Maharashtra State BoardHSC Commerce 12th Board Exam
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Jaya and Maya Are Partners in a Firm Sharing Profits and Losses in the Ratio of 2 : 3 Respectively. with the Help of the Trial Balance and Adjustments Given Below, - Book Keeping and Accountancy

Ledger

Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :

Trial Balance as on 31st March, 2013

Debit Balances Amount Credit Balances Amount
Purchases 1,09,000 Sundry creditors 45,600
Insurance 3,700 Sales 1,94,000
Rent, rates and taxes 14,600 R.D.D. 2,000
Office expenses 7,300 Commission 5,500
Land and buildings 3,00,000 Capital A/c’s:  
Plant and machinery 60,000 Jaya 2,00,000
Furniture 15,000 Maya 2,50,000
Carriage inwards 3,700 Current A/c’s:  
Sundry debtors 88,000 Jaya 3,400
Stock (as on 01.04.2012) 32,800 Maya 9,100
Wages and salaries 28,600    
Cash in hand 4,700    
Cash at bank 40,200    
Drawings A/c’s:      
Jaya 500    
Maya 1,500    
  7,09,600   7,09,600

Adjustments :
(1) Closing stock was valued at  Rs. 22,600.
(2) Purchases include purchase of furniture of Rs .10,000 made on 1st October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at 5% on sundry debtors.

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Solution

Trading and Profit and Loss  and Appropriation A/c
For the year ending 31.03.2013

Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock
 
32,800
By Sales
 
194,000
To Purchases
109,000
 
By Closing Stock
 
22,600
Less:  Purchase of furniture wrongly included
10,000
99,000
     
To Carriage Inwards
 
3,700
     
To Wages and Salaries
 
28,600
     
To Gross Profit C/d
 
52,500
     
           
   
216600
   
216600

Profit & Loss Account for the year ended 31 st March, 2011

Particulars
Amount
Amount
Particulars
Amount
Amount
To Insurance
 
3,700
By Gross Profit b/d
 
52,500
To Rent, Rates and Taxes
 
14,600
By Commission
 
5,500
To Office Expenses
 
7,300
     
To R.B.D.D. A/c
         
New Reserve
4,400
       
Less: Old Reserve
2,000
2,400
     
To Depreciation on Land and Building
30,000
       
Plant and Machinery
6,000
 
By Partners’ Current A/c
[Net Loss]
   
Furniture
4,000
40,000
Jaya (2/5)
4000
 
     
Maya (3/5)
6000
10000
   
68,000
   
68,000

Partner's Current Accounts

Particulars Jaya Maya Particulars Jaya Maya
To Drawings A/c 500 1500 By Balance b/d 3400 9100
To Profit & Loss A/c 4000 6000 By Balance b/d 1100 -
To Balance c/d - 1600      
           
  4500 9100   4500 9100

Balance Sheet as on 31st March, 2013

Liabilities
Amount
Amount
Assets
Amount
Amount
Partners’ Capital A/c
   
Land and Building
300,000
 
Capital A/c
   
Less: Depreciation
30,000
270,000
Jaya
200,000
 
Plant and Machinery
60,000
 
Maya
250,000
450,000
Less: Depreciation
6,000
54,000
Sundry Creditors
 
45600
Furniture
15,000
 
Maya’s Current A/c
 
1600
Add: New furniture Purchased
10,000
 
     
Less: Depreciation
(- 4000)
21,000
     
Sundry Debtors
88,000
 
     
Less: R.D.D. @ 5%
(- 4400)
83,600
     
Closing Stock
 
22,600
     
Cash in Hand
 
4,700
     
Cash at Bank
 
40,200
     
Jaya’s Current A/c
  1100
           
   
497,200
   
497,200
Working Notes :
1. Depreciation of Land and Building :

    = 300,000 x `10/100` = 30,000
2. Depreciation of Plant and machinery :
    = 60,000 x `10/100` = 6,000
3. Depreciation of Furniture :
   Old Furniture = 15,000 x `20/100 xx 12/12` = 3,000
   New Furniture [ 1.10.2012 ] = 10,000 x `20/100 xx 6/12` = 1,000
    
   Total Depreciation = 30,000 + 6,000 + 3,000 + 1,000 = 40,000.
Concept: Preparation of Final Accounts
  Is there an error in this question or solution?
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