AS PER NEW SYLLABUS MARKS: 80 MARKS
Particulars
|
31.3.2006
|
31.3.2007
|
Stock
Furniture
Plant and machinery
Loan taken
Bank balance
Debtors
Creditors
|
15000
53500
42500
21000
1900
43000
18000
|
14000
44000
55500
21000
2100
35000
14900
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Loan taken
Creditors
Capital at the beginning of the year
|
21000
18000
116900
|
Stock
Furniture
Plant and machinery
Bank balance
Debtors
|
15000
53500
42500
1900
43000
|
155900
|
155900
|
Liabilities
|
Amount
|
Assets
|
Amount
|
Loan taken
Creditors
Capital at the end of the year
|
21000
14900
114700
|
Stock
Furniture
Plant and machinery
Bank balance
Debtors
|
14000
44000
55500
2100
35000
|
150600
|
150600
|
Particulars
|
Amount
|
Capital at the end of the year
|
114700
|
Add: Drawings
|
15000
|
Less: Additional capital introduced
|
129700
(4000)
|
Less: Capital at the beginning of the year
|
125700
(116900)
|
GROSS PROFIT
Less: Depreciation
On Machinery = (55000)(5/100)(12/12) = 2775
On Furniture = (44000)(5/100)(12/12) = 2200
|
8800
(4975)
|
LESS: BAD DEBTS
|
3825
(500)
|
NET PROFIT
|
3325
|
Balance sheet as on 31st March, 2012
Liabilities | Amount Rs. | Assets | Amount Rs. |
Capital A/c Rajkumar Rajendrakumar General Reserve Creditors | 150000 120000 80000 | Buildings Furniture Stock Debtors Cash Profit and Loss A/c | 100000 30000 60000 300000 30000 30000 |
550000 | 550000 |
Solution:
1. Rajkumar’s Capital A/c......... Dr. 2000
Rajendrakumar’s Capital A/c Dr. 1000
To Proft and Loss A/c 3000
[Being debit balance of Profit and Loss Accopunt is transfered to
Partners Capital Account in old ratio]
2. General Reserve A/c ....... Dr. 60,000
To Rajkumar’s Capital A/c 40000
To Rajendrakumar’s Capital A/c 20000
[Being Credit Balance in General Reserve Account is transfered to
Old Partners Capital ACcount]
3. Cash / Bank A/c ......... Dr. 105000
To Dhirajkumar’s Capital A/c 60000
To Goodwill A/c 45000
[Being Capital and Goodwill brought in by new partner]
4.Goodwill A/c ....... Dr. 45000
To Rajkumar’s Capital A/c 30000
To Rajendrakumar’s Capital A/c 15000
[Being Goodwill is retained in the business]
5. General Reserve A/c ..... Dr. 60000
To R.D.D. A/c 60000
[Being R.D.D. is created by transferring fund from General Reserve A/c )
6. Revaluation A/c ..... Dr. 1500
To Furniture A/c 1500
[Being depreciation is charged on furniture]
7. Stock A/c .... Dr. 5000
Creditors A/c ..... Dr. 5000
` Rent receivable A/c .... Dr. 2000
To Revaluation A/c 12000
[Being Asset appreciated, Creditors written off and income receivable recorded.]
8. Revaluation A/c ..... Dr. 10500
To Rajkumar’s Capital A/c 7000
To Rajendrakumar’s Capital A/c 3500
[Being Profit on revaluation account is transferred to old partners capital A/c]
1. Working Note
Revaluation A/c
Debit | Credit |
1500 | 12000 |
10500 | |
12000 | 12000 |
Sanil, Nitish, Sapna were partners in a firm sharing profits and losses in the proportion of 1/2 , 1/3, 1/6 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:
Liabilities
|
Amount
|
Assets
|
Amount
|
Bills Payable
Capitals:
Sanil
Nitish
Sapna
|
30000
80000
50000
30000
|
Machinery
Furniture
Sundry Assets
Stock
Debtors
Bank
|
40000
5000
60000
30000
32000
23000
|
190000
|
190000
|
4. Anjali of Nagpur sold goods worth Rs. 25,000 to Rupali of Amaravati. On next day Ruapali paid Rs. 10,000 in cash and accepted two months bill for the balance drawn by Anjali. Anjali discounted the bill at 12% p.a. with her bank. Before due date, Rupali finds herself unable to make payment of the bill; and requests Anjali to renew it. Anjali accepts the proposal on the condition that Rupali should pay Rs. 5,000 in cash and accept new bill for one month along with interest Rs. 200 for the balance. These arrangements were carried through. The new bill was met on due date. Give journal entries in the books of Anjali.
