Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: Trial Balance as on 31st March, 2019 Debit Balance Amount (₹) Credit Balance Amount (₹) Purchases 48,000 Capital accounts: Salaries 7,500 Asha 80,000 Wages 2,800 Nisha 40,000 Advertisement (2 years) 4,000 Bank Overdraft 34,000 Sales Return 8,000 Sales 1,48,000 Motor Van 63,000 R.D.D. 1,200 Stock (1. 4. 2018) 94,500 Purchase Return 6,000 Sundry Debtors 62,800 Coal, Gas and Fuel 1,000 Plant and Machinery 17,600 3,09,200 3,09,200 Adjustments: Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000. Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use. Depreciate Motor Van by 5% and Plant and Machinery by 7%. Reserve for Doubtful debts on Debtors at 5% is to be created. Outstanding Wages ₹ 800.

Dr. In the Books of M/s Asha and NishaTrading and Profit and Loss A/cfor the year ended 31st March 2019 Cr. Particulars Amount (₹) Particulars Amount (₹) To Opening Stock 94,500 By Sales 1,48,000 1,40,000 To Purchases 48,000 42,000 Less: Sales Return (8,000) Less: Purchase Return (6,000) By Drawing of Goods To Wages 2,800 3,600 Asha 3,000 5,000 Add: Outstanding 800 Nisha 2,000 To Coal. Gas and Fuel 1,000 By Closing Stock 88,000 To Gross Profit c/d 91,900 2,33,000 2,33,000 To Salaries 7,500 By Gross Profit b/d 91,900 To Advertisement 4,000 1,940 Less: Prepaid (2,000) To New RDD 3,140 Less: Old RDD (1,200) To Depreciation on: Motor Van 3,150 4,382 Plant and Machinery 1,232 To Net Profit transferred to: Asha Capitol A/c 38,039 76,078 Nisha Capital A/c 38,039 91,900 91,900 Dr. Partners' Capital Accounts Cr. Particulars Asha (₹) Nisha (₹) Particulars Asha (₹) Nisha (₹) To Drawings of Goods 3,000 2,000 By Balance b/d 80,000 40,000 To Balance c/d 1,15,039 76,039 By Profit and loss A/c 38,039 38,039 1,18,039 78,039 1,18,039 78,039 M/s Asha and NishaBalance Sheet as on 31st March, 2019 Liabilities Amount (₹) Assets Amount (₹) Capitals: Motor Van 63,000 59,850 Asha 1,15,039 1,91,078 Less: Depreciation (3,150) Nisha 76,039 Sundry Debtors 62,800 59,660 Bank Overdraft 34,000 Less: RDD (3,140) Outstanding Wages 800 Plant and Machinery 17,600 16,368 Less: Depreciation (1,232) Closing Stock 88,000 Prepaid Advertisement 2,000 2,25,878 2,25,878

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: - Book Keeping and Accountancy

प्रश्न

Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts:

Trial Balance as on 31st March, 2019
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Purchases	48,000	Capital accounts:
Salaries	7,500	Asha	80,000
Wages	2,800	Nisha	40,000
Advertisement (2 years)	4,000	Bank Overdraft	34,000
Sales Return	8,000	Sales	1,48,000
Motor Van	63,000	R.D.D.	1,200
Stock (1. 4. 2018)	94,500	Purchase Return	6,000
Sundry Debtors	62,800
Coal, Gas and Fuel	1,000
Plant and Machinery	17,600
	3,09,200		3,09,200

Adjustments:

Closing stock is valued at cost ₹ 88,000 and market price ₹ 90,000.
Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their personal use.
Depreciate Motor Van by 5% and Plant and Machinery by 7%.
Reserve for Doubtful debts on Debtors at 5% is to be created.
Outstanding Wages ₹ 800.

खाता बही

उत्तर

Dr.	In the Books of M/s Asha and Nisha Trading and Profit and Loss A/c for the year ended 31st March 2019				Cr.
Particulars		Amount (₹)	Particulars		Amount (₹)
To Opening Stock		94,500	By Sales	1,48,000	1,40,000
To Purchases	48,000	42,000	Less: Sales Return	(8,000)	1,40,000
Less: Purchase Return	(6,000)	42,000	By Drawing of Goods
To Wages	2,800	3,600	Asha	3,000	5,000
Add: Outstanding	800	3,600	Nisha	2,000	5,000
To Coal. Gas and Fuel		1,000	By Closing Stock		88,000
To Gross Profit c/d		91,900
		2,33,000			2,33,000
To Salaries		7,500	By Gross Profit b/d		91,900
To Advertisement	4,000	1,940
Less: Prepaid	(2,000)
To New RDD	3,140
Less: Old RDD	(1,200)
To Depreciation on:
Motor Van	3,150	4,382
Plant and Machinery	1,232	4,382
To Net Profit transferred to:
Asha Capitol A/c	38,039	76,078
Nisha Capital A/c	38,039	76,078
		91,900			91,900

Dr.	Partners' Capital Accounts				Cr.
Particulars	Asha (₹)	Nisha (₹)	Particulars	Asha (₹)	Nisha (₹)
To Drawings of Goods	3,000	2,000	By Balance b/d	80,000	40,000
To Balance c/d	1,15,039	76,039	By Profit and loss A/c	38,039	38,039
	1,18,039	78,039		1,18,039	78,039

M/s Asha and Nisha Balance Sheet as on 31st March, 2019
Liabilities		Amount (₹)	Assets		Amount (₹)
Capitals:			Motor Van	63,000	59,850
Asha	1,15,039	1,91,078	Less: Depreciation	(3,150)	59,850
Nisha	76,039	1,91,078	Sundry Debtors	62,800	59,660
Bank Overdraft		34,000	Less: RDD	(3,140)	59,660
Outstanding Wages		800	Plant and Machinery	17,600	16,368
			Less: Depreciation	(1,232)	16,368
			Closing Stock		88,000
			Prepaid Advertisement		2,000
		2,25,878			2,25,878

shaalaa.com

Partnership Final Accounts

क्या इस प्रश्न या उत्तर में कोई त्रुटि है?

