HSC Commerce 12th Board ExamMaharashtra State Board
Share
Notifications

View all notifications

Micheal Vaz solutions for 12th Board Exam Book Keeping and Accountancy chapter 2 - Partnership Final Accounts

Login
Create free account


      Forgot password?

Chapters

Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Chapter 2: Partnership Final Accounts

ExercisePractical Problems

Chapter 2: Partnership Final Accounts Exercise Exercise solutions [Page 64]

Exercise | Q 1 | Page 64

Answer in one sentence only. 
What is Balance Sheet?

Exercise | Q 2 | Page 64

Answer in one sentence only. 
State the meaning of debit balance of Trading Account.

Exercise | Q 3 | Page 64

Answer in one sentence only.
When is partner’s current account opened?

Exercise | Q 4 | Page 64

Answer in one sentence only.
To which account Gross Profit transferred?

Exercise | Q 5 | Page 64

Answer in one sentence only.
What is closing stock?

Exercise | Q 6 | Page 64

Answer in one sentence only.
How is closing stock valued?

Exercise | Q 7 | Page 64

Answer in one sentence only.
What is Final Accounts?

Exercise | Q 8 | Page 64

Answer in one sentence only.
What do you mean by direct expenses?

Exercise | Q 9 | Page 64

Answer in one sentence only.
What do you mean by indirect expenses?

Exercise | Q 10 | Page 64

Answer in one sentence only.
What do you mean by accrued Income?

Exercise | Q 11 | Page 64

Answer in one sentence only.
What is Trial Balance?

Exercise | Q 12 | Page 64

Answer in one sentence only.
What is bad debts?

Exercise | Q 13 | Page 64

Answer in one sentence only.
In the absence of partnership deed, what is profit sharing ratio of the partners?

Exercise | Q 14 | Page 64

Answer in one sentence only.
What do you mean by carriage inward?

Exercise | Q 15 | Page 64

Answer in one sentence only.
What do you mean by freight?

Chapter 2: Partnership Final Accounts Exercise Exercise solutions [Page 64]

Exercise | Q 1 | Page 64

Give the word / term or phrase which can substitute the following statement.
A statement showing financial position of the business on a particular date.

Exercise | Q 2 | Page 64

Give the word / term or phrase which can substitute  the following statement.
The amount which is not recoverable from debtors.

Exercise | Q 3 | Page 64

Give the word / term or phrase which can substitute the following statement.
Stock in hand at the end of the accounting year.

Exercise | Q 4 | Page 64

Give the word / term or phrase which can substitute  the following statement.

The transport expenses incurred to carry the goods purchased by the firm.

Exercise | Q 5 | Page 64

Give the word / term or phrase which can substitute  the following statement.

Income which is received before its due date.

Exercise | Q 6 | Page 64

Give the word / term or phrase which can substitute the following statement.

The debit balance of Trading Account.

Exercise | Q 7 | Page 64

Give the word / term or phrase which can substitute the following statement.

The credit balance of Trading Account.

Exercise | Q 8 | Page 64

Give the word / term or phrase which can substitute  the following statement.

A provision which is created on sundry debtors.

Exercise | Q 9 | Page 64

Give the word / term or phrase which can substitute the following statement.

The amount withdrawn by the partners from the business for their personal use.

Exercise | Q 10 | Page 64

Give the word / term or phrase which can substitute the following statement.  

The accounts which are prepared at the end of each financial year.

Exercise | Q 11 | Page 64

Give the word / term or phrase which can substitute the following statement.  

Expenses which are paid before due.

Exercise | Q 12 | Page 64

Give the word / term or phrase which can substitute  the following statement.

The statement showing list of all ledger balances.

Exercise | Q 13 | Page 64

Give the word / term or phrase which can substitute  the following statement.

The credit balance of Profit and Loss Account.

Exercise | Q 14 | Page 64

Give the word / term or phrase which can substitute the following statement.  

Expenses which are due but not paid at the end of the year.

