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Prepare Statement of Assets and Liabilities (Part - B : Statement of Account) from the Following Data as on 31.3.2016 for Simran and Saroi Llp · - Financial Accounting(Financial Accounting and Auditing 9)

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
  Is there an error in this question or solution?
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