Q 7 Q 6 Next

2021-2022 (March) Set 1

APPEARS IN

2021-2022 (March) Set 1 (with solutions)

Q 7 | 12 marks

वीडियो ट्यूटोरियलVIEW ALL [1]

view
वीडियो ट्यूटोरियल For All Subjects
Partnership Final Accounts

video tutorial01:23:03

संबंधित प्रश्न

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

Return outward are deducted from __________________.

Write the word/phrase/term, which can substitute the following sentence.

Debit balance of Trading Account.

Write the word/phrase/term, which can substitute the following sentence.

Credit balance of Profit and Loss Account.

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	20,000	Capital A/c's
Purchases	30,000	Sanjay	40,000
Debtors	12,000	Sudhir	30,000
Wages	5,000	Sales	70,000
Salaries	10,000	Sundry Creditors	21,000
Land and building	30,000	Bills Payable	20,000
Plant and machinery	25,000	Discount	5,000
Furniture	16,000	Outstanding Rent	1,500
Advertisement (for 2 years)	6,000
Bills Receivable	8,000
Insurance	2,000
Drawings:
Sanjay	2,000
Sudhir	3,000
Cash in hand	5,500
Rent	10,000
Power and Fuel	3,000
	1,87,500		1,87,500

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.

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 (₹)	Particulars	Amount (₹)
Opening stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	15,000
Plant and Machinery	30,000	Unpaid Wages	1,500
Furniture	18,500	Return outward	2,500
Carriage	1,500	Capital A/c:
Wages and Salaries	35,000	Rohan	90,000
Bills Receivable	5,000	Roshan	50,000
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:

Closing stock: Cost price Rs 25,000 and market price Rs 30,000.
An amount of Rs 3,500 spent for repairs to Building is debited to Building account.
Depreciate plant and Machinery and Building at 5% p.a.
Goods of Rs 750 taken by Roshan for this personal use.
Included in wages advances given to workers Rs 3,000.
Provide Rs 1,500 for bad and doubtful debts on Debtors.

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 31^st March, 2012

Debit Balance	Amount Rs	Credit Balance	Amount Rs
Stock on 1^st 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.

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 31^st 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.

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 31^st March, 2013
Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Investments	56,000	Capital A/c:
Carriage	7,000	Mahesh	1,62,000
Loose Tools	17,000	Umesh	1,08,000
Building	1,50,000	Current A/c:
Salary	13,000	Mahesh	16,200
Audit fees	8,500	Umesh	10,800
Opening stock	83,000	Sundry Creditors	99,000
Wages	7,500	Sales	4,20,000
Purchases	1,97,000	Bank Overdraft	56,400
Motive Power	15,000
Bad Debts	6,400
Printing and Stationery	4000
Debtors	96,000
Cash at Bank	52,000
Machinery	72,000
Motor Van	88,000
	8,72,400		8,72,400

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.

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 31^st 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	72000
		Profit and Loss A/c		15000
		Closing Stock		104500
		Cash in Hand		86000
	518500			518500

On 1^st 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.

Following is the Balance sheet of Harsha and Versha's firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.
Balance sheet as on 31st March, 2016

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:
1) Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
2) She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
3) land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
4) A provision of 5% on debetors to be made for doubtful debts.
5) The stock is to be taken at a value of Rs. 2,00,000.
6) The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.
Prepare :
Profit and Loss Adjustment Account, Partner's Capital Account and new Balance Sheet of the firm.

Ashok and Sangmesh are in partnership sharing profit and losses in the ratio of 2: 1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March 2016 and Balance sheet as on that date:
Trial Balance as on 31st March 2016

Particulars	Debit Amount (Rs.)	Credit Amount (Rs.)
Prepaid insurance	3,200
Insurance	8,000
R.D.D.		4,000
Discount	3,200
Postage and telephone	12,800
Debtors and creditors	2,64,000	2,72,000
Salaries	2,24,000
Wages	96,000
Opening stock	1,92,200
Carriage	4,000
Purchased and sales	7,72,800	12,06,400
Return inward/Outward	22,400	36,800
Bank Overdraft		4,83,200
Plant and Machinery	96,000
Land and Building	7,04,000
Partner's Capital accounts :
Ashok		2,08,000
Sangmesh		1,92,000
	24,02,400	24,02,400

Adjustment :
(1) Write off Rs. 8,000 for bad debts and provide R.D.D. @ 5% on debtors.
(2) Goods worth Rs. 16,000 were distributed as free samples.
(3) Closing stock on 31st March 2016 was valued at the cost of Rs. 2,24,000 while its market price was Rs. 2,40,000.
(4) The salaries were outstanding at Rs. 8,000.
(5) Depreciation : Land and Building @ 5% p.a. and Plant and Machinery @ 10 % p.a.

A ______ is an intangible asset.

Write the word/phrase/term, which can substitute the following sentence.

The account to which all adjustments are made when capital is fixed.

Write the word/phrase/term, which can substitute the following sentence.

Expenses which are paid before they are due.