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प्रश्न
From the following Trial Balance of M/s . Patil and Desai , you are required to prepare Trading and profit and loss Account for the year ended 31st March , 2016 and Balance Sheet as on that date :
Trial Balance as on 31.03.2016
| Debit Balances | Amount (₹) | Credit Balances | Amount (₹) |
| Machinery | 140000 | Capital accounts : | |
| Furniture | 80000 | Patil | 200000 |
| Coal,gas and water | 4300 | Desai | 150000 |
| Land and Building | 120000 | Sales | 330000 |
| Purchases | 232000 | Sundry creditors | 105000 |
| Postage and telegram | 2200 | Bank loan | 40000 |
| Export duty | 15500 | ||
| Wages and Salaries | 31000 | ||
| Rent and taxes | 7200 | ||
| Cash in hand | 58000 | ||
| Freight | 6200 | ||
| Prepaid rent | 3600 | ||
| Sundry debtors | 76000 | ||
| Salaries | 4200 | ||
| Opening stock | 39000 | ||
| Discount | 5800 | ||
| 825000 | 825000 |
Adjustments :
(1) Closing stock in hand was valued at ₹ 61000.
(2) Goods distributed as free samples were ₹ 3000.
(3) Outstanding salaries ₹ 900
(4) Provide reserve for doubtful debts at 5 % on sundry debtors.
(5) Depreciate machinery at 5 % p.a.
उत्तर
In the books of M/s Patil and Desai
Trading A/c for the year ended 31.3.16
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Opening stock | 39000 | By sales | 330000 |
| To purchases | 232000 | By Goods distributed as free samples | 3000 |
| To coal, gas, and water | 4300 | ||
| To wages and salaries | 31000 | ||
| To freight | 6200 | ||
| To Gross profit c/d | 81500 | By Closing stock | 61000 |
| 394000 | 394000 |
Profit and loss A/c for the year ended 31.3.16
| Particulars | Amount | Particulars | Amount | |
| To postage and telegram | 2200 | By Gross profit b/d | 81500 | |
| To Export Duty | 15500 | |||
| To Rent and Taxes | 7200 | |||
| To salaries | 4200 | 5100 | ||
| Add: outstanding | 900 | |||
| To Discount | 5800 | |||
| To Goods distributed as free samples | 3000 | |||
| To R.D.D | 3800 | |||
| To Depreciation on machinery | 7000 | |||
| To net Profit c/d | ||||
| Patil | 15950 | 31900 | ||
| Desai | 15950 | |||
| 81500 | 81500 | |||
Balance sheet as on 31.3.16
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capital A/c | Machinery | 140000 | 133000 | ||
| Patil | 200000 | 215950 | Less : Depreciation @ 5 % | (7000) | |
| Add: Net Profit | 15950 | Furniture | 80000 | ||
| Desai | 150000 | 165950 | Land and Building | 120000 | |
| Add: Net Profit | 15950 | Cash in hand | 58000 | ||
| Sundry Creditors | 105000 | Prepaid Rent | 3600 | ||
| Bank loan | 40000 | Sundry Debtors | 76000 | 72200 | |
| Outstanding salaries | 900 | Less : R.D.D. @ 5 % | (3800) | ||
| Closing Stock | 61000 | ||||
| 527800 | 527800 | ||||
APPEARS IN
संबंधित प्रश्न
Trial Balance as on 31.03.2013
|
Particulars
|
Debit
Amount (Rs.)
|
Credit
Amount (Rs.)
|
|
Capital Accounts
|
||
|
Apeksha
|
60000
|
|
|
Pratiksha
|
35000
|
|
|
Purchases and Sales
|
46700
|
85000
|
|
Sundry Debtors and Creditors
|
28000
|
25000
|
|
Bills Receivable and Bills Payable.
|
9600
|
7800
|
|
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
|
|
|
212800
|
212800
|
Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :
Trial Balance as on 31st March, 2013
| Debit Balances | Amount | Credit Balances | Amount |
| Purchases | 1,09,000 | Sundry creditors | 45,600 |
| Insurance | 3,700 | Sales | 1,94,000 |
| Rent, rates and taxes | 14,600 | R.D.D. | 2,000 |
| Office expenses | 7,300 | Commission | 5,500 |
| Land and buildings | 3,00,000 | Capital A/c’s: | |
| Plant and machinery | 60,000 | Jaya | 2,00,000 |
| Furniture | 15,000 | Maya | 2,50,000 |
| Carriage inwards | 3,700 | Current A/c’s: | |
| Sundry debtors | 88,000 | Jaya | 3,400 |
| Stock (as on 01.04.2012) | 32,800 | Maya | 9,100 |
| Wages and salaries | 28,600 | ||
| Cash in hand | 4,700 | ||
| Cash at bank | 40,200 | ||
| Drawings A/c’s: | |||
| Jaya | 500 | ||
| Maya | 1,500 | ||
| 7,09,600 | 7,09,600 |
Adjustments :
(1) Closing stock was valued at Rs. 22,600.
