Mohini and Rohini are in partnership firm 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, 2010 and Balance Sheet as on that date. Trial Balance as on 31st March, 2010 Particulars Debit Amount Rs. Credit Amount Rs Partner’s Capital A/c- Mohini 120000 Rohini 90000 Purchases and Sales 220000 430000 Sundry Debtors and Creditors 45000 35000 Bills Receivable and Bills Payable 45000 50000 Discount 4000 3500 Opening stock 25000 Wages and Salaries 23000 Manufacturing Expenses 9,000 Factory Insurances 5,000 Factory Building 1,40,000 Plant and Machinery 75,000 Advertisement (for 2years w.e.f. 1st Jan. 2010) 10,000 Salaries and Wages 45,000 Warehouse rent 6,000 Import duty 11,500 Cash in hand 5,000 10% Government Bond (Purchased on 1st July 2009) 60000 728500 728500 Adjustments: 1) Closing stock was valued at market price Rs 92,000 which is 15% above its cost price. 2) Goods costing Rs 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book. 3) Depreciate Machinery at 10% p.a. 4) Outstanding Wages were Rs 2,500. 5) Goods of Rs 2,000 were taken by Mohini for personal use but no entry was made in the books of account. 6) Maintain R.D.D at 5% on Sundry Debtors.

Financial Statement of....Trading Account for the year ended March 31,2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 25000 Sales 4,30,000 Purchases 2,20,000 232500 Closing Stock 80,000 Add : Additions 3000 Add : Import duty 11500 Less : Drawings by Mohini (2000) Factory Insurance 5000 Manufacturing Expenses 9000 Wages and Salaries 23000 25500 Add : Outstanding wages 2500 Gross Profit (Balancing Figure) 213000 510000 510000 Profit and Loss Account for the year ended March 31, 2010 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Discount 4000 Gross Profit 213000 Advertisement 10000 1250 Discount 3500 Less : Prepaid `(10000 xx 21/24 )` (8750) Accrued Interest on GovernmentBonds `(60000 xx 10/100 xx 9/2)` 4500 Salaries and Wages 45000 Warehouse Rent 6000 Depreciation on Machinery 7,500 Reserve on Doubtful Debts 2250 Net Profit (Balancing Figure) Mohini 77500 155000 Rohini 77500 221000 221000 Balance Sheet as on March 31, 2010 Liabilities Amount (Rs) Assets Amount (Rs) Capital Fixed Assets Mohini 195500 363000 Building 140000 Rohini 167500 Plant and Machinery 75000 67500 Current Liabilities Less : 10% Depreciation (7500) Creditors 35000 38000 Current Assets Add : Additions 3000 Closing Stock 80000 Bills Payable 50000 Debtors 45000 42750 Outstanding Wages 2500 Less : Reserve for DoubtfulDebts `(Rs. 45000 xx 5/100)` 2250 Bills Receivable 45000 Cash in Hand 5000 10% Government Bond 60000 64500 Add : Accrued Interest 4500 Prepaid Advertisement 8750 453500 453500 Working Notes: Partners’ Capital Accounts Dr. Cr. Particulars Mohini Rohini Particulars Mohini Rohini Drawings 2000 Balance b/d 120000 90000 Balance c/d 195500 167500 Profit and Loss A/c -Profit 77500 77500 197500 167500 197500 167500 Note : As per the textbook the Total of Balance sheet is Rs 4,48,500 but as per our solution it should be Rs 4,53,500. *There is difference of Rs 10,000 in the Debit and Credit side of Trial Balance, therefore, Factory Building has been increased by Rs 10,000.

Mohini and Rohini Are in Partnership Firm Sharing Profits and Losses Equally. from the Following Trial Balance and Adjustments Given Below, You Are Required to Prepare - Book Keeping and Accountancy

Question

Mohini and Rohini are in partnership firm 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, 2010 and Balance Sheet as on that date.

Trial Balance as on 31^st March, 2010

Particulars	Debit Amount Rs.	Credit Amount Rs
Partner’s Capital A/c-
Mohini		120000
Rohini		90000
Purchases and Sales	220000	430000
Sundry Debtors and Creditors	45000	35000
Bills Receivable and Bills Payable	45000	50000
Discount	4000	3500
Opening stock	25000
Wages and Salaries	23000
Manufacturing Expenses	9,000
Factory Insurances	5,000
Factory Building	1,40,000
Plant and Machinery	75,000
Advertisement (for 2years w.e.f. 1^st Jan. 2010)	10,000
Salaries and Wages	45,000
Warehouse rent	6,000
Import duty	11,500
Cash in hand	5,000
10% Government Bond (Purchased on 1st July 2009)	60000
	728500	728500

Adjustments:

1) Closing stock was valued at market price Rs 92,000 which is 15% above its cost price.

2) Goods costing Rs 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book.

3) Depreciate Machinery at 10% p.a.

4) Outstanding Wages were Rs 2,500.

5) Goods of Rs 2,000 were taken by Mohini for personal use but no entry was made in the books of account.

6) Maintain R.D.D at 5% on Sundry Debtors.