Exercise | Q 15 | Page 64

Give the word / term or phrase which can substitute  the following statement.

Assets which are held in the business for a long period.

Chapter 2: Partnership Final Accounts Exercise Exercise solutions [Pages 64 - 65]

Exercise | Q 1 | Page 64

Select the most appropriate alternative from those given below and rewrite the statement.

The gross profit is transferred to _________________ account.

  • trading

  • Profit and loss

  • capital

  • current

Exercise | Q 2 | Page 64

Select the most appropriate alternative from those given below and rewrite the statement.

Wages paid for installation of machinery should be debited to _________________ account.

  • machinery

  • wages

  • trading

  • profit and loss

Exercise | Q 3 | Page 64

Select the most appropriate alternative from those given below and rewrite the statement.

All indirect expenses are debited to_________________ account.

  •  trading

  • capital

  • profit and loss

  • current

Exercise | Q 4 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

A statement showing financial position of the business is called as _________________.

  • balance sheet

  • trial balance

  • capital

  • trading A/c

Exercise | Q 5 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

To find out net profit or net loss of the business _________________ account is prepared.

  • trading

  • capital

  • current

  • profit and loss

Exercise | Q 6 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

A_________________ is an intangible asset.

  • goodwill

  • stock

  • building

  • cash

Exercise | Q 7 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

Trading account is prepared on the basis of __________________ expenses.

  • indirect

  • direct

  • revenue

  • other

Exercise | Q 8 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

The interest on drawings is transferred to _________________ side of the profit and loss account.

  • debit

  • credit

  • asset

  • liability

Exercise | Q 9 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

Final accounts are prepared on the basis of _________________ and adjustments.

  • trial balance

  • capital A/c

  • trading A/c

  •  profit and loss A/c

Exercise | Q 10 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

_________________ is the list of all ledger balances.

  • balance sheet

  •  trial balance

  • trading A/c

  • profit and loss A/c

Exercise | Q 11 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

Return outward are deducted from __________________.

  • purchases

  • sales

  • capital

  • debtors

Exercise | Q 12 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

The withdrawals of partner from the business for their personal use is called as……………..

  • capital

  • profit

  • drawings

  • cash

Exercise | Q 13 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

Income received in advance is shown on the __________________.

  • debit

  • credit

  • asset

  • liability

Exercise | Q 14 | Page 65

Select the most appropriate alternative from those given below and rewrite the statement.

Prepaid expenses are shown on the __________________ side of the balance sheet.

  • assets

  • liability

  • debit

  • credit

Chapter 2: Partnership Final Accounts Exercise Exercise solutions [Page 65]

Exercise | Q 1 | Page 65

State whether the following statement is True or False.

All direct expenses are debited to Trading account.

  • True

  • False

Exercise | Q 2 | Page 65

State whether the following statement is True or False.

The Balance Sheet is a nominal account.

  • True

  • False

Exercise | Q 3 | Page 65

State whether the following statement is True or False.

Discount allowed to debtors is called as bad debts.

  • True

  • False

Exercise | Q 4 | Page 65

State whether the following statement is True or False.

Profit and loss account is a nominal account.

  • True

  • False

Exercise | Q 5 | Page 65

State whether the following statement is True or False.

The interest on drawings is an income of the firm.

  • True

  • False

Exercise | Q 6 | Page 65

State whether the following statement is True or False.

The interest on capital is an income of the firm.

  • True

  • False

Exercise | Q 7 | Page 65

State whether the following statement is True or False.

Trading account is a nominal account.

  • True

  • False

Exercise | Q 8 | Page 65

State whether the following statement is True or False.

Prepaid expenses are shown on the asset side of the Balance Sheet.

  • True

  • False

Exercise | Q 9 | Page 65

State whether the following statement is True or False.

Closing stock is always valued at market price.

  • True

  • False

Exercise | Q 10 | Page 65

State whether the following statement is True or False. 

Outstanding expenses are shown on the liability side of the Balance Sheet.