(2) Purchases include purchase of furniture of Rs .10,000 made on 1st October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at 5% on sundry debtors.
From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :
|
Trial Balance as on 31st March, 2010 |
||
|
Particulars |
Debit |
Credit |
|
Sundry Debtors and Creditors Bills Receivable and Bills Payable Purchases and Sales Return Inward Salaries and Wages Carriage outward Insurance Premium Postage and Telegram Plant and Machinery Advertisement Import Duty Bad Debts Printing and Stationery Cash in Hand Leasehold Premises Opening Stock Dividend Received Outstanding Audit fees 10% Bank Loan (Taken on 1.10.2009) Capital Accounts : Sanjay Vijay |
45,800 28,200 98,500 2,000 26,000 1,800 2,200 1,750 70,000 3,000 2,100 1,000 2,400 1,850 80,000 12,000
|
72,700 40,000 1,10,000
1,500 60,000 45,000 45,000
|
|
Total |
3,78,600 |
3,78,600 |
Additional Information:
(1) Closing Stock was valued at Rs 25,000.
(2) Unused Postage Stamps of Rs 250.
(3) Uninsured goods worth Rs 8,000 were stolen from the godown.
(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.
(5) Depreciate Plant and Machinery at 10% p.a.
(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.
Answer in one sentence only.
To which account Gross Profit transferred?
Answer in one sentence only.
In the absence of partnership deed, what is profit sharing ratio of the partners?
Give the word / term or phrase which can substitute the following statement.
The accounts which are prepared at the end of each financial year.
Select the most appropriate alternative from those given below and rewrite the statement.
The gross profit is transferred to _________________ account.
Select the most appropriate alternative from those given below and rewrite the statement.
_________________ is the list of all ledger balances.
State whether the following statement is True or False.
Profit and loss account is a nominal account.
Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.
Select the most appropriate alternative from those given below and rewrite the statement.
All indirect expenses are debited to ____________ account.
Select the most appropriate alternative from the given below and rewrite the statement.
If any asset is taken over by a partner from the firm, his capital account will be ______
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Sundry Creditors
|
7500
|
Cash at Bank
|
1500
|
|
Umesh’s Wife’s Loan
|
15000
|
Debtors 33750
|
|
|
Capital Accounts:
|
Less: R.D.D. - 3750
|
30000
|
|
|
Umesh
|
69000
|
Stock
|
67500
|
|
Prakash
|
45000
|
Machinery
|
22500
|
|
Furniture
|
15000
|
||
|
136500
|
136500
|
Satish and Pradeep are partners in a partnership firm, sharing profit and losses equally. From the following Trial Balance and Adjustment given below, 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.
Balance Sheet as on 31st March 2013
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Purchases | 220000 | Partners' Capital | |
| Sundry Debtors | 45000 | Satish | 120000 |
| Discount | 4000 | Pradeep | 90000 |
| Opening stock | 25000 | Sales | 430000 |
| Wages and salaries | 23000 | Sundry Creditors | 85000 |
| Manufacturing expenses | 25500 | Discount | 3500 |
| Factory Building | 175000 | ||
| Plant and Machinery | 75000 | ||
| Advertisement (for 2 yrs w.e.f. 1.1.13) | 10000 | ||
| Salary and wages | 45000 | ||
| Cash in hand | 15000 | ||
| 10 % Govt. Bonds (purchased on 01.07.2012) | 60000 | ||
| Warehouse Rent | 6000 | ||
| 728500 | 728500 |
Adjustments :
(1) The closing stock was valued at the market price at ₹ 92000, which is 15 % above its cost price.
(2) Depreciation machinery at 10 % p.a.
(3) Outstanding wages were ₹ 2500
(4) Maintain R.D.D. at 5 % on sundry debtors.
Net profit is ______.
Closing stock is valued at ______.
Accrued interest on investment will be shown
If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.
What is the need for preparing final accounts?
Explain how closing stock is treated in final accounts?
Complete the following sentence.
"If, after the final accounts have been prepared, some omission or commissions are noticed say in respect of the interest on capital, interest on drawings, etc. necessary adjustments can be made in the partner's capital accounts through?
Arvind and Anand are partners sharing profits and losses in the ratio 8 : 3 : 1 Balances in their capital accounts on April 01, 2019 were, Arvind- Rs. 4,40,000 and Anand Rs. 2,60,000. As per their agreement, partners were entitled to interest on capital @ 5% p.a., and interest on drawings was to be charged @ 6% p.a. Arvind was allowed an annual salary of Rs. 35,000/- for the additional responsibilities taken up by him. Partners drawings for the year were, I Arvind Rs. 40,000 and Anand Rs. 28,000. Profit and loss account of the firm for the year ending March 31, 2020 showed a Net Loss of Rs. 32,400. Prepare Profit and Loss Appropriation Account.