Ledger

Solution

Financial Statement of....
Trading Account
for the year ended March 31,2010

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Opening Stock		25000	Sales	4,30,000
Purchases	2,20,000	232500	Closing Stock	80,000
Add : Additions	3000
Add : Import duty	11500
Less : Drawings by Mohini	(2000)
Factory Insurance		5000
Manufacturing Expenses		9000
Wages and Salaries	23000	25500
Add : Outstanding wages	2500	25500
Gross Profit (Balancing Figure)		213000
		510000		510000

Profit and Loss Account

for the year ended March 31, 2010

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Discount		4000	Gross Profit	213000
Advertisement	10000	1250	Discount	3500
Less : Prepaid `(10000 xx 21/24 )`	(8750)	1250	Accrued Interest on Government Bonds `(60000 xx 10/100 xx 9/2)`	4500
Salaries and Wages		45000
Warehouse Rent		6000
Depreciation on Machinery		7,500
Reserve on Doubtful Debts		2250
Net Profit (Balancing Figure)
Mohini	77500	155000
Rohini	77500	155000
		221000		221000

Balance Sheet

as on March 31, 2010

Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital			Fixed Assets
Mohini	195500	363000	Building		140000
Rohini	167500		Plant and Machinery	75000	67500
Current Liabilities			Less : 10% Depreciation	(7500)
Creditors	35000	38000	Current Assets
Add : Additions	3000		Closing Stock		80000
Bills Payable		50000	Debtors	45000	42750
Outstanding Wages		2500	Less : Reserve for Doubtful Debts `(Rs. 45000 xx 5/100)`	2250
			Bills Receivable		45000
			Cash in Hand		5000
			10% Government Bond	60000	64500
			Add : Accrued Interest	4500
			Prepaid Advertisement		8750
		453500			453500

Working Notes:

Partners’ Capital Accounts

Dr. Cr.

Particulars	Mohini	Rohini	Particulars	Mohini	Rohini
Drawings	2000		Balance b/d	120000	90000
Balance c/d	195500	167500	Profit and Loss A/c -Profit	77500	77500
	197500	167500		197500	167500

Note : As per the textbook the Total of Balance sheet is Rs 4,48,500 but as per our solution it should be Rs 4,53,500.

*There is difference of Rs 10,000 in the Debit and Credit side of Trial Balance, therefore, Factory Building has been increased by Rs 10,000.

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Partnership Final Accounts

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Chapter 2: Partnership Final Accounts - Practical Problems [Page 71]

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Micheal Vaz Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board

Chapter 2 Partnership Final Accounts
Practical Problems | Q 9 | Page 71

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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.

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.

From the following Trial Balance of M/s Sanjay and Vijay, 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 consideration the adjustments given below.

Trial Balance as on 31^st March, 2013

Debit Balance	Amount Rs	Credit Balance	Amount Rs
Salaries and wages	12000	Sales	110000
Postage and Telegram	1,750	Sundry Creditors	72700
Opening Stock	23,500	Bills Payable	40000
Plant and Machinery	70,000	10% Bank loan (Taken on 1st Oct 2012)	60000
Advertisement	5,000	Outstanding Audit fees	5900
Import duty	2,100	Capital A/c-
Bad debts	1000	Sanjay	45000
Purchases	98500	Vijay	45000
Sundry Debtors	45800
Bills Receivable	16700
Carriage outward	1800
Wages and stationery (Note 2)	14000
Printing and stationery	4600
Cash in hand	1850
Leasehold Premises	80000
	378600		378600

Adjustments:
1) Closing stock was valued at Rs 30,000.

2) Postage stamps of Rs 250 and stationery of Rs 400 are unused.

3) Goods of Rs 2,500 distributed as free samples.

4) Leasehold property is to be run for 10 years w.e.f. 1st October, 2012.

5) Depreciate Plant and Machinery at 10% p.a.

6) Mr. Rajan, our customer become insolvent and could not pay his debts of Rs 1,500.

Following is the Balance sheet of Harsha and Versha’s firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.

Balance sheet as on 31st March, 2016
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:

Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
A provision of 5% on debtors to be made for doubtful debts.
The stock is to be taken at a value of Rs. 2,00,000.
The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.

Prepare:

Profit and Loss Adjustment Account, Partner’s Capital Account and new Balance Sheet of the firm.

Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below:

Balance Sheet as on 31st March, 2013.
Liabilities	Amount (₹)	Assets	Amount (₹)
Capital Accounts	11,000	Building	10,000
Anita	15,000	Machinery	10,700
Sunita	8,000	Furniture	10,000
Kavita	10,000	Debtors	5,000
Creditors	10,900	Stock	6,600
Reserve fund	4,000	Cash	6,600

On 1st April, 2013, Mrs. Kavita retired from the firm on the following terms:

Goodwill of the firm is to be valued at ₹4,000, however, only Kavita’s share in it is to be raised in the books and written off immediately.
Assets to be revalued as under:
Stock ₹6,300; Machinery ₹10,000; Furniture ₹10,200.
R.D.D. to be maintained at 10% on debtors.
₹100 to be written off from creditors.
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Prepare:

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Partner’s capital account, and
Balance Sheet of new firm as on 01.04.2013.

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Write the word/phrase/term, which can substitute the following sentence.

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