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प्रश्न
Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.
उत्तर
In the books of Surekha Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
Joint Venture A/c |
Dr. |
|
4,00,000 |
|
|
To Purchases A/c |
|
|
|
4,00,000 |
|
(Goods supplied for Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
|
|
12,300 |
|
|
To Bank A/c (9,900 + 2,400) |
|
|
|
12,300 |
|
(Expenses paid for Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
3,90,000 |
|
|
To Sangita’s A/c |
|
|
|
3,90,000 |
|
(Goods purchased by Sangita for Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
14,000 |
|
|
To Sangita’s A/c |
|
|
|
14,000 |
|
(Selling expenses paid by Sangita) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
1,90,000 |
|
|
To Sangita’s A/c |
|
|
|
1,90,000 |
|
(Acceptance received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,84,000 |
|
|
Discount A/c |
Dr. |
|
6,000 |
|
|
To Bills Receivable A/c |
|
|
|
1,90,000 |
|
(Sangita’s acceptance discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
6,000 |
|
|
To Discount A/c |
|
|
|
6,000 |
|
(Discount on bill treated as Joint Venture expenditure) |
|
|
|
|
|
|
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|
|
|
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Sangita’s A/c |
Dr. |
|
10,00,000 |
|
|
To Joint Venture A/c |
|
|
|
10,00,000 |
|
(Goods sold) |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture A/c |
Dr. |
|
1,77,700 |
|
|
To Profit & Loss A/c |
|
|
|
1,06,620 |
|
To Sangita’s A/c |
|
|
|
71,080 |
|
(Profit made on Joint Venture) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
3,34,920 |
|
|
To Sangita’s A/c |
|
|
|
3,34,920 |
|
(Final payment received) |
|
|
|
In the Books of Sangita Joint Venture Account |
||||||||
Dr. |
|
Cr. |
||||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|||
|
Surekha |
4,00,000 |
|
Bank |
10,00,000 |
|||
|
Surekha: |
|
|
|
|
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|
Freight |
9,900 |
|
|
|
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|
Insurance |
2,400 |
12,300 |
|
|
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||
|
Bank: |
|
|
|
|
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|
Purchases |
3,90,000 |
|
|
|
|
||
|
Selling Expenses |
14,000 |
4,04,000 |
|
|
|
||
|
Surekha (Bill discounted) |
6,000 |
|
|
|
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|
Profit transferred to: |
|
|
|
|
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|
Profit & Loss A/c (2/5th) |
71,080 |
|
|
|
|
||
|
Surekha (3/5th) |
1,06,620 |
1,77,700 |
|
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||
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|
10,00,000 |
|
|
10,00,000 |
Surekha’s Account |
|||||||
Dr. |
|
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
||
|
Bills Payable |
1,90,000 |
|
Joint Venture (Goods) |
4,00,000 |
||
|
Bank (Final Payment) |
3,34,920 |
|
Joint Venture (Freight & Sundry Expenses) |
12,300 |
||
|
|
|
|
Joint Venture (Discount on bill) |
6,000 |
||
|
|
|
|
Joint Venture (Profit) |
1,06,620 |
||
|
|
|
|
|
|
||
|
|
5,24,920 |
|
|
5,24,920 |
APPEARS IN
संबंधित प्रश्न
Write the word/phrase/term, which can substitute the following sentence.
Credit balance of Profit and Loss Account.
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.
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 31st 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. 1st 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.
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
Write the word/phrase/term, which can substitute the following sentence.
The accounts that are prepared at the end of each accounting year.
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.
Profit and Loss Account is a Real Account.
State whether the following statement is True or False with reasons.
Depreciation is not calculated on Current Assets.
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.
Partners are _____ liable for the debts of the firm.
If partners Current Account shows ______ balance it is shown to the liability side of Balance sheet
The expenses paid for trading purpose are known as _______ expenses.
Expenses which are paid before due date are called as _____.
When goods are distributed as free samples, it is treated as ___________of the business.
Answer in one sentence only.
What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?
Answer in one sentence only.
Why is Balance Sheet prepared?
Do you agree/disagree with the following statement:
Amount borrowed by partner from his business will be debited to Current Account.
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:
All financial expenditures are debited to profit and loss account.
