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प्रश्न
Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Land & Building |
40,000 |
Capital A/C |
|
|
Furniture |
18,000 |
Sun |
33,500 |
|
Machinery |
40,000 |
Moon |
33,500 |
|
(Purchased on 1/7/18) |
Current A/c: Sun |
6,000 |
|
|
Goodwill |
2,000 |
Sundry Creditors |
25,000 |
|
Wages |
2,000 |
Bank Overdraft |
10,000 |
|
Current A/c: Moon |
4,000 |
Reserve Fund |
5,000 |
|
8% Debentures |
8,000 |
Providend Fund |
5,000 |
|
(Purchased on 1/10/18) |
|||
|
Providend Fund Investment |
3,500 |
||
|
Stock of Postal stamps |
500 |
||
|
1,18,000 |
1,18,000 |
Adjustments:
1) Partners are entitled to get salary ₹ 6,000 p.a. in addition to their profit & loss sharing.
2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.
3) Interest on Capital 5% p.a.
4) Closing Stock ₹ 60,743.
5) Wages included ₹ 1,000 as advance is given to workers.
6) Interest due but not paid ₹ 800.
7) Total Net Profit amounted to ₹ 38,113.
उत्तर
| Dr. |
In the books of Sun and Moon |
Cr. | |||||
Particulars |
Sun | Moon | Particulars | Sun | Moon |
||
| To Balance b/d | 4,000 | By Balance b/d | 6,000 | - | |||
| By Profit and Loss A/c (Share in Net Profit) | 19,056 | 19,056 | |||||
| By Profit and Loss A/c (Partners Salary) | 6,000 | 6,000 | |||||
| By Profit and Loss A/c (Interest on Capital) | 1,675 | 1,675 | |||||
| To Balance c/d | 32,731 | 22,732 | |||||
| 32,731 | 26,732 | 32,731 |
26,732 |
||||
| By Balance b/d | 32,731 | 22,732 | |||||
| Balance Sheet as on 31st March 2019 | |||||
| Liabilities | Amt ₹ | Amt ₹ | Assets | Amt ₹ | Amt ₹ |
| Capital Accounts: | Land & Building | 40,000 | |||
| Sun | 33,500 | Less: Depreciation | 4,000 | 36,000 | |
| Moon | 33,500 | 67,000 | Furniture | 18,000 | |
| Current A/cs: | Less: Depreciation | 900 | 17,100 | ||
| Sun | 32,731 | Machinery | 40,000 | ||
| Moon | 22,732 | 55,463 | Less: Depreciation | 900 | 39,100 |
| Sundry Creditors | 25,000 | Goodwill | 2000 | ||
| Bank Overdraft | 10,000 | 8 % Debentures | 8,000 | ||
| Reserve Fund | 5,000 | Add: O/s Interest | 320 | 8,320 | |
| Provident Fund | 5,000 | Provident Fund Investments | 3,500 | ||
| O/s Interest | 800 | Stock & Postal Stamps | 500 | ||
| 1,68,263 | Closing Stock | 60,743 | |||
| Advance to Workers | 1,000 | ||||
| 1,68,263 | 1,68,263 | ||||
Working Notes:
(1) Depreciation on machinery is calculated for 9 months. (i.e. from 1/7/18 to 31/3/19)
Depreciation = `40,000xx 3/100 xx9/12` = ₹ 900
(2) Interest on 8 % debentures, calculated for 6 months. (i.e. from 1/10/18 to 31/3/19)
I = `"PRN"/100= 8,000 xx 8/ 100 xx 6 /12` = ₹ 320
(3) Advance given to workers (by firm) ₹ 1,000 is an asset for the firm, so, it is shown on Assets side.
(4) Interest due but not paid is a liability for firm, so, it is shown on the Liabilities side
APPEARS IN
संबंधित प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
Return outward are deducted from __________________.
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.
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 (₹) | 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.
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.
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.
Anita, Sunita and Kavita were partners sharing profits and losses in the ratio 3:3:2. Their Balance Sheet as on 31st March 2013 is as below :
Balance Sheet as on 31st March, 2013.
