Satish and Pradeep are partners in a partnership firm, sharing Profits and Losses equally.
Solution: In the books of M/s Satish and Pradeep
Trading A/c for the year ended 31.3.2013
| Particulars | Amount | Amount | Particulars | Amount | Amount |
|---|---|---|---|---|---|
| To Opening stock | 25000 | By Sales | 430000 | ||
| To Purchases | 220000 | ||||
| To Wages and Salaries | 23000 | ||||
| Add: Outstanding | 2500 | 25500 | |||
| To Manufacturing expenses | 25500 | ||||
| By Closing Stock | 80000 | ||||
| To Gross Profit C/d | 214000 | ||||
| 510000 | 510000 |
Profit and Loss A/c for the year ended 31.3.2013
| Particulars | Amount | Amount | Particulars | Amount | Amount |
|---|---|---|---|---|---|
| To Discount | 4000 | By Gross Profit C/d | 214000 | ||
| To Advertisement | 10000 | By Discount | 3500 | ||
| Less: Prepaid | 8750 | 1250 | By Interst on Govt. Bond | 4500 | |
| To Salaries and Wages | 45000 | ||||
| To Warehouse Rent | 6000 | ||||
| To Depreciation on Machinery | 7500 | ||||
| To R.D.D. | 2250 | ||||
| To Net Profit Transferred to Partners Capital A/c | |||||
| Satish Capital A/c | 78000 | ||||
| Pradeep Capital A/c | 78000 | 156000 | |||
| 222000 | 222000 |
Partners’ Capital A/c
| Particulars | Satish | Pradeep | Particulars | Satish | Pradeep |
|---|---|---|---|---|---|
| By Balance b/d | 120000 | 90000 | |||
| By Profit and Loss A/c | 78000 | 78000 | |||
| To Balance C/d | 198000 | 168000 | |||
| 198000 | 168000 | 198000 | 168000 |
M/s Satish and Pradeep
Balance Sheet as on 31.3.13
| Liabilities | Amount | Amount | Assets | Amount | Amount |
|---|---|---|---|---|---|
| Capital : | Sundry Debtors | 45000 | |||
| Satish | 198000 | Less: New R.D.D. | 2250 | 42750 | |
| Pradeep | 168000 | 366000 | Factory Building | 175000 | |
| Sundry Creditors | 85000 | Plant and Machinery | 75000 | ||
| Outstanding Wages | 2500 | Less: Depreciation | 7500 | 67500 | |
| Cash in Hand | 15000 | ||||
| 10% Govt. Bond | 60000 | ||||
| Add: Interest on Bonds | 4500 | 64500 | |||
| Prepaid Advertisements | 8750 | ||||
| Closing Stock | 80000 | ||||
| 453500 | 453500 |
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