From the following Trial Balance of M/S Meera and Madhav. 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) 25,000 Bank overdraft 5,000 Debtors 80,500 Bills Payable 12,500 Bills Receivable 10,000 Creditors 68,000 Purchases 2,08,500 Sales 3,25,000 Returns 1,000 Outstanding Rent 2,000 Carriage Inward 3,000 Unpaid Wages 1,500 Carriage Outwards 4,500 Capital : Motor Vehicle 55,000 Meera 75,000 General Expenses 1,800 Madhav 75,000 Export Duty 900 Purchase Return 1000 Advertisement 4,800 (For 3 years from 1/10/2018) Printing & Stationery 1,200 Drawings : Meera 3,500 Madhav 2,000 Leasehold Premises 1,10,000 Cash at Bank 45,000 Furniture 8,300 5,65,000 5,65,000 Adjustments : 1) Closing Stock is valued at ₹32,000. 2) Provide Provision for Doubtful Debts ₹ 2,000. 3) Create reserve for Discount on Debtors @ 3%. 4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000. 5) Outstanding Expenses Printing & Stationary ₹500.

Dr. In the books of M/s Meera and Madhav Trading and Profit and Loss Account for the year ended on 31st March 2019 Cr. Particulars Amount ₹ Amount ₹ Particulars Amount ₹ Amount ₹ To Opening Stock 25,000 By Sales 3,25,000 To Purchase 2,08,500 Less: Sales Return 1,000 3,24,000 Less: Purchase Return 1,000 2,07,500 By Closing Stock 32,000 To Carriage Inward 3,000 To Gross Profit c/d 1,20,500 3,56,000 3,56,000 To Carriage Outward 4,500 By Gross Profit b/d 1,20,500 To General Expenses 1,800 To Export Duty 900 To Advertisement 4,800 Less: Prepaid Advt. 4,000 800 To Printing & Stationery 1,200 Add : O/s Printing & Stationery 500 1,700 To Written off Leasehold Premises 10,000 To Provision for Doubtful debts (New) 2,000 To R.D.D. (New) 2,355 To Net Profit (Transferred to Capital A/c) Meera 48,223 Madhav 48,222 96,445 1,20,500 1,20,500 Balance Sheet as on 31st March 2019 Liabilities Amount ₹ Amount ₹ Assets Amount ₹ Amount ₹ Capital Account: Meera Motor Vehicle 55,000 Opening Balance 75,000 Prepaid Advt. Expense 4,000 Add: Net Profit 48,223 Leasehold Premises 1,10,000 Less: Drawings 3,500 1,19,723 Less: Written off 10,000 1,00,000 Capital Account: Madhav Closing Stock 32,000 Opening Balance 75,000 Debtors 80,500 Add: Net Profit 48,222 Less: Provision for Doubtful Debts 2,000 Less: Drawings 2,000 1,21,222 78,500 Bank Overdraft 5,000 Less : R.D.D. (New) 2,355 76,145 Bills Payable 12,500 Bills Receivable 10,000 Creditors 68,000 Cash at Bank 45,000 O/s Rent 2,000 Furniture 8,300 Unpaid Wages 1,500 O/s Stationery & Printing 500 3,30,445 3,30,445 Working Notes: (1) Advertisement expenses written off to Profit and Loss account during the year 2018 – 19 for six months i.e from 1/10/18 to 31/03/19 Advertisement expenses W/off = (Advertisement bill paid) x`1/3xx6/12` =`4800xx1/3xx6/12` = ₹ 800 Prepaid advertisement = 4,800 – 800 = ₹ 4,000 .(2) Reserve for Discount on Debtors = 3% (Balance in debtors) = `3/100 (80,500 – 2,000)` = `3/100 xx 78,500` = ₹ 2,355. (3) The difference of opening balance (₹ 1,10,000) and closing balance (₹ 1,00,000) for leasehold premises to be considered as written off on leasehold premises.

From the following Trial Balance of M/S Meera and Madhav. 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

Question

From the following Trial Balance of M/S Meera and Madhav. 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)	25,000	Bank overdraft	5,000
Debtors	80,500	Bills Payable	12,500
Bills Receivable	10,000	Creditors	68,000
Purchases	2,08,500	Sales	3,25,000
Returns	1,000	Outstanding Rent	2,000
Carriage Inward	3,000	Unpaid Wages	1,500
Carriage Outwards	4,500	Capital :
Motor Vehicle	55,000	Meera	75,000
General Expenses	1,800	Madhav	75,000
Export Duty	900	Purchase Return	1000
Advertisement	4,800
(For 3 years from 1/10/2018)
Printing & Stationery	1,200
Drawings :
Meera	3,500
Madhav	2,000
Leasehold Premises	1,10,000
Cash at Bank	45,000
Furniture	8,300
	5,65,000		5,65,000

Adjustments :

1) Closing Stock is valued at ₹32,000.

2) Provide Provision for Doubtful Debts ₹ 2,000.

3) Create reserve for Discount on Debtors @ 3%.

4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000.

5) Outstanding Expenses Printing & Stationary ₹500.