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
Capital Accounts
|
Building
|
10000
|
|
|
Anita
|
11000
|
Machinery
|
10700
|
|
Sunita
|
15000
|
Furniture
|
10000
|
|
Kavita
|
8000
|
Debtors
|
5000
|
|
Creditors
|
10000
|
Stock
|
6600
|
|
Reserve fund
|
4000
|
Cash
|
6600
|
|
48900
|
48900
|
A ______ is an intangible asset.
State whether the following statement is True or False with reasons.
Carriage inward is a carriage on purchase.
State whether the following statement is True or False with reasons.
Wages paid for the installation of Machinery is a Revenue expenditure.
Partners are _____ liable for the debts of the firm.
If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet
Return outward are deducted from ______.
Expenses which are paid before due date are called as _____.
Trading Account is prepared on the basis of ______ expenses.
Answer in one sentence only.
Why is Balance Sheet prepared?
Answer in one sentence only.
Why partners capital is treated as long-term liability of business?
Current account always shows a debit balance.
Do you agree/disagree with the following statement:
Carriage Inward is a selling and distribution overhead.
Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Stock (1/4/2018) |
8,700 |
Sales |
68,000 |
|
Purchases |
18,300 |
Dividend |
2,000 |
|
Wages |
1,000 |
Purchases Return |
500 |
|
Insurance |
800 |
Sundry Creditors |
13,000 |
|
Unproductive Wages |
1,400 |
10% Bank Loan (w.e.f. 1/7/2018) |
8,000 |
|
Warehouse Rent |
600 |
||
|
Carriage Outward |
1,200 |
Other Receipts |
1,000 |
|
Sales Return |
600 |
||
|
Export Duty |
1,400 |
||
|
Customs Duty |
800 |
||
|
Sundry Debtors |
40,000 |
||
|
Investments |
15,700 |
||
|
Factory Rent |
1,600 |
||
|
Postage & Telegram |
400 |
||
|
92,500 |
92,500 |
Adjustments:
1) The Closing Stock is valued at ₹ 15,400.
2) Outstanding Wages ₹ 500.
3) Create provision for Bad debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
4) Goods of ₹ 1,800 distributed as a free sample.
5) Goods of ₹ 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.
Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.
Trial Balance as on 31st March 2019
| Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
| Insurance | 15,000 | Capital A/c | |
| Land and building | 50,000 | Nana | 50,000 |
| (Addition of 20,000 w.e.f 1st July 2018) | Nani | 50,000 | |
| Salaries | 5,000 | 10% Bank loan taken on 1st Oct. 2018 | 30,000 |
| Export Duty | 2,500 | Interest | 1,500 |
| Interest | 1,000 | Bills Payable | 8,000 |
| Furniture | 40,000 | ||
| Debtors | 26,000 | ||
| 1,39,500 | 1,39,500 |
Adjustments :
1) Gross profit amounted to ₹ 34,500.
2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.
3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.
4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.
5) Closing Stock is valued at ₹ 34,500.
Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Sundry Debtors |
28,000 |
Sales |
1,20,000 |
|
Purchases |
55,000 |
Rent |
1,800 |
|
Furniture |
38,500 |
Sundry Creditors |
38,500 |
|
Plant & Machinery |
60,000 |
Purchase Return |
1,000 |
|
Wages |
800 |
Discount |
500 |
|
Salaries |
3,500 |
Bills Payable |
9,000 |
|
Discount |
800 |
Capital A/c : |
|
|
Bills Receivable |
14,400 |
Kshipra |
90,000 |
|
Carriage Outward |
1,000 |
Manisha |
30,000 |
|
Postage |
500 |
Current A/c : |
|
|
Sales Return |
500 |
Kshipra |
5,000 |
|
Cash in Hand |
4,000 |
Manisha |
3,000 |
|
Cash at Bank |
47,000 |
||
|
Insurance |
2,000 |
||
|
Opening Stock |
17,800 |
||
|
Trade Expenses |
1,500 |
||
|
Warehouse Rent |
2,500 |
||
|
Advertisement |
1,000 |
||
|
Building |
20,000 |
||
|
2,98,800 |
2,98,800 |
Adjustments :
1) Stock on 31st March 2019 was at ₹37,000.
2) Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
3) Depreciation on fixed assets @ 5%.
4) Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
5) Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
6) Create provision for doubtful debts @ 3% on Sundry Debtors.
The insurance premium is paid for the year ending 1st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31st March 2019.
Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.
Borrowed loan from Bank of Maharashtra ₹ 2,00,000 on 1st October 2019 at a rate of 15% p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st March, every year.
Kavya and Bhavya are partners, sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments, prepare: Trading and Profit and loss Account for the year ending and Balance Sheet as on that date.
| Trial Balance as on 31st March, 2020 | ||
| Particulars | Debit Amount (₹) | Credit Amount (₹) |
| Capital: | ||
| Kavya | 7,50,000 | |
| Bhavya | 5,00,000 | |
| Sundry Debtors | 2,25,000 | |
| Sundry Creditors | 1,50,000 | |
| Rent (10 Months) | 5,000 | |
| Opening Stock | 2,67,750 | |
| Building | 4,25,000 | |
| Salaries | 25,000 | |
| Commission | 400 | 475 |
| Vehicles | 1,85,000 | |
| Sales | 4,20,250 | |
| Purchases | 3,20,250 | |
| Wages | 5,000 | |
| Office Expenses | 10,000 | |
| Bank Overdraft | 75,000 | |
| Goods Returns | 2,750 | 1,750 |
| Provident Fund Investment | 4,00,000 | |
| Cash in Hand | 20,000 | |
| Provident Fund Contribution | 50,000 | |
| Provident Fund | 1,40,000 | |
| Cash at Bank | 1,00,000 | |
| Interest on P.F. Investment | 21,000 | |
| Drawing: | ||
| Kavya | 10,000 | |
| Bhavya | 7,500 | |
| Bad-debts | 1,675 | |
| R.D.D. | 1,850 | |
| Total | 20,60,325 | 20,60,325 |
Adjustments :
- Closing Stock ₹ 1,80,000.
- Outstanding wages ₹ 1,500 and Salaries ₹ 1,000
- Depreciate Vehicles @ 5% p.a.
- Write off Bad debts of ₹ 2,500 and provide for R.D.D at 5% Sundry Debtors.
- Bhavya withdrew Goods of ₹ 3,000 for her personal use.
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.
From the following Trial Balance of Riddhi and Siddhi, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date after considering the additional information given below.
| Trial Balance as on 31st March, 2020 | ||
| Debit Balance | Debit (₹) | Credit (₹) |
| Stock (1/4/2018) | 48,000 | |
| Capital - Riddhi | 50,000 | |
| Siddhi | 30,000 | |
| Purchases | 22,500 | |
| Wages | 800 | |
| Carriage Inward | 1,000 | |
| Sundry Creditors | 27,600 | |
| Bills Payable | 20,000 | |
| Cash in hand | 2,850 | |
| Insurance | 1,200 | |
| Sundry Debtors | 32,000 | |
| Bank Overdraft | 18,000 | |
| Carriage outward | 900 | |
| Land and Building | 42,500 | |
| Furniture | 38,700 | |
| Sales | 47,000 | |
| Purchase Return | 500 | |
| Sales Return | 400 | |
| Rent | 1,800 | |
| Bad-debts | 300 | |
| R.D.D | 350 | |
| Discount | 700 | 1,000 |
| Travelling Expenses | 250 | |
| Advertisements | 4,150 | |
| 1,96,250 | 1,96,250 | |
Adjustments:
- Closing stock ₹ 48,700.
- Outstanding Expenses - Wages ₹ 700 and Travelling Expenses ₹ 200.
- Depreciate Land and Building by 10% and Furniture by 5%.
- Insurance Paid in Advance ₹ 300.
- Goods of ₹ 3,000 destroyed by fire and Insurance Company rejected the claim fully.
Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to prepare Trading Account, Profit and Loss Account for the year ending 31st March, 2020 and Balance sheet as on that date:
| Trial Balance as on 31st March, 2020 | |||
| Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
| sundry Debtors | 56,000 | Sales | 2,40,000 |
| Purchases | 1,10,000 | Sundry Creditors | 99,600 |
| Plant & machinery | 1,60,000 | Purchases Return | 2,000 |
| Furniture | 1,05,800 | Capital accounts | |
| Salaries | 8,600 | Varsha | 1,80,000 |
| Sales return | 1,000 | Harsh | 60,000 |
| Cash in hand | 1,02,000 | Current Accounts: | |
| Opening stock | 35,600 | Varsha | 10,000 |
| Rent, Rates & Taxes | 9,000 | Harsha | 6,000 |
| Advertisement | 9,600 | ||
| 5,97,600 | 5,97,600 | ||
Adjustments:
- Stock on 31st March, 2020 was valued at ₹ 74,000.
- Depreciation on Plant and Machinery @ 5% p.a.
- Partners are entitled to get Interest on Capital at 5% p.a.
- Outstanding expenses: Salaries ₹ 700.
- Provide further Bad debts of ₹ 1,680 on Sundry debtors.
Write the word/phrase/term, which can substitute the following sentences.
The account in which selling expenses of the business are recorded.
State whether the following statement is True or False with reason:
Carriage Inward is carriage on purchases.
To find out the Net Profit or Net Loss of the business ______ account is prepared.
A ______ is an Intangible Asset.
A ______ is an Intangible Asset.
Find odd one.
Find odd one
Find odd one
Registration of Partnership is ______ in India.
Complete the following Table:
| Creditors | Bills Payable | Third-Party Liabilities |
| 16,000 | 12,000 | ? |
Find the odd one:
From the following Trial Balance and Adjustments given below of Rutul and Atul, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2023 and Balance Sheet as on that date.
| Trial Balance as on 31st March, 2023 | |||
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Purchases | 71,000 | Sales | 1,16,400 |
| Sundry Debtors | 80,000 | Sundry Creditors | 51,400 |
| Sales Returns | 2,000 | Purchase Returns | 1,000 |
| Opening Stock | 36,200 | R.D.D. | 1,600 |
| Bad Debts | 1,000 | Discount | 100 |
| Land & Building | 50,000 | Commission | 500 |
| Furniture | 40,000 | Capital A/cs: | |
| Discount | 2,000 | Rutul | 1,00,000 |
| Royalties | 1,400 | Atul | 60,000 |
| Rent | 3,800 | ||
| Salaries | 6,000 | ||
| Wages | 1,600 | ||
| Insurance | 3,000 | ||
| Drawing: | |||
| Rutul | 4,000 | ||
| Atul | 2,000 | ||
| Cash at Bank | 23,000 | ||
| Cash in Hand | 4,000 | ||
| 3,31,000 | 3,31,000 | ||
Adjustments:
(1) Closing stock valued at ₹ 44,000.
(2) Write off ₹ 1,800 for bad and doubtful debts and create a provision for reserve for doubtful debts ₹ 2,000.
(3) Create a provision for discount on debtors @ 3% and on creditors @ 5%.
(4) Outstanding expenses: Wages ₹ 1,400 and Salaries ₹ 1,600.
(5) Insurance is paid for 15 months, w.e.f. 1st April, 2022.
(6) Depreciate Land and Building @ 5%.
(7) Rutul and Atul are sharing Profits and Losses in their Capital Ratio.
Find the odd one:
Find an odd one.
Find an odd one.
Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date:
| Trial Balance as on 31st March, 2019 | |||
| Debit Balances | Amount (₹) | Cebit Balances | Amount (₹) |
| Insurance | 30,000 | Capital Accounts: | |
| Land and Building ((Addition of ₹ 40,000 wef. 1st July, 2018)) | 1,00,000 | Mama | 1,00,000 |
| Salaries | 10,000 | Kaka | 1,00,000 |
| Export duty | 5,000 | 10% Bank Loan (taken on1st Oct. 2018) | 60,000 |
| Interest | 2,000 | Interest | 3,000 |
| Furniture | 80,000 | Bills payable | 16,000 |
| Debtors | 52,000 | - | |
| 2,79,000 | 2,79,000 | ||
Adjustment:
- Gross profit amounted to ₹ 69,000.
- Prepaid insurance ₹ 7,500.
- Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
- Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
- Closing stock is valued at ₹ 69,000.
Find odd one.
Find the odd one.
