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.

खातेवही

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

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Partnership Final Accounts

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2021-2022 (March) Set 1

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

Q 7 | 12 marks

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Partnership Final Accounts

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संबंधित प्रश्‍न

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.

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.

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.

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.

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.

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.

Darshan and Amar were partners sharing profit and losses in the proportion of 2: 1. Their balance sheet is as follows:

Balance sheet as on 31st March 2016

Liabilities	Amt(Rs)	Amt(Rs)	Assets	Amt(Rs)	Amt(Rs)
Capital A/cs:			Building		1,00,000
Darshan	96,000		Furniture		20,000
Amar	64,000	1,60,000	Equipments		10,000
General reserve		18,000	Debtors	63,000
Profit and Loss A/c		6,000	Less: R.D.D	3,000	60,000
Creditors		80,000	Stock		84,000
Pawans loan A/c		26,000	Cash		16,000
		2,90,000			2,90,000

On 1st April, 2016 Ranjit is admitted in the partnership on the following terms.

(1) Ranjit should bring in cash Rs 48,000 as capital for 1/5th share in future profits.
(2) Goodwill was raised in the books of the firm for Rs 18,000
(3) Building is revalued st RS 1,12,000 and tghe value of stock to be reduced by Rs 6,000
(4) Reserve for doubtful debts be maintained at Rs 1,800.
(5) Pawans loand is to be repaid.

Prepare:
(1) Revaluation A/c
(2) Capital A/cs of partners and
(3) Balance sheet of the new firm

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.

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

On 1st April, 2013, Mrs. Kavita retired from the firm on the following terms :

(1) Goodwill of the firm is to be valued at Rs. 4,000, however, only Kavita’s share in it is to be raised in the books and written off immediately.

(2) Assets to be revalued as under:

Stock Rs. 6,300; Machinery Rs. 10,000; Furniture Rs. 10,200.

(3) R.D.D. to be maintained at 10% on debtors.

(4) Rs. 100 to be written off from creditors.

(5) The amount payable to Mrs. Kavita is to be transferred to her loan account.

Prepare :

(1) Profit and loss adjustment account.

(2) Partner’s capital account, and

(3) Balance Sheet of new firm as on 01.04.2013.