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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 - Book Keeping and Accountancy

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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?

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

Debit balance of trading account.


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 Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet on that date.

                   Trial Balance as on 31st 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:

  1. Stock on hand on 31st March, 2010 was valued at Rs 1,10,000.
  2. Depreciate Plant and Machinery at 10% p.a. and Building at 5% p.a.
  3. Prepaid Insurance Rs 1,500.
  4. Create R.D.D at 5% on Sundry Debtors.
  5. Partners are allowed interest at 5% p.a. on their capitals.
  6. Salaries include Rs 2,500 as advance to workers.

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.

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.


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.

R.D.D. is created on Creditors.


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

Goodwill is an intangible asset.


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.


Partners are _____ liable for the debts of the firm.


The withdrawal by partner for personal use from the firm is ________ to his account.


Return outward are deducted from ______.


Trading Account is prepared on the basis of ______ expenses.


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


Do you agree/disagree with the following statement:

Profit and Loss Account reflects the true Financial position.


Do you agree/disagree with the following statement:

Sold but undispatched goods must be part of valuation of closing stock.


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:

  1. on ₹ 2,20,000 for 1 year
  2. 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.


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.

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

Trial Balance as on 31st 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:

  1. Stock on 31st March 2019 was valued at ₹ 19,700.
  2. Goods costing ₹ 3,000 distributed as a free sample.
  3. Motive Power includes ₹ 500 paid for the deposit of the Power Meter.
  4. Depreciate Building @ 5%.
  5. Write of ₹ 2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
  6. 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 31st 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 31st 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) 1/8th of Patents are to be written off.

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


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.

Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as of that date.

Trial Balance as on 31st March, 2019
Debit Balance Amount (₹) Credit Balance Amount (₹)
Stock (1/4/2018) 32,500 Capital:  
Purchases 40,000 Kranti 1,20,000
Sundry Debtors 1,00,000 Sumangala 40,000
Bills Receivable  8,500 Sales  60,000
Wages   3,000 Sundry Creditors  30,000
Investment   32,000 Bills Payable  15,000
Postage  2,700 Commission  325
Insurance  7,500 Purchases Returns  1,000
Plant & Machinery  15,000    
Salaries  4,850    
Prepaid Rent  2,000    
Bad-debts  500    
Furniture  12,500    
Cash in Hand  3,775    
Sales Return 1,500    
  2,66,325   2,66,325

Adjustments:

  1. Closing Stock is valued at Cost Price ₹ 28,000 and Market Price ₹ 32,000.
  2. Insurance is paid up to 30th June 2019. 
  3. Outstanding Expenses - Wages ₹ 800, Salaries ₹ 700.
  4. Book value of Plant and Machinery is reduced to ₹ 13,000.
  5. Depreciate Furniture by 5% p.a.
  6. Provide further Bad debts of ₹ 800.
  7. Goods of ₹ 3,000 distributed as a free sample.

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.

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.


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

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


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


A ______ is an Intangible Asset.


A ______ is an Intangible Asset.


Find odd one


Find odd one.


Find the odd one:


Find the odd one:

Building, capital, reserve fund, bank loan


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.


Credit balance of Profit and Loss Suspense Account is shown in the Balance Sheet on ______ side.


Zalak and Kalpana are partners sharing Profit and Losses in their Capital ratio. You are required to prepare Trading Account 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 Balances  Amount (₹)
Sundry Debtors 56,000 Sales 2,40,000
Purchases 1,10,000 Rent 3,600
Furniture 77,000 Sundry Creditors 77,000
Plant and Machinery 1,20,000 Purchase Return 2,000
Wages 1,600 Discount 1,000
Salaries 7,000 Bills Payable 18,000
Discount 1,600 Capital A/c:  
Bills Receivable 28,800 Zalak 1,80,000
Carriage Outward 2,000 Kalpana 60,000
Postage 1,000 Current A/c:  
Sales Return 1,000 Zalak 10,000
Cash in Hand 8,000 Kalpana 6,000
Cash at Bank 94,000    
Insurance 4,000    
Opening Stock 35,600    
Trade Expenses 3,000    
Warehouse Rent 5,000    
Advertisement 2,000    
Building 40,000    
  5,97,600   5,97,600

Adjustments:

(1) Stock on 31st March, 2023 was at ₹ 74,000.

(2) Sales includes, sale of machinery of ₹ 4,000, which is sold on 1st April, 2022.

(3) Depreciation on fixed assets @ 5%.

(4) Each partner is entitled to get commission at 1 % of Gross profit and interest on Capital 5 % p.a.

(5) Outstanding Expenses: Wages ₹ 400 and Salaries ₹ 1,000.

6) Create provision for Doubtful debts @ 3 % on Sundry Debtors.


Find the odd one:


Provident fund amount is a ______ for the firm.


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.


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