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 31st March, 2012 Debit Balance Amount Rs CreditBalance Amount Rs Stock on 1st 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.

Trading Account for the year ended Mar.31,2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Opening Stock 52000 Sales 320000 326000 Purchases 1,76,000 Add : Additional Sales 6000 Wages 22000 26000 Closing Stock 80000 Add : OutstandingWages 4000 Gross Profit (Balancing Figure) 152000 406000 406000 Profit and Loss Account for the year ended March 31, 2012 Dr. Cr. Particulars Amount (Rs) Particulars Amount (Rs) Bad-Debts 3,000 9300 Gross Profit 152000 Add : Further Bad-Debts 4000 Rent Received 9600 Add : New Reserve for Doubtful Debts 4300 Discount Received 3600 Less : Old Reserve for Doubtful Debts (2000) Reserve for Discount on Creditors 2520 Reserve for Discount on Debtors 1634 Salaries 28000 31066 Add : Outstanding Salaries 3066 Depreciation on Motor Vehicle 2500 Rent 16000 19200 Add : OutstandingRent`(16000 xx 2/10 = "Rs" 3200)` 3200 Office Expenses 5000 Discount Allowed 2500 Provident Fund Contribution 5500 Net Profit (Balancing Figure) Roma 45510 91020 Mona 45510 167720 167720 Balance Sheet as on March 31, 2012 Dr. Cr. Liabilities Amount (Rs) Assets Amount (Rs) Capital of Roma 50000 95510 Fixed Assets Add : Net Profit 45510 Motor Vehicles 50000 Capital of Mona 50000 95510 Less : 5% depreciation (2500) 47500 Add : Net Profit 45510 Premises 78000 Current Liabilities Current Assets Creditors 84000 81480 Closing Stock 80000 Less : Reserve for Discount on Creditors (2520) Debtors 84000 80066 Outstanding Salaries 3066 Add : Additional 6000 Outstanding Wages 4000 Less : Further Bad-Debts (4000) Outstanding Rent 3200 Less : Reserve for Doubtful Debts (4300) Interest on Provident Fund Investment 2800 Less : Reserve for Discount on Debtors (1634) Provident Fund 50000 Provident Fund Investment 50000 335566 335566

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 - Book Keeping and Accountancy

प्रश्न

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.

खातेवही

उत्तर

Trading Account

for the year ended Mar.31,2012

Dr. Cr.

Particulars		Amount (Rs)	Particulars		Amount (Rs)
Opening Stock		52000	Sales	320000	326000
Purchases		1,76,000	Add : Additional Sales	6000
Wages	22000	26000	Closing Stock		80000
Add : Outstanding Wages	4000
Gross Profit (Balancing Figure)		152000
		406000			406000

Profit and Loss Account

for the year ended March 31, 2012

Dr. Cr.

Particulars		Amount (Rs)	Particulars	Amount (Rs)
Bad-Debts	3,000	9300	Gross Profit	152000
Add : Further Bad-Debts	4000		Rent Received	9600
Add : New Reserve for Doubtful Debts	4300		Discount Received	3600
Less : Old Reserve for Doubtful Debts	(2000)		Reserve for Discount on Creditors	2520
Reserve for Discount on Debtors		1634
Salaries	28000	31066
Add : Outstanding Salaries	3066	31066
Depreciation on Motor Vehicle		2500
Rent	16000	19200
Add : Outstanding Rent `(16000 xx 2/10 = "Rs" 3200)`	3200	19200
Office Expenses		5000
Discount Allowed		2500
Provident Fund Contribution		5500
Net Profit (Balancing Figure)
Roma	45510	91020
Mona	45510	91020
		167720		167720

Balance Sheet

as on March 31, 2012

Dr. Cr.

Liabilities		Amount (Rs)	Assets		Amount (Rs)
Capital of Roma	50000	95510	Fixed Assets
Add : Net Profit	45510		Motor Vehicles	50000
Capital of Mona	50000	95510	Less : 5% depreciation	(2500)	47500
Add : Net Profit	45510		Premises		78000
Current Liabilities			Current Assets
Creditors	84000	81480	Closing Stock		80000
Less : Reserve for Discount on Creditors	(2520)		Debtors	84000	80066
Outstanding Salaries		3066	Add : Additional	6000
Outstanding Wages		4000	Less : Further Bad-Debts	(4000)
Outstanding Rent		3200	Less : Reserve for Doubtful Debts	(4300)
Interest on Provident Fund Investment		2800	Less : Reserve for Discount on Debtors	(1634)
Provident Fund		50000	Provident Fund Investment		50000
		335566			335566

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Partnership Final Accounts

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Q 4 Q 3 Q 5

पाठ 2: Partnership Final Accounts - Practical Problems [पृष्ठ ६८]

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

पाठ 2 Partnership Final Accounts
Practical Problems | Q 4 | पृष्ठ ६८

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Partnership Final Accounts

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संबंधित प्रश्‍न

Select the most appropriate alternative from those given below and rewrite the statement.

Return outward are deducted from __________________.

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

Debit balance of Trading Account.

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.

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.

Following is the Balance sheet of Harsha and Versha's firm on 31st March, 2016. They share profit and losses in the ratio of 3 : 2.
Balance sheet as on 31st March, 2016

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital A/c:		Land & building	2,00,000
Harsha	2,80,000	Furniture	76,000
Varsha	2,80,000	Sundry debtors	3,00,000
Sundry creditors	4,00,000	Stock	1,60,000
		Cash at bank	2,24,000
	9,60,000		9,60,000

They decided to admit Asha on 1st April, 2016, into partnership on the following terms:
1) Asha should bring Rs. 80,000 as her share of goodwill, which is to be retained in the business.
2) She should bring Rs. 1,00,000 as her capital for 1/4th share in future profits.
3) land and building to be valued at Rs. 2,40,000 and furniture be reduced by 10%.
4) A provision of 5% on debetors to be made for doubtful debts.
5) The stock is to be taken at a value of Rs. 2,00,000.
6) The excess of capital of Harsha and Varsha over their due proportion of sharing profits in the firm is to be transferred to their respective loan accounts.
Prepare :
Profit and Loss Adjustment Account, Partner's Capital Account and new Balance Sheet of the 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.

To find out Net Profit or Net Loss of the business __________ account is prepared.

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

Expenses which are paid before they are due.

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

An asset which can be converted into cash easily.