Dhiraj and Suraj are partners 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, 2013 and balance sheet as on that date :Trial Balance as on 31.03.2013 Particulars Amount Rs. Particulars Amount Rs. Opening Stock 32,000 Sales 1,93,500 Purchases 64,000 Sundry Creditors 16,500 Plant and Machinery 30,000 Return Outward 2,500 Furniture 18,500 Capital Accounts Carriage 1,500 Dhiraj 90,000 Wages 30,000 Suraj 50,000 Bills Receivable 5,000 Sundry Debtors 32,000 Conveyance 4,000 Salaries 10,500 Cash in hand 14,750 Land and Building 83,500 Bad debts 1,750 Patents 25,000 352,500 352,500 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) Included in wages in advance given to workers Rs. 3,000. (5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

In the books of Dhiraj and Suraj Trading A/c For the year ended 31.3.13 Particulars Amount (Rs.) Amount (Rs.) Particulars Amount (Rs.) Amount (Rs.) To Opening Stock 32,000 By Sales 193,500 To Carriage 1,500 To Wages 30,000 (-) Prepaid (3,000) 27,000 To Purchases 64,000 (-) Return 2,500 61,500 By Closing Stock 25000 To Gross Profit C/d 96,500 218500 218500 Profit and Loss Account for the year ended 31.3.2013 Particulars Amount Rs. Amount Rs. Particulars Amount Rs. Amount Rs. To Conveyance 4000 By Gross Profit b/d 96500 To Salaries 10500 To Bad Debts 1750 (+) F.B.D. 1500 3250 To Repairs on Building 3500 To Depreciation on Plant and Machinery 1500 To Depreciation on Buliding 4000 To Net Profit Transfered to Partners capital A/c Dhiraj Capital Account 46500 Suraj Capital A/c 23250 69750 96500 96500 Partners Capital A/c Particulars Dhiraj Rs. Suraj Rs. Particulars Dhiraj Rs. Suraj Rs. By Balance b/d 90000 50000 By Net Profit B/d 46500 23250 To Balance C/d 136500 73250 136500 73250 136500 73250 Balance sheet as on 31.3.2013 Liabilities Amount Rs. Amount Rs. Assets Amount Rs. Amount Rs. Capital A/c Plant and Machinery 30000 Dhiraj 136500 (-) Depreciation - 1500 28500 Suraj 73250 209750 Furniture 18500 Sundry Creditors 16500 Bills Receivable 5000 Sundry Debtors 32000 (-) F.B.D. -1500 30500 Cash in Hand 14750 Patents 25000 Closing Stock 25000 Prepaid Wages 3000 Land & Building 83500 (-) Repairs -3500 80000 (-) Depreciation - 4000 76000 226250 226250

Dhiraj and Suraj Are Partners 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 - Book Keeping and Accountancy

प्रश्न

Dhiraj and Suraj are partners 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, 2013 and balance sheet as on that date :
Trial Balance as on 31.03.2013

Particulars	Amount Rs.	Particulars	Amount Rs.
Opening Stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	16,500
Plant and Machinery	30,000	Return Outward	2,500
Furniture	18,500	Capital Accounts
Carriage	1,500	Dhiraj	90,000
Wages	30,000	Suraj	50,000
Bills Receivable	5,000
Sundry Debtors	32,000
Conveyance	4,000
Salaries	10,500
Cash in hand	14,750
Land and Building	83,500
Bad debts	1,750
Patents	25,000
	352,500		352,500

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

(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

खाता बही

उत्तर

In the books of Dhiraj and Suraj

Trading A/c For the year ended 31.3.13

Particulars	Amount (Rs.)	Amount (Rs.)	Particulars	Amount (Rs.)	Amount (Rs.)
To Opening Stock		32,000	By Sales		193,500
To Carriage		1,500
To Wages	30,000
(-) Prepaid	(3,000)	27,000
To Purchases	64,000
(-) Return	2,500	61,500
			By Closing Stock		25000
To Gross Profit C/d		96,500
		218500			218500

Profit and Loss Account for the year ended 31.3.2013

Particulars	Amount Rs.	Amount Rs.	Particulars	Amount Rs.	Amount Rs.
To Conveyance		4000	By Gross Profit b/d		96500
To Salaries		10500
To Bad Debts	1750
(+) F.B.D.	1500	3250
To Repairs on Building		3500
To Depreciation on Plant and Machinery		1500
To Depreciation on Buliding		4000

To Net Profit Transfered to Partners capital A/c
Dhiraj Capital Account	46500
Suraj Capital A/c	23250	69750
		96500			96500

Partners Capital A/c

Particulars	Dhiraj Rs.	Suraj Rs.	Particulars	Dhiraj Rs.	Suraj Rs.
			By Balance b/d	90000	50000
			By Net Profit B/d	46500	23250
To Balance C/d	136500	73250
	136500	73250		136500	73250

Balance sheet as on 31.3.2013

Liabilities	Amount Rs.	Amount Rs.	Assets	Amount Rs.	Amount Rs.
Capital A/c			Plant and Machinery	30000
Dhiraj	136500		(-) Depreciation	- 1500	28500
Suraj	73250	209750	Furniture		18500
Sundry Creditors		16500	Bills Receivable		5000
			Sundry Debtors	32000
			(-) F.B.D.	-1500	30500
			Cash in Hand		14750
			Patents		25000
			Closing Stock		25000
			Prepaid Wages		3000
			Land & Building	83500
			(-) Repairs	-3500
				80000
			(-) Depreciation	- 4000	76000
		226250			226250

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Partnership Final Accounts

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Partnership Final Accounts

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संबंधित प्रश्न

Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.

Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.

Rokadimal sent goods of Rs 4,00,000 to Gunjal for sale.

Rokadimal paid Rs 11,500 for carriage.

Rokadimal drew a bill of Rs 95,000 on Gunjal, which he accepts.

Rokadimal discounted this bill with the bank for Rs 92,000.

The amount of discount is to be treated as joint venture expenditure.

Gunjal paid Rs 13,500 got advertisement.

Gunjal sold all the goods for Rs 5,00,000.

Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.

Give Journal Entries in the books of Gunjal of Pune.

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.

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 31^st 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. 1^st 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.

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.

To find out Net Profit or Net Loss of the business __________ account is prepared.

A ______ is an intangible asset.

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

Expenses which are paid before they are due.

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

Order in which fixed assets are recorded first in the Balance Sheet.