Date
|
Particulars
|
L
F
|
Debit
|
Credit
|
? 1
|
Rupali’s A/c………Dr.
To Sales A/c
(Being the goods are sold)
|
25000
|
25000
| |
2
|
Cash / bank a/c ………Dr
Bills Receivable A/c ……… Dr.
To Rupali’s A/c
(Being the part payment is made and bill is drawn)
|
10000
15000
|
25000
| |
3
|
Cash/ Bank A/c ……… Dr.
Discount A/c ………… Dr.
To Bills Receivable A/c
(being the bill is discounted)
|
14700
300
|
15000
| |
4
|
Rupali’s A/c ……… Dr
To Cash/Bank A/c
(being the bill is dishonored)
|
15000
|
15000
| |
5
|
Cash/ bank a/c………… Dr
To Rupali’s A/c
(being the part payment is made)
|
5000
|
5000
| |
6
|
Rupali’s A/c ……… Dr.
To Interest a/c
(being the interest is charged on balance amount)
|
200
|
200
| |
7
|
Bills Receivable A/c ………… Dr.
To Rupali’s A/c
(being the new bill is drawn along with interest)
|
10200
|
10200
| |
8
|
Cash/ bank a/c ……… Dr.
To Bills receivable a/c
(being the new bill is honored)
|
10200
|
10200
|
Q5. X and Y are equal partners.
The following is their Balance Sheet as on 31st March, 2012.
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
X’s Capital
Y’s Capital
Reserve Fund
X’s Loan
Creditors
|
40000
30000
8000
2000
15000
|
Building
Machinery
Furniture
Debtors
Less: R.D.D.
Stock
Investments
Commission Receivable
Bank
|
8800
- 800
|
30000
10000
12000
8000
20000
4000
1000
10000
| |
95000
|
95000
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Sundry Assets
|
By Sundry Liabilities
| ||||
Building
|
30000
|
Creditors
|
15000
| ||
Machinery
|
10000
|
By R.D.D. A/c
|
800
| ||
Furniture
|
12000
|
By Bank A/c
| |||
Debtors
|
8800
|
Stock
|
19000
| ||
Stock
|
20000
|
Debtors
|
7500
| ||
Investments
|
4000
|
Machinery
|
11000
| ||
Commission Receivable
|
1000
|
85800
|
Building
|
14000
|
51500
|
To Bank A/c
|
2000
|
BY Y’s Capital A/c
| |||
(Dissolution Expenses)
|
Investments
|
5000
| |||
To Bank A/c
|
Furniture
|
12000
|
17000
| ||
Creditors
|
15000
|
By X’s Loan A/c
|
500
| ||
By Loss on Realisation A/C
| |||||
X
|
9000
| ||||
Y
|
9000
|
18000
| |||
102800
|
102800
|
Particulars
|
X
|
Y
|
Particulars
|
X
|
Y
|
To Realisation A/c
|
17000
|
By Balance b/d
|
40000
|
30000
| |
To Realisation A/c
(loss)
|
9000
|
9000
|
By Reserve Fund (1:1)
|
4000
|
4000
|
To Bank A/c
|
35000
|
8000
| |||
44000
|
34000
|
44000
|
34000
|
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Bank A/c
|
1500
|
By Balance b/d
|
2000
| ||
To Realisation A/c
|
500
| ||||
2000
|
2000
| ||||
Particulars
|
Rs.
|
Rs.
|
Particulars
|
Rs.
|
Rs
|
To Balance b/d
|
10000
|
By Realisation A/c
|
2000
| ||
To Realisation A/c
|
51500
|
By Realisation A/c
|
15000
| ||
By X’s Loan A/c
|
1500
| ||||
By X’s Capital A/c
|
35000
| ||||
By Y’s Capital A/c
|
8000
| ||||
61500
|
61500
|
Receipts
|
Amt. (Rs.)
|
Payments
|
Amt. (Rs.)
|
To Balance b/d
|
4,160
|
By Salaries
|
5,500
|
To Subscription:
|
By Entertainment Exp.
