Maharashtra State BoardHSC Commerce 12th Board Exam
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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 - Book Keeping and Accountancy

Ledger

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.

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Solution

Trading Account
for the year ended Mar.31,2012
Dr.                                                                                             Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Opening Stock 52000 Sales 320000 326000
Purchases 1,76,000 Add : Additional Sales 6000
Wages 22000 26000 Closing Stock 80000
Add : Outstanding
Wages
4000    
Gross Profit (Balancing Figure) 152000  
  406000   406000
 
Profit and Loss Account
for the year ended March 31, 2012
Dr.                                                                                         Cr.
Particulars
Amount
(Rs)
Particulars
Amount
(Rs)
Bad-Debts

3,000 

9300 Gross Profit 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    
Salaries 28000 31066  
Add : Outstanding Salaries 3066  
Depreciation on Motor Vehicle 2500  
Rent 16000 19200  
Add : Outstanding
Rent
`(16000 xx 2/10 = "Rs"  3200)`
3200  
Office Expenses 5000  
Discount Allowed 2500  
Provident Fund Contribution 5500  
Net Profit (Balancing Figure)    
Roma 45510 91020  
Mona 45510  
  167720   167720
 
Balance Sheet
as on March 31, 2012 
 
Dr.                                                                                           Cr.
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
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  
Creditors 84000 81480 Closing Stock 80000
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
  335566   335566
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 2 Partnership Final Accounts
Practical Problems | Q 4 | Page 68
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