1/4/2018) 48,000  
Capital - Riddhi   50,000
Siddhi   30,000
Purchases 22,500  
Wages 800  
Carriage Inward 1,000  
Sundry Creditors   27,600
Bills Payable   20,000
Cash in hand 2,850  
Insurance 1,200  
Sundry Debtors 32,000  
Bank Overdraft   18,000
Carriage outward 900  
Land and Building 42,500  
Furniture 38,700  
Sales   47,000
Purchase Return   500
Sales Return 400  
Rent   1,800
Bad-debts 300  
R.D.D   350
Discount 700 1,000
Travelling Expenses 250  
Advertisements 4,150  
  1,96,250 1,96,250

Adjustments:

  1. Closing stock ₹ 48,700.
  2. Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
  3. Depreciate Land and Building by 10% and Furniture by 5%.
  4. Insurance Paid in Advance ₹ 300.
  5. Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.

Find odd one.


Complete the following Table:

Creditors Bills Payable Third-Party Liabilities
16,000 12,000 ?

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.


Royalty paid on production is shown in the ______.


Do you agree or disagree with the following statements:

Bills receivable is a current asset.


Find the odd one:


Find an 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:

  1. Gross profit amounted to ₹ 69,000.
  2. Prepaid insurance ₹ 7,500.
  3. Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
  4. Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
  5. Closing stock is valued at ₹ 69,000.

Find odd one.


Find odd one.


Find odd one.


Find odd one.


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