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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 paid Rs 11,500 for carriage.
Rokadimal discounted this bill with the bank for Rs 92,000.
Gunjal paid Rs 13,500 got advertisement.
Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.
उत्तर
In the books of Gunjal Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Joint Venture A/c |
Dr. |
|
4,00,000 |
|
|
To Rokadimal |
|
|
|
4,00,000 |
|
(Goods sent for Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
11,500 |
|
|
To Rokadimal |
|
|
|
11,500 |
|
(Expenses paid) |
|
|
|
|
|
|
|
|
|
|
|
Rokadimal A/c |
Dr. |
|
95,000 |
|
|
To Bills Payable A/c |
|
|
|
95,000 |
|
(Acceptance given) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
3,000 |
|
|
To Discount A/c |
|
|
|
3,000 |
|
(Discount charges charged to Joint venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
13,500 |
|
|
To Bank A/c |
|
|
|
13,500 |
|
(Expenses paid) |
|
|
|
|
|
|
|
|
|
|
|
Joint Bank A/c |
Dr. |
|
5,00,000 |
|
|
To Joint Venture A/c |
|
|
|
5,00,000 |
|
(Goods sold) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
7,000 |
|
|
To Bank A/c |
|
|
|
7,000 |
|
(Selling expenses paid) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
25,000 |
|
|
To Gunjal’s A/c |
|
|
|
25,000 |
|
(Commission charged in Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
40,000 |
|
|
To Rokadimal |
|
|
|
32,000 |
|
To Profit & Loss A/c |
|
|
|
8,000 |
|
(Profit shared on Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Rokadimal |
Dr. |
|
1,48,500 |
|
|
To Bank A/c |
|
|
|
1,48,500 |
|
(Final Payment made to Rokadimal) |
|
|
|
|
Working Notes:
1. Calculation of commission on sale
\[\text{Commission on Sale} = 5, 00, 000 \times \frac{5}{100} = Rs 25,000\]
2.Calculation of profit and distribution amongst the co-venturers
\[\begin{array}{ccl}Profit & = & 5, 00, 000 - 4, 00, 000 - 11, 500 - 3, 000 - 13, 500 - 7, 000 - 25, 000 \\ = & 40, 000\end{array}\]
3. Calculation of final payment to Rokadimal by Gunjal
Gunjal’s Account |
|||||
Dr. |
Cr. |
||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
Joint Bank (Final Payment) |
1,48,500 |
|
Joint Venture (Commission) |
25,000 |
|
|
|
|
Joint Venture (Expenses) |
13,500 |
|
|
|
|
Joint Venture (Selling Expenses) |
7,000 |
|
|
|
|
Bills Receivable |
95,000 |
|
|
|
|
Joint Venture (Profit) |
8,000 |
|
|
1,48,500 |
|
|
1,48,500 |
APPEARS IN
संबंधित प्रश्न
Select the most appropriate alternative from those given below and rewrite the statement.
Return outward are deducted from __________________.
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 31st 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 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.
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.
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
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
|
Write the word/phrase/term, which can substitute the following sentence.
The account to which all adjustments are made when capital is fixed.
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.
State whether the following statement is True or False with reasons.
Bank loan is a current liability.
State whether the following statement is True or False with reasons.
Net profit is a debit balance of Profit and Loss Account.
Find odd one
Find odd one.
Find odd one.
The withdrawal by partner for personal use from the firm is ________ to his account.
The expenses paid for trading purpose are known as _______ expenses.
Cash receipts which are recurring in nature are called as__________ Receipts.
Expenses which are paid before due date are called as _____.
Trading Account is prepared on the basis of ______ expenses.
Answer in one sentence only.
What do you mean by pre-received income?
Answer in one sentence only.
What do you mean by indirect incomes?
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:
Sold but undispatched goods must be part of valuation of closing stock.
Do you agree/disagree with the following statement:
Carriage Inward is a selling and distribution overhead.
Do you agree/disagree with the following statement:
All financial expenditures are debited to profit and loss account.
Amit bhai and Narendra bhai are in Partnership 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 2019 and Balance Sheet as on that date.
Trial Balance as on 31st March 2019
Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
Plant & Machinery | 2,80,000 | Capital A/c: | |
Factory Building | 75,000 | Amitbhai | 3,50,000 |
Sundry Debtors | 28,700 | Narendrabhai | 3,00,000 |
Purchases | 85,500 | Sales | 1,80,000 |
Bad Debts | 500 | Bills Payable | 8,500 |
Sales Return | 2,200 | Discount | 1,200 |
10% Govt. Bond |
40,000 | Creditors | 38,500 |
Import Duty | 1,800 | R.D.D. | 2,700 |
Legal Charges | 2,000 | Bank Loan | 15,000 |
Motive Power | 12,000 | Purchases Return | 2,000 |
Warehouse Rent | 1,800 | ||
Cash in Hand | 20,000 | ||
Cash at Bank | 70,000 | ||
Advertisement (for 2 years, w.e.f 1st Jan 2019) |
10,000 | ||
Salaries | 3,800 | ||
Rent | 1,500 | ||
Drawings : | |||
Amitbhai | 2,400 | ||
Narendrabhai | 3,200 | ||
Furniture | 1,95,800 | ||
Bills Receivable | 20,700 | ||
Freehold Property | 41,000 | ||
8,97,900 | 8,97,900 |
Adjustments:
1) Stock on hand on 31st March 2019 was valued at ₹ 43,000.
