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प्रश्न
From the following Trial Balance of M/s Sanjay and Keshav, 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 account the following additional information:
| Trial Balance as on 31st March 2013 | |||
| Debit Balances | Amount (Rs.) | Credit Balances | Amount (Rs.) |
| Opening stock | 1,80,000 | Sales | 5,25,000 |
| Bills receivable | 80,000 | Rent | 22,000 |
| Purchase | 2,40,000 | Bills payable | 78,000 |
| Bad debts | 20,000 | Sundry creditors | 1,00,000 |
| Salary and wages | 24,000 | Capital account: | |
| Discount | 9,000 | Sanjay | 5,00,000 |
| Carriage inward | 12,000 | Keshav | 3,00,000 |
| Travelling expenses | 13,000 | ||
| Cash in hand | 38,000 | ||
| Furniture | 2,80,000 | ||
| Insurance | 12,000 | ||
| Land and building | 4,00,000 | ||
| Postage and telegram | 7,000 | ||
| Sundry debtors | 2,10,000 | ||
| 15,25,000 | 15,25,000 | ||
Additional information:
- Insurance paid in advance Rs. 3,000.
- Depreciation provided on furniture at 10%.
- Salary and wages outstanding Rs. 6,000.
- Rent received in advance Rs. 5,000.
- Closing stock as on 31.03.2013 Rs. 2,00,000.
खाता बही
उत्तर
Financial Statements of Sanjay and Keshav
| Dr. | Trading Account for the year ended March 31, 2013 | Cr. | |||
| Particulars | Amount (Rs) |
Particulars | Amount (Rs) |
||
| Opening Stock | 1,80,000 | Sales | 5,25,000 | ||
| Purchases | 2,40,000 | Closing Stock | 2,00,000 | ||
| Carriage Inward | 12,000 | ||||
| Gross Profit (Balancing Figure) | 2,93,000 | ||||
| 7,25,000 | 7,25,000 | ||||
| Dr. | Profit and Loss Account for the year ended March 31, 2013 | Cr. | |||||
| Particulars | Amount (Rs) |
Amount (Rs) |
Particulars | Amount (Rs) |
Amount (Rs) |
||
| Discount | 9,000 | Gross Profit | 2,93,000 | ||||
| Travelling Expenses | 13,000 | Rent | 22,000 | ||||
| Salary and Wages | 24,000 | Less: Unearned Rent | 5,000 | 17,000 | |||
| Add: Outstanding | 6,000 | 30,000 | |||||
| Depreciation on Furniture | 28,000 | ||||||
| Insurance | 12,000 | ||||||
| Less: Prepaid Insurance | 3,000 | 9,000 | |||||
| Postage & Telegram | 7,000 | ||||||
| Bad Debts | 20,000 | ||||||
| Net Profit (Balancing Figure) | |||||||
| Sanjay | 97,000 | ||||||
| Keshav | 97,000 | 1,94,000 | |||||
| 3,10,000 | 3,10,000 | ||||||
| Dr. | Balance Sheet as on March 31, 2013 | Cr. | |||
| Liabilities | Amount (Rs) |
Amount (Rs) |
Assets | Amount (Rs) |
Amount (Rs) |
| Capital: | Fixed Assets | 4,00,000 | |||
| Sanjay | 5,00,000 | Land & Building | |||
| Add: Net Profit | 97,000 | 5,97,000 | Furniture | 2,80,000 | |
| Keshav | 3,00,000 | Less: Depreciation | 28,000 | 2,52,000 | |
| Add: Net Profit | 97,000 | 3,97,000 | |||
| Current Assets: | |||||
| Current Liabilities: | Closing Stock | 2,00,000 | |||
| Creditors | 1,00,000 | Debtors | 2,10,000 | ||
| Outstanding Salary and Wages | 6,000 | Cash | 38,000 | ||
| Unearned Rent | 5,000 | Bills Receivable | 80,000 | ||
| Bills Payable | 78,000 | Prepaid Insurance | 3,000 | ||
| 11,83,000 | 11,83,000 | ||||
Working Notes:
WN1: Calculation of Depreciation
Depreciation on Furniture = 2,80,000 × `10/100` = Rs. 28,000.
WN2: Calculation of Share in Profit
Sanjay's Share in Profit = 1,94,000 × `1/2` = Rs. 97,000.
Keshav's Share in Profit = 1,94,000 × `1/2` = Rs. 97,000.
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Preparation of Final Accounts
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