OMTEX CLASSES: Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2: 3

Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2: 3

7. In the books of Partnership Firm of Jaya and Maya

Trading A/c For the year ended 31st March, 2011



Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

32800
By Sales

194000
To Purchases
109000

By Closing Stock

22600
Less:  Purchase of furniture wrongly included
10000
99000



To Carriage Inwards

3700



To Wages and Salaries

28600



To Gross Profit C/d

52500











216600


216600


Profit & Loss Account for the year ended 31 st March, 2011


Particulars
Amount
Amount
Particulars
Amount
Amount
To Insurance

3700
By Gross Profit b/d

52500
To Rent, Rates and Taxes

14600
By Commission

5500
To Office Expenses

7300



To R.B.D.D. A/c





New Reserve
4400




Less: Old Reserve
2000
2400



To Depreciation on Land and Building
30000




Plant and Machinery
6000

By Partners’ Current A/c
[Net Loss]


Furniture
4000
40000
Jaya
4000




Maya
6000
10000


68000


68000

Partners’ Current Accounts



Particulars
Jaya
Maya
Particulars
Jaya
Maya
To Drawings A/c
500
1500
By Balance b/d
3400
9100
To Profit & Loss A/c
4000
6000
By Balance b/d
1100

To Balance c/d

1600










4500
9100

4500
9100


Balance Sheet as on 31st March, 2013


Liabilities
Amount
Amount
Assets
Amount
Amount
Partners’ Capital A/c


Land and Building
300000

Capital A/c


Less: Depreciation
30000
270000
Jaya
200000

Plant and Machinery
60000

Maya
250000
450000
Less: Depreciation
6000
54000
Sundry Creditors

45600
Furniture
15000

Maya’s Current A/c

1600
Add: New furniture Purchased
10000




Less: Depreciation
-4000
21000



Sundry Debtors
88000




Less: R.D.D. @ 5%
-4400
83600



Closing Stock

22600



Cash in Hand

4700



Cash at Bank

40200



Jaya’s Current A/c

1100








497200


497200