2) Uninsured goods worth ₹ 8,000 were stolen.
3) Create R.D.D at 2% on Sundry debtors.
4) Mr. Patil, our customer becomes insolvent and could not pay his debts of ₹ 500.
5) Outstanding Expenses - Rent ₹ 800 and Salaries ₹ 300
6) Depreciate Factory Building by ₹ 2,500 and Furniture by ₹ 1,800
Archana and Prerana are partners, sharing Profits and Losses in the ratio 2: 1 with the help of following Trial Balance and Adjustments given below. You are required to prepare Trading 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 ₹ |
Stock (1/4/2018) |
8,560 |
Capital: |
|
Patents |
2,000 |
Archana |
40,000 |
Sundry Debtors |
18,500 |
Prerana |
20,000 |
Stock of Stationary |
3,000 |
Other Loans |
3,000 |
Trade Mark |
2,000 |
Reserve fund |
1,000 |
Bills Receivable |
6,300 |
Sundry Creditors |
17,500 |
Electricity charges |
1,450 |
Bills Payable |
5,000 |
Wages |
950 |
Purchase Return |
1,000 |
Heating & Lighting |
1,000 |
R.D.D |
500 |
Trade Expenses |
850 |
Sales |
30,200 |
Sales Return |
400 |
Interest |
310 |
Land & Building |
22,000 |
||
Furniture |
13,000 |
||
Cash at Bank |
5,000 |
||
Investments |
7,500 |
||
Drawings : |
|||
Archana |
1,200 |
||
Prerana |
900 |
||
Bad debts |
200 |
||
Purchases |
23,700 |
||
1,18,510 |
1,18,510 |
Adjustments:
1) Stock on 31st March 2019 is valued at Cost Price ₹ 12,000 and Market Price ₹ 17,000.
2) Our customer Mr. Shekhar failed to pay his dues of ₹ 800.
3) 1/8th of Patents are to be written off.
4) A part of Furniture ₹ 5,000 is purchased on 1st Oct 2018.
5) Depreciation on Land & Building 10% and on Furniture 5%.
6) Outstanding Expenses Wages ₹ 300 and Electricity Charges ₹ 200.
7) Allow Interest on Capital 3%.
Returns outward are deducted from ______.
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.
State whether the following statement is True or False with reason:
Carriage Inward is carriage on purchases.
Find odd one.
Find odd one
Registration of Partnership is ______ in India.
Find the odd one:
Do you agree or disagree with the following statements:
Bills receivable is a current asset.
Zalak and Kalpana are partners sharing Profit and Losses in their Capital ratio. You are required to prepare Trading Account 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 Balance | Amount (₹) | Credit Balances | Amount (₹) |
Sundry Debtors | 56,000 | Sales | 2,40,000 |
Purchases | 1,10,000 | Rent | 3,600 |
Furniture | 77,000 | Sundry Creditors | 77,000 |
Plant and Machinery | 1,20,000 | Purchase Return | 2,000 |
Wages | 1,600 | Discount | 1,000 |
Salaries | 7,000 | Bills Payable | 18,000 |
Discount | 1,600 | Capital A/c: | |
Bills Receivable | 28,800 | Zalak | 1,80,000 |
Carriage Outward | 2,000 | Kalpana | 60,000 |
Postage | 1,000 | Current A/c: | |
Sales Return | 1,000 | Zalak | 10,000 |
Cash in Hand | 8,000 | Kalpana | 6,000 |
Cash at Bank | 94,000 | ||
Insurance | 4,000 | ||
Opening Stock | 35,600 | ||
Trade Expenses | 3,000 | ||
Warehouse Rent | 5,000 | ||
Advertisement | 2,000 | ||
Building | 40,000 | ||
5,97,600 | 5,97,600 |
Adjustments:
(1) Stock on 31st March, 2023 was at ₹ 74,000.
(2) Sales includes, sale of machinery of ₹ 4,000, which is sold on 1st April, 2022.
(3) Depreciation on fixed assets @ 5%.
(4) Each partner is entitled to get commission at 1 % of Gross profit and interest on Capital 5 % p.a.
(5) Outstanding Expenses: Wages ₹ 400 and Salaries ₹ 1,000.
6) Create provision for Doubtful debts @ 3 % on Sundry Debtors.
Advertisement expense ₹ 80,000 paid for 2 years from 1st Jan. 2022. Calculate prepaid advertisement expense for the year ended on 31st March, 2022.
Provident fund amount is a ______ for the firm.
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 odd one.
Find the odd one.
Find odd one.