HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Given Below is the Trial Balance of M/S. Shailesh and Nilesh as on 31st March, 2016. You Are Required to Prepare Trading and Profit and Loss Account for the Year Ended 31st March, 2016 - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Book Keeping and Accountancy

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Question

Given below is the Trial Balance of M/s. Shailesh and Nilesh as on 31st March, 2016. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as on that date :

Trial Balance
as on 31.03.2016

Debit Balances Amount Credit Balances Amount
Opening stock 88,000 Capital accounts :  
Purchase 1,76,000 Shailesh 1,20,000
Wages 23,500 Nilesh 1,20,000
Salaries (10 months) 18,000 Sundry creditors 1,03,000
Office expenses 8,000 Bank overdraft 60,000
Bank charges 2,600 Sales 3,08,000
Machinery 90,000 Current accounts :  
Land and building 1,30,000 Shailesh 5,000
Bad debts 4,000 Nilesh 4,000
Sundry debtors 82,000    
Electricity charges 9,900    
Furniture 43,000    
8% Debentures (1.10.2015) 40,000    
Drawings :       
Shailesh 3,000    
Nilesh 2,000    
  7,20,000   7,20,000

Adjustments :
1. Stock on 31st March, 2016 was valued at market price of Rs 84,000, which was 20% above its cost price.
2. Depreciate machinery at 10% p.a.
3. Create reserve for bad and doubtful debts at 5% on sundry debtors.
4. Provide interest on capital at 8% p.a.
5. Machinery includes purchase of machinery for Rs 40,000 on 1st January, 2016.

Solution

M/S Shailesh and Nilesh
Trading for the year ended 31st March 2016,
Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Opening Stock
 
88000
By Sales
 
308000
To Purchases
 
176000
By Closing Stock
 
70000
To wages
 
23500
     
To Gross Profit c/d
 
90500
     
           
   
378000
   
378000
Profit and Loss A/c for the year ended 31st March, 2016
Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Bad debts
4000
 
By Gross Profit b/d
 
90500
Add: N.R.D.D.
4100
8100
By Interest on Debentures.
 
1600
To Salaries
18000
       
Add: Outstanding
3600
21600
     
To Office Expenses
 
8000
     
To Bank Charges
 
2600
     
To Electricity Charges
 
9900
     
To Depreciation on Machinery
 
6000
     
To Interest on Capital
         
Shailesh
9600
       
Nilesh
9600
19200
     
To Net Profit:
         
Shailesh Current A/c
8350
       
Nilesh Current A/c
8350
16700
     
   
92100
   
92100
Partners Current A/c
Particulars
Shailesh
Nilesh
Particulars
Shailesh
Nilesh
To Drawings
3000
2000
By Balance b/d
5000
4000
To Balance c/d
19950
19950
By Interest on Capital
9600
9600
     
By Profit and Loss A/c
8350
8350
           
 
22950
21950
 
22950
21950
Balance Sheet as on 31st March, 2016.
Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Partners Capital A/c
   
Land and Building
 
130000
Shailesh
120000
 
Machinery
90000
 
Nilesh
120000
240000
Less: Depreciation
6000
84000
           
Partners’ Current A/c
   
Furniture
 
43000
Shailesh
19950
 
Sundry Debtors
82000
 
Nilesh
19950
39900
Less: R.D.D.
4100
77900
Sundry Creditors
 
103000
8% Debentures
40000
 
Bank Overdraft
 
60000
Add: Interest
1600
41600
Outstanding Salaries
 
3600
Closing Stock
 
70000
           
   
446500
   
446500
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 7 | 15.00 marks
Solution Given Below is the Trial Balance of M/S. Shailesh and Nilesh as on 31st March, 2016. You Are Required to Prepare Trading and Profit and Loss Account for the Year Ended 31st March, 2016 Concept: Preparation of Final Accounts.
S
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