Ledger

Solution

Dr.	In the books of M/s Meera and Madhav Trading and Profit and Loss Account for the year ended on 31st March 2019						Cr.
Particulars		Amount ₹	Amount ₹	Particulars	Amount ₹	Amount ₹
To Opening Stock			25,000	By Sales	3,25,000
To Purchase		2,08,500		Less: Sales Return	1,000	3,24,000
Less: Purchase Return		1,000	2,07,500	By Closing Stock		32,000
To Carriage Inward			3,000
To Gross Profit c/d			1,20,500
			3,56,000			3,56,000
To Carriage Outward			4,500	By Gross Profit b/d		1,20,500
To General Expenses			1,800
To Export Duty			900
To Advertisement		4,800
Less: Prepaid Advt.		4,000	800
To Printing & Stationery		1,200
Add : O/s Printing & Stationery		500	1,700
To Written off Leasehold Premises			10,000
To Provision for Doubtful debts (New)			2,000
To R.D.D. (New)			2,355
To Net Profit (Transferred to Capital A/c)
Meera		48,223
Madhav		48,222	96,445
			1,20,500			1,20,500

Balance Sheet as on 31st March 2019
Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Capital Account: Meera			Motor Vehicle		55,000
Opening Balance	75,000		Prepaid Advt. Expense		4,000
Add: Net Profit	48,223		Leasehold Premises	1,10,000
Less: Drawings	3,500	1,19,723	Less: Written off	10,000	1,00,000
Capital Account: Madhav			Closing Stock		32,000
Opening Balance	75,000		Debtors	80,500
Add: Net Profit	48,222		Less: Provision for Doubtful Debts	2,000
Less: Drawings	2,000	1,21,222		78,500
Bank Overdraft		5,000	Less : R.D.D. (New)	2,355	76,145
Bills Payable		12,500	Bills Receivable		10,000
Creditors		68,000	Cash at Bank		45,000
O/s Rent		2,000	Furniture		8,300
Unpaid Wages		1,500
O/s Stationery & Printing		500
		3,30,445			3,30,445

Working Notes:

(1) Advertisement expenses written off to Profit and Loss account during the year 2018 – 19 for six months i.e from 1/10/18 to 31/03/19

Advertisement expenses W/off

= (Advertisement bill paid) x`1/3xx6/12`

=`4800xx1/3xx6/12`

= ₹ 800

Prepaid advertisement = 4,800 – 800 = ₹ 4,000

.(2) Reserve for Discount on Debtors

= 3% (Balance in debtors)

= `3/100 (80,500 – 2,000)`

= `3/100 xx 78,500`

= ₹ 2,355.

(3) The difference of opening balance (₹ 1,10,000) and closing balance (₹ 1,00,000) for leasehold premises to be considered as written off on leasehold premises.

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Partnership Final Accounts

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Q 4.Q 3.Q 5.

Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.2 (Practical Problems) [Page 57]

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Chapter 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.2 (Practical Problems) | Q 4. | Page 57

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Write a short note on E-Commerce ?

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Credit balance of Profit and Loss Account.

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.

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.

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.

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.

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on ₹ 2,20,000 for 1 year
on ₹ 10,000 for 6 months

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 1^st 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 1^st 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 31^st 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.

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%.

The insurance premium is paid for the year ending 1^st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31^st 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.

Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.

Trial Balance as on 31st March, 2020
Particulars	Debit Amount (₹)	Credit Amount (₹)
Capital:
Kavya		7,50,000
Bhavya		5,00,000
Sundry Debtors	2,25,000
Sundry Creditors		1,50,000
Rent (10 Months)	5,000
Opening Stock	2,67,750
Building	4,25,000
Salaries	25,000
Commission	400	475
Vehicles	1,85,000
Sales		4,20,250
Purchases	3,20,250
Wages	5,000
Office Expenses	10,000
Bank Overdraft		75,000
Goods Returns	2,750	1,750
Provident Fund Investment	4,00,000
Cash in Hand	20,000
Provident Fund Contribution	50,000
Provident Fund		1,40,000
Cash at Bank	1,00,000
Interest on P.F. Investment		21,000
Drawing:
Kavya	10,000
Bhavya	7,500
Bad-debts	1,675
R.D.D.		1,850
Total	20,60,325	20,60,325

Adjustments :

Closing Stock ₹ 1,80,000.
Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
Depreciate Vehicles @ 5% p.a.
Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
Bhavya withdrew Goods of ₹ 3,000 for her personal use.

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:

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

State whether the following statement is True or False with reason:

Carriage Inward is carriage on purchases.

State whether the following statement is True or False with reason:

Profit and Loss Account is a Real Account.

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

A ______ is an Intangible Asset.

Find odd one

Find odd one.

Find odd one.

Registration of Partnership is ______ in India.

Undervaluation of closing stock by 10%, closing stock was of ₹ 54,000. Find out the value of closing stock.

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 an odd one.

From the following Trial Balance of M/S Meera and Madhav. 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

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From the following Trial Balance of M/S Meera and Madhav. 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

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