From the following Trial Balance of M/S Meera and Madhav. 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) |
25,000 |
Bank overdraft |
5,000 |
Debtors |
80,500 |
Bills Payable |
12,500 |
Bills Receivable |
10,000 |
Creditors |
68,000 |
Purchases |
2,08,500 |
Sales |
3,25,000 |
Returns |
1,000 |
Outstanding Rent |
2,000 |
Carriage Inward |
3,000 |
Unpaid Wages |
1,500 |
Carriage Outwards |
4,500 |
Capital : |
|
Motor Vehicle |
55,000 |
Meera |
75,000 |
General Expenses |
1,800 |
Madhav |
75,000 |
Export Duty |
900 |
Purchase Return |
1000 |
Advertisement |
4,800 |
||
(For 3 years from 1/10/2018) |
|||
Printing & Stationery |
1,200 |
||
Drawings : |
|||
Meera |
3,500 |
||
Madhav |
2,000 |
||
Leasehold Premises |
1,10,000 |
||
Cash at Bank |
45,000 |
||
Furniture |
8,300 |
||
5,65,000 |
5,65,000 |
Adjustments :
1) Closing Stock is valued at ₹32,000.
2) Provide Provision for Doubtful Debts ₹ 2,000.
3) Create reserve for Discount on Debtors @ 3%.
4) Valued of Leasehold Premises on 31st March 2019 ₹1,00,000.
5) Outstanding Expenses Printing & Stationary ₹500.
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%.
Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March 2019
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
Stock (1/4/2018) |
8,700 |
Sales |
68,000 |
Purchases |
18,300 |
Dividend |
2,000 |
Wages |
1,000 |
Purchases Return |
500 |
Insurance |
800 |
Sundry Creditors |
13,000 |
Unproductive Wages |
1,400 |
10% Bank Loan (w.e.f. 1/7/2018) |
8,000 |
Warehouse Rent |
600 |
||
Carriage Outward |
1,200 |
Other Receipts |
1,000 |
Sales Return |
600 |
||
Export Duty |
1,400 |
||
Customs Duty |
800 |
||
Sundry Debtors |
40,000 |
||
Investments |
15,700 |
||
Factory Rent |
1,600 |
||
Postage & Telegram |
400 |
||
92,500 |
92,500 |
Adjustments:
1) The Closing Stock is valued at ₹ 15,400.
2) Outstanding Wages ₹ 500.
3) Create provision for Bad debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
4) Goods of ₹ 1,800 distributed as a free sample.
5) Goods of ₹ 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.
Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account 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 ₹ |
Sundry Debtors |
28,000 |
Sales |
1,20,000 |
Purchases |
55,000 |
Rent |
1,800 |
Furniture |
38,500 |
Sundry Creditors |
38,500 |
Plant & Machinery |
60,000 |
Purchase Return |
1,000 |
Wages |
800 |
Discount |
500 |
Salaries |
3,500 |
Bills Payable |
9,000 |
Discount |
800 |
Capital A/c : |
|
Bills Receivable |
14,400 |
Kshipra |
90,000 |
Carriage Outward |
1,000 |
Manisha |
30,000 |
Postage |
500 |
Current A/c : |
|
Sales Return |
500 |
Kshipra |
5,000 |
Cash in Hand |
4,000 |
Manisha |
3,000 |
Cash at Bank |
47,000 |
||
Insurance |
2,000 |
||
Opening Stock |
17,800 |
||
Trade Expenses |
1,500 |
||
Warehouse Rent |
2,500 |
||
Advertisement |
1,000 |
||
Building |
20,000 |
||
2,98,800 |
2,98,800 |
Adjustments :
1) Stock on 31st March 2019 was at ₹37,000.
2) Sales include the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
3) Depreciation on fixed assets @ 5%.
4) Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.
5) Outstanding Expenses Wages ₹ 200 & Salaries ₹ 500.
6) Create provision for doubtful debts @ 3% on Sundry Debtors.
The insurance premium is paid for the year ending 1st September 2019 amounted to ₹ 1,500. Calculate prepaid insurance assuming that the year ending is 31st March 2019.
Find out Gross profit/Gross loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage Inward ₹ 2,400, Opening Stock ₹ 10,000, Purchase Returns ₹ 1,000, Closing Stock ₹ 36,000.
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 information, calculate Current Assets:
Debtors ₹ 60,000, Creditors ₹ 30,000, Bills payable ₹ 20,000, Stock ₹ 30,000, Loose tools ₹ 10,000, Bank overdraft ₹ 10,000.
State whether the following statement is True or False with reason:
Profit and Loss Account is a Real Account.
To find out the Net Profit or Net Loss of the business ______ account is prepared.
A ______ is an Intangible Asset.
Find odd one
Find odd one
Find odd one.
Registration of Partnership is ______ in India.
Find odd one.
Find the odd one:
Find the odd one:
Undervaluation of closing stock by 10%, closing stock was of ₹ 54,000. Find out the value of closing stock.
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.
Find an odd one.
Find odd one.
Find odd one.
Find odd one.