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
|Stock on 1st April, 2011||52000||Provident fund||50000|
|Sundry Debtors||84000||Interest on P.F. Investment||2800|
|Bad debts||3000||Sundry Creditors||84000|
|Salaries||28000||Reserve for Doubtful Debts||2000|
|Motor Vehicles||50000||Discount received||3600|
|Provident Fund Investment||50,000||Capital A/c-|
|Provident Fund contribution||5500||Roma||50000|
|Rent (for 10 months)||16,000|
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.
|Purchases||1,76,000||Add : Additional Sales||6000|
|Add : Outstanding
|Gross Profit (Balancing Figure)||152000|
|Add : Further Bad-Debts||4000||Rent Received||9600|
|Add : New Reserve for Doubtful Debts||4300||Discount Received||3600|
|Less : Old Reserve for Doubtful Debts||(2000)||Reserve for Discount on Creditors||2520|
|Reserve for Discount on Debtors||1634|
|Add : Outstanding Salaries||3066|
|Depreciation on Motor Vehicle||2500|
|Add : Outstanding
`(16000 xx 2/10 = "Rs" 3200)`
|Provident Fund Contribution||5500|
|Net Profit (Balancing Figure)|
|Capital of Roma||50000||95510||Fixed Assets|
|Add : Net Profit||45510||Motor Vehicles||50000|
|Capital of Mona||50000||95510||Less : 5% depreciation||(2500)||47500|
|Add : Net Profit||45510||Premises||78000|
|Current Liabilities||Current Assets|
|Less : Reserve for Discount on Creditors||(2520)||Debtors||84000||80066|
|Outstanding Salaries||3066||Add : Additional||6000|
|Outstanding Wages||4000||Less : Further Bad-Debts||(4000)|
|Outstanding Rent||3200||Less : Reserve for Doubtful Debts||(4300)|
|Interest on Provident Fund Investment||2800||Less : Reserve for Discount on Debtors||(1634)|
|Provident Fund||50000||Provident Fund Investment||50000|
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