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Numerical
Prepare Statement of Assets & Liabilities (Part - B : Statement of Account) from the following data as on 31.3.2016 for Simran and Saroi LLP ·
Particulars | Rs. |
Capital Account : Simran | 4,00,000 |
saroj | 3,00,000 |
Income & Expenditure A/c (Surplus) | 60,000 |
Bank Balance | 45,000 |
Cash in hand | 15,000 |
Trade Debtors | 1,80,000 |
Bills Receivable | 80,000 |
Bills Payables | 75,000 |
Trade Creditors | 1,25,000 |
Furniture | 50,000 |
Goodwill | 72,000 |
Machinery | 3,00,000 |
Stock (31.3.2016) | 1,08,000 |
Investments | 80,000 |
Bank loan (Secured Against Stock) | 2,00,000 |
Provision for Taxation | 70,000 |
Premises | 3,00,000 |
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Solution
Part B : Statement of Account
Statement of Assects & Liabilities of Shnran & Saroj LLP as on 31.3.2016
Particulars | Figures as at the end of the current reporting period | |
1 | 2 | |
I. | Contribution and Liabilities: | |
1. | Partner's Funds | |
(a) Contribution | 7,00,000 | |
(b) Reserves & Surplus | 60,000 | |
2. | Liabilities : | |
(a) Secured Loans | 2,00,000 | |
(b) Unsecured Loans | - | |
( c) Short term borrowings | - | |
( d) Creditorsffrade Payables :Advance from Customers | 2,00,000 | |
(e) Other liabilities (To Specify) | ||
(t) Provisions : | ||
(i) For Taxation | 70,000 | |
(ii) For Contingencies | - | |
(iii) For Insurance | - | |
(iv) Other Provisions (if any) | - | |
Total | 12.30.000 | |
II. | Assets: | |
(a) Fixed Assets | 7,22,000 | |
(b) Investments | 80,000 | |
(c) Loans & Advances | ||
( d) Inventories | 1,08,000 | |
( e) Debtors / trade Receivables | 2,60,000 | |
(t) Cash and Equivalent to Cash | 60,000 | |
(g) Other Assets (To Specify) | - | |
Total | 12,30,000 |
Concept: Limited Liability Partnership Problems
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