  • True

  • False

Exercise | Q 11 | Page 65

State whether the following statement is True or False.

Partners must share profits and losses equally.

  • True

  • False

Exercise | Q 12 | Page 65

State whether the following statement is True or False.

Trial Balance is the base of Final account.

  • True

  • False

Exercise | Q 13 | Page 65

State whether the following statement is True or False.

Debit balance of Trading account shows gross profit.

  • True

  • False

Exercise | Q 14 | Page 65

State whether the following statement is True or False.

Credit balance of profit and loss account shows net profit of the business.

  • True

  • False

Exercise | Q 15 | Page 65

State whether the following statement is True or False.

Return Inward is deducted from purchases.

  • True

  • False

Chapter 2: Partnership Final Accounts Exercise Practical Problems solutions [Pages 66 - 110]

Practical Problems | Q 1 | Page 66

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.

Practical Problems | Q 2 | Page 66

Sanjay and Sudhir are partners sharing profit and losses in the ratio 3:2. The Trial Balance of the firm on 31st March, 2010 was follows:

                            Trial Balance 
                    as on 31st March, 2010

Particulars Amount
(Rs.)
Particulars Amount (Rs.)
Opening stock 20000 Capital A/c's  Sanjay
Sudhir
40000
30000
Purchases 30000 Sales 70000
Debtors 12000 Sundry Creditors 21000
Wages 5000 Bills Payable 20000
Salaries 10000 Discount 5000
Land and building 30000 Outstanding Rent 1500
Plant and machinery 25000    
Furniture 16000    
Advertisement
(for 2 years)
6000    
Bills Receivable 8000    
Insurance 2000    
Drawings  Sanjay
Sudhir 
2000
3000
   
Cash in hand 5500    
Rent 10000    
Power and Fuel 3000    
  187500   187500

Adjustments:

1) Stock on hand on 31st March, 2010 was at Rs 35,000.

2) Write off Rs 2,000, for further Bad debts and maintain R.D.D. at 5% on debtors.

3) Depreciate Land and Building at 5% and Machinery at 10%.

4) Outstanding expenses were wages Rs 2,000 and salary Rs 1,000.

5) Credit purchases amounted to Rs 4,000 were not recorded in the books of accounts.

6) Provide interest on Partners Capital at 5% p.a.

From the above Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet as on that data.

Practical Problems | Q 3 | Page 67

Rohan and Roshan are partners in ‘Shan Traders’ sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments prepare Trading and Profit and Loss Account for the year ended 31st March, 2011 and Balance Sheet as on that date

                              Trial Balance
                       as on 31st March, 2011

 

Particulars
Amount
Rs
Particulars
Amount
Rs
Opening stock 32000 Sales 193500

Purchases

64,000 Sundry Creditors 15000

Plant and Machinery

30,000 Unpaid Wages 1500
Furniture 18,500 Return outward 2500
Carriage 1,500 Capital A/c-  
Wages and Salaries 35,000 Rohan 90000

Bills Receivable

5,000 Roshan 50000

Sundry Debtors

32,000    
Conveyance 4,000  

Rent, Rates and Taxes

2,000  

Return Inward

3,500  

Cash in hand

14,750  

Land and Building

83,500  

Bad debts

1,750  
Patents 25,000  
  3,52,500   3,52,500

Adjustments:

1) Closing stock: Cost price Rs 25,000 and market price Rs 30,000.

2) An amount of Rs 3,500 spent for repairs to Building is debited to Building account.

3) Depreciate plant and Machinery and Building at 5% p.a.

4) Goods of Rs 750 taken by Roshan for this personal use.

5) Included in wages advances given to workers Rs 3,000.

6) Provide Rs 1,500 for bad and doubtful debts on Debtors.

