Maharashtra State BoardHSC Commerce 12th Board Exam
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From the Following Trial Balance of M/S Sanjay and Keshav, You Are Required to Prepare Trading and Profit and Loss Account, for the Year Ended 31st March 2013 and BalaFollowing Additional Information - Book Keeping and Accountancy

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Ledger

From the following Trial Balance of M/s Sanjay and Keshav, 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 account the following additional information:

                                                          Trial Balance as on 31st March, 2013

Debit Balances Amount (Rs.) Credit Balances Amount (Rs.)
Opening stock 180000 Sales 525000
Bills receivable 80000 Rent 22000
Purchase 240000 Bills payable 78000
Bad debts 20000 Sundry creditors 100000
Salary and wages 24000

Capital account

          Sanjay

          Keshav

 

500000

300000

Discount 9000    
Carriage inward 12000    
Travelling expenses 13000    
Cash in hand 38000    
Furniture 280000    
Insurance   12000    
Land and building  400000     
Postage and telegram  7000     
Sundry debtors 210000    
  1525000   1525000

 

Additional information:

  1. Insurance paid in advance Rs. 3,000.
  2. Depreciation provided on furniture at 10%.
  3. Salary and wages outstanding Rs. 6,000.
  4. Rent received in advance Rs. 5,000.
  5. Closing stock as on 31.03.2013 Rs. 2,00,000.
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Solution

                                                                              In the Books of Sanjay and Keshav

                                                               Trading A/c for the year ended on 31.03.2013

Particular Amount Amount Particular Amount Amount
To Opening Stock   180000 By Sales   525000
To Purchase   240000      
To Carriage inward   12000      
           
      By Closing Stock   200000
To Gross Profit c/d   293000      
    725000     725000

 

                                                                                   Profit and loss A/c for the year ended on 314.03.2013

Particulars Amount Amount Particulars Amount Amount

To Bad debts

(+) F.B.D.

(+) N.R.D.D.

(-) O.R.D.D.

20000

 

 

 

 

 

 

20000

By Gross Profit b/d   293000

To Salary and wages

(+)Outstanding

24000

6000

 

30000

By Rent

(-) Prepaid

22000

5000

17000
To Discount inward   9000      
To Travelling Expenses   13000      

To Insurance

(-) Prepaid

12000

3000

 

9000

     
To Postage and Telegram   7000      
To Depreciation on furniture   28000      
           

To Net Profit c/d

     Sanjay

     Keshav

 

97000

97000

 

 

194000

     
           
    310000     310000

 

                                                                                         Partner's Capital A/c

Particulars Sanjay Keshav Particulars Sanjay Keshav
      By Balance b/d 500000 300000
      By Net Profit b/d 97000 97000
To Balance c/d 597000 397000      
           
  597000 397000   597000 397000

 

                                                                                                     Balance Sheet as on 31.03.2013

Liabilities Amount Amount Assets Amount Amount

Capital A/c

Sanjay

Keshav

 

597000

397000

 

 

994000

Bills Receivable   80000
Bills payable   78000 Cash in hand   38000

Sundry Creditors

  100000

Furniture

(-) Depreciation

280000

28000

 

252000

Pre-received Rent   5000 Land and Building   400000
Outstanding Salary and wages   6000 Sundry Debtors   210000
      Prepaid insurance   3000
      Closing stock   200000
    1183000     1183000

 

Working Note

1. Calculation of Depreciation on Furniture = 280000*10/100 = 28000

2. Division of Net Profit:-

Sanjay = 194000*1/2 = 97000

Keshav = 194000*1/2 = 97000

Concept: Preparation of Final Accounts
  Is there an error in this question or solution?

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