|
2,580
| |
2003-04 16,000
|
By Lighting
|
1,000
| |
2004-05 412
|
16,412
|
By General Expenses
|
1,536
|
To Donation
|
2,000
|
By Taxes
|
500
|
To Receipt from Entertainment
|
3,644
|
By Investments
|
12,000
|
To Interest on Investment
|
324
|
By Printing & Stationery
|
944
|
To Entrance Fees
|
4,500
|
By Expenses of 2002-03
|
2,400
|
To Price Fund
|
3,000
|
By Fixed Deposit
|
4,000
|
By Bank Balance
|
3,000
| ||
By Balance c/d
|
580
| ||
34,040
|
34,040
|
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
To Entertainment Exp.
To Salaries
Add: Outstanding
To Lighting
To General Expenses
To Taxes
To Printing & Stationery
To Depreciation
Building
Furniture
To Surplus
|
5,500
1,000
1,200
460
|
2,580
6,500
1,000
1,536
500
944
1,660
11198
|
By Donation
By Receipt from Entertainment
By Interest on Investment
Add: Interest
By Entrance Fees
Less: Capitalised
By Surplus
|
324
150
4,500
2,700
|
2,000
3,644
474
1,800
18,000
|
25,918
|
25,918
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital Fund
Add: Entrance Fees
Add: Surplus
Price Fund
Outstanding Salary
Subscription paid in advance
|
66,360
2,700
69,060
11198
|
80258
3000
1000
412
|
Building
Less: Depreciation
Furniture
Less: Depreciation
Investments
Add: Interest
Fixed Deposit
Bank Balance
Cash
Subscription receivable
|
60,000
1,200
4,600
460
12,000
150
|
58,800
4,140
12,150
4,000
3,000
580
2,000
|
84670
|
84670
|
Particulars
|
Amount
|
Particulars
|
Amount
|
Opening stock
Sundry debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, rates and taxes
Plant and machinery
Return inwards
Land and buildings
Cash at bank
Current account :Kalavati
Lilavati
Government bonds
|
10000
14100
20000
4250
1350
1223
650
900
15000
1750
32000
4327
2100
600
3000
|
Return outwards
Sundry creditors
Sales
R.D.D.
Capital accounts : Kalavati
Lilavati
Loan @ 9% p.a. (taken on 1-10-2004)
Bills payable
|
1250
15800
35000
200
35000
10000
2000
12000
|
1,11,250
|
1,11,250
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To opening stock
To purchases
(-)return
To wages
(+) outstanding
To Gross profit c/d
|
20000
(1250)
4250
750
|
10000
18750
5000
20000
|
By sales
(-) return
By closing stock
|
35000
(1750)
|
33250
20500
|
53750
|
53750
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Salaries
(+) outstanding
To Office expenses
To discount
To rent, rates & taxes
(-) prepaid
To Bad debts
(+) FBD
(+) NRDD
(-) ORDD
TO Depreciation
Plant & machinery
Land & buildings
To interest on loan
To interest on capital
Kalavati
Lilavati
To current a/c
Kalavati
Lilavati
|
1350
657
900
100
-----
100
700
200
1500
1600
1750
500
5568
3712
|
2007
1223
650
800
600
3100
90
2250
9280
|
By gross profit b/d
|
20000
| |
20000
|
20000
|
Particulars
|
Kalavati
|
Lilavati
|
Particulars
|
Kalavati
|
Lilavati
|
To balance b/d
To balance c/d
|
2100
5218
|
600
3612
|
By interest on capital
|
1750
5568
|
500
3712
|
7318
|
4212
|
7318
|
4212
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital account
Kalavati
Lilavati
Current account
Kalavati
Lilavati
Sundry creditors
(+) bills payable dishonoured
Bills payable
(-) bills payable dishonoured
Outstanding
Salaries
Wages
Load @ 9%
(+) interest
|
35000
10000
5218
3612
15800
3000
12000
3000
657
750
2000
90
|
45000
8830
18800
9000
1407
2090
|
Land & building
(-) depreciation@5%
Plan & Machinery
(-) depreciation @10%
Sundry debtors
(-) F.B.D.
(-) N.R.D.D.
Closing stock
Prepaid rent, rates, & tax
Cash at bank
Government bonds |
32000
1600
15000
1500
14100
100
14000
700
|
30400
13500
13300
20500
100
4327
3000 |
85127
|
85127
|