Practical Problems | Q 4 | Page 68

Given below is the Trial Balance of M/s Roma and Mona partnership firm. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2012 and Balance Sheet as on that date

                  Trial Balance as on 31st March, 2012

Debit Balance
Amount
Rs
Credit
Balance
Amount
Rs
Stock on 1st April, 2011 52000 Provident fund 50000
Sundry Debtors 84000 Interest on P.F. Investment 2800
Bad debts 3000 Sundry Creditors 84000
Premises 78000 Rent received 9600
Salaries 28000 Reserve for Doubtful Debts 2000
Motor Vehicles 50000 Discount received 3600
Purchases 176000 Sales 320000
Provident Fund Investment 50,000 Capital A/c-   
Provident Fund contribution 5500 Roma 50000
Wages 22000 Mona 50000
Rent (for 10 months) 16,000    
Office Expenses 5,000    
Discount allowed 2,500    
  572000   572000

Adjustments:

1) Stock on 31st March, 2012 was valued at Rs 80,000.

2) Goods of Rs 6,000 were sold and despatched on 27th March, 2012, but no entry was made in the books of accounts.

3) Write off Bad debts of Rs 4,000 and provide for R.D.D. at 5% on sundry debtors.

4) Provide reserve for discount on debtors at 2% and on creditors at 3%.

5) Outstanding wages Rs 4,000 and outstanding salaries Rs 3,066.

6) Depreciate Motor Vehicle at 5% p.a.

Practical Problems | Q 5 | Page 110

Keshav and Madhav were partners sharing the profits and losses in the ratio of 2:3. Their Balance Sheet is as follows:

                 Balance Sheet as on 31st March, 2011

Liabilities Amount (Rs) Assets Amount (Rs)
Capital Accounts :   Live stock 20000
Keshav 250000 Building 138000
Madhav 260000 Investment 45000
Creditors 8500 Loose Tools 38000
    Debtors 90000 72000
  (-)R.D.D 18000
  Profit and Loss A/c 15000
  Closing Stock 104500
  Cash in Hand 86000
  518500   518500

On 1st April, 2011 they admitted Uddhav on the following terms:

1) The new profit sharing ratio is equal.

2) Uddhav brings Rs 2,00,000 as his capital and Rs 80,000 as share of goodwill in cash.

3) Prepaid insurance of Rs 7,500 was not recorded in the books.

4) Loose tools were found undervalued by 5% and Building was found overvalued by 15% in the books.

5) All debtors are considered as good and out of creditors Rs 500 is no longer payable.

6) The market Value of Investment is 50% more than its book value.

Prepare, Profit and Loss Adjustment in A/c, Capital Accounts of partners and Balance Sheet of the new firm.

Practical Problems | Q 6 | Page 69

Given below is the Trial Balance of M/s Seeta and Geeta as on 31st March, 2010. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance Sheet on that date.

                   Trial Balance as on 31st March, 2010

Debit Balance
Amount
(Rs)
Credit
Balance
Amount
(Rs)
Current A/c-   Capital A/c-  
Geeta 4000 Seeta 120000
Opening stock 88,000 Geeta 120000
Purchases 1,76,000 Current A/c- Seeta 5000
Wages 23,500 Sundry Creditors 103000
Salaries 15,000 Bank overdraft 60000
Office Expenses 8000 Sales 308000
Bank Charges 2600    
Legal Charges 3000  
Machinery 90000  
Land and building 130000  
Interest 3600  
Export Duty 3800  
Bad -Debts 4000  
Sundry Debtors 82000  
Travelling Expenses 3200  
Electricity charges 2300  
Furniture 37000  
8% Debentures
(Purchased on 1.10.2009)
40000  
  716000   716000

Adjustments:

1) Stock on hand on 31st March, 2010 was valued at Rs 80,000.

2) Goods costing Rs 16,000 destroyed by fire and Insurance Company admitted a claim of Rs 13,000.

3) Provide for outstanding expenses: Salaries Rs 3,000, Wages Rs 2,400.

4) Depreciate Machinery at 10% p.a. Land and Building at 5% p.a.

5) Create Reserve for Bad and doubtful debts at 5% on Sundry Debtors.

