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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