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.

Trading Account for the year ended March 31,2013 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 23500 Sales 110000 Purchases 98500 Closing Stock 30000 Import Duty 2100 Goods distributed as Free Sample 2500 Wages and Salaries 14000 Gross Profit (Balancing Figure) 4400 142500 142500 Profit and Loss Account for the year ended March 31, 2013 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Salaries and Wages 12000 Gross Profit 4400 Postage and Telegram 1750 1500 Net Loss (Balancing Figure) 39100 Less : Unused 250 Advertisement 5000 7500 Add : Free Sample 2500 Bad debts 1000 2500 Add : Further Bad-Debts 1500 Carriage outward 1800 Printing and stationery 4600 4200 Less : Unused 400 Depreciation on: Leasehold Premises 4000 11000 Plant and Machinery 7000 Outstanding Interest on Loan 3000 43500 43500 Balance Sheet as on March 31, 2013 Liabilities Amount (Rs) Assets Amount (Rs) Capital Fixed Assets Sanjay 45000 50900 Plant and Machinery 70000 63000 Vijay 45000 Less : Depreciation 7000 Less : Net loss (39100) Leasehold Premises 80000 76000 Current Liabilities Less: Depreciation 4000 Creditors 72700 Current Assets Bills Payable 40000 Closing Stock 30000 10% Bank Loan 60000 63000 Debtors 45800 44300 Add : Outstanding Interest 3000 Less : Further Bad-Debts 1500 Outstanding Audit fees 5900 Bills Receivable 16700 Unused stock of Printing and Stationery 400 Unused Stock of Postage and Telegram 250 Cash in Hand 1850 232500 232500 Note 1: As per the textbook, the Gross Profit, the Net Loss and the total of Balance Sheet are Rs 15,900, Rs 27,600 and Rs 2,44,000, respectively, however, as per the above solution these should be Rs 4,400, Rs 39,100 and Rs 2,32,500 respectively. Note 2: It should be Wages and Salaries instead of Wages and stationery

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 - Book Keeping and Accountancy

प्रश्न

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 31^st 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.

खातेवही

उत्तर

Trading Account

for the year ended March 31,2013

Dr. Cr.

Particulars	Amount (Rs)	Particulars	Amount (Rs)
Opening Stock	23500	Sales	110000
Purchases	98500	Closing Stock	30000
Import Duty	2100	Goods distributed as Free Sample	2500
Wages and Salaries	14000
Gross Profit (Balancing Figure)	4400
	142500		142500

Profit and Loss Account

for the year ended March 31, 2013

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Salaries and Wages		12000	Gross Profit	4400
Postage and Telegram	1750	1500	Net Loss (Balancing Figure)	39100
Less : Unused	250	1500
Advertisement	5000	7500
Add : Free Sample	2500	7500
Bad debts	1000	2500
Add : Further Bad-Debts	1500	2500
Carriage outward		1800
Printing and stationery	4600	4200
Less : Unused	400	4200
Depreciation on:
Leasehold Premises	4000	11000
Plant and Machinery	7000	11000
Outstanding Interest on Loan		3000
		43500		43500

Balance Sheet

as on March 31, 2013

Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital			Fixed Assets
Sanjay	45000	50900	Plant and Machinery	70000	63000
Vijay	45000		Less : Depreciation	7000
Less : Net loss	(39100)		Leasehold Premises	80000	76000
Current Liabilities			Less: Depreciation	4000
Creditors		72700	Current Assets
Bills Payable		40000	Closing Stock		30000
10% Bank Loan	60000	63000	Debtors	45800	44300
Add : Outstanding Interest	3000		Less : Further Bad-Debts	1500
Outstanding Audit fees		5900	Bills Receivable		16700
			Unused stock of Printing and Stationery		400
			Unused Stock of Postage and Telegram		250
			Cash in Hand		1850
		232500			232500

Note 1: As per the textbook, the Gross Profit, the Net Loss and the total of Balance Sheet are Rs 15,900, Rs 27,600 and Rs 2,44,000, respectively, however, as per the above solution these should be Rs 4,400, Rs 39,100 and Rs 2,32,500 respectively.

Note 2: It should be Wages and Salaries instead of Wages and stationery

shaalaa.com

Partnership Final Accounts

या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?

Q 10 Q 9 Next

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ७२]

APPEARS IN

मायकल वाझ Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board

पाठ 2 Partnership Final Accounts
Practical Problems | Q 10 | पृष्ठ ७२

व्हिडिओ ट्यूटोरियलVIEW ALL [1]

view
व्हिडिओ ट्यूटोरियल For All Subjects
Partnership Final Accounts

video tutorial01:23:03

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.

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.

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.

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.

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.

A ______ is an intangible asset.

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

An asset which can be converted into cash easily.

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

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