6) Legal charges paid in advance Rs 1,200.

7) Provide interest on capital at 8% p.a.

Practical Problems | Q 7 | Page 70

Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3:2. 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, 2012 and Balance Sheet on that date.

               Trial Balance as on 31st March, 2012

 

Debit Balance
Amount
Rs
Credit Balance
Amount
Rs
Building 400000 Capital A/cs-  
Plant and Machinery 120000

Madhuri

300000
Purchases 650000 Minakshi 200000
Carriage 7000 Sales 810000
Opening stock 90000 Sundry Creditors 100000
Wages 35000 Outstanding salaries 4200
Sundry Debtors 150000 8% Bank loan
(Taken on 1.10.2011 )
100000
Salaries 28000    
Postage and Telegram 4000  
Insurance 5000  
Bad debts 3000  
Rent 4000  
Discount 3200  
Drawing A/c-    
Madhuri 10000  
Minakshi 5000  
  1514200   1514200

Adjustments:

1) Stock on hand on 31st March, 2010 was valued at Rs 1,10,000.

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

3) Prepaid Insurance Rs 1,500.

4) Create R.D.D at 5% on Sundry Debtors.

5) Partners are allowed interest at 5% p.a. on their capitals.

6) Salaries include Rs 2,500 as advance to workers.

Practical Problems | Q 8 | Page 70

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 31st March, 2013

 

Debit Balance
Amount
Rs
Credit
Balance
Amount
Rs
Investments 56,000 Capital A/c-  
Carriage 7,000 Mahesh 162000
Loose Tools 17,000 Umesh 108000
Building 1,50,000 Current A/c-   
Salary 13,000 Mahesh 16200
Audit fees 8,500 Umesh 10800
Opening stock 83,000 Sundry Creditors 99000
Wages 7,500 Sales 420000
Purchases 1,97,000 Bank Overdraft 56400
Motive Power 15000    
Bad-Debts 6,400  
Printing and Stationery
4000  
Debtors 96,000  

Cash at Bank

52,000  

Machinery

72000  
Motor Van 88000  
  872400   872400

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.

Practical Problems | Q 9 | Page 71

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.

Practical Problems | Q 10 | Page 72

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 31st 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.

Chapter 2: Partnership Final Accounts

ExercisePractical Problems

Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Book Keeping and Accountancy chapter 2 - Partnership Final Accounts

Micheal Vaz solutions for 12th Board Exam Accounts chapter 2 (Partnership Final Accounts) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Micheal Vaz textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in 12th Board Exam Book Keeping and Accountancy chapter 2 Partnership Final Accounts are Introduction of Final Accounts, Preparation of Final Accounts, Effects of Adjustments-Closing Stock, Effects of Adjustments-Outstanding Expenses, Effects of Adjustments-Prepaid Expenses, Effects of Adjustments-Income Received in Advance, Adjustments - Income Receivable, Effects of Adjustments-Bad and Doubtful Debts, Effects of Adjustments-Provision for Discount on Debtors and Creditors, Effects of Adjustments-Depreciation, Adjustments - Interest on Capital, Drawings and Loans, Adjustments - Interest on Investment and Loans, Adjustments - Goods Destroyed by Fire Or Accident (Insured Or Uninsured), Adjustments - Goods Stolen, Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission, Adjustments - Goods Withdrawn by Partners, Adjustments - Unrecorded Purchases and Sales, Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa, Adjustments - Bills Receivable Dishonoured, Adjustments - Bills Payable Dishonoured, Adjustments - Deferred Expenses, Adjustments - Capital Receipts Included in Revenue Receipts and Vice-versa, Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc, Partnership Final Accounts - Examples and Solutions.

Using Micheal Vaz 12th Board Exam solutions Partnership Final Accounts exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

Get the free view of chapter 2 Partnership Final Accounts 12th Board Exam extra questions for Accounts and can use Shaalaa.com to keep it handy for your exam preparation

S
View in app×