Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005 who share Profits and Loses to the ratio of 3:2. Interest on capital was allowed at 5% p.a.

Trial Balance as on 31st March, 2005
Debit Balance
Rs.
Credit Balance
Rs.
Opening Stock
Sundry Debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, Rates & Taxes
Plant & Machinery
Return Inward
Land & Building
Cash at Bank
Current A/c :
Kalavati
Lilavati
10000
14100
20000
4250
1350
1223
650
900
15000
1750
20000
7327

2100
600
Return Outward
Sundry Creditors
Sales
R.B.D.D. A/c.
Capital A/c.
Kalavati
Lilavati
Loan at 9%
(Taken on 1.10.2004)
1250
15800
35000
200

35000
10000
2000
99250
99250
Additional Information
1.   Closing stock was valued at Rs. 20,500.
2.   Unpaid wages Rs. 750.
3.   Outstanding salary Rs. 657.
4.   Provide depreciation on Plant & Machinery at 10% p.a. and on land & building at 5% p.a.
5.   Write of Rs. 100 as bad debts and provide R.B.D.D. at 5% on debtors.
6.   Rent, Rates and Taxes prepaid Rs. 100.
7.   Prepare Trading A/c and Profit & Loss A/c for the year ending 31st March, 2005 and a balance sheet as on that date.



ANSWER:

GROSS PROFIT 20000

NET PROFIT 9880

BALANCE SHEET TOTAL 

73727



Solution:
In the books of M/s Kalavati and Lilavati
Trading Account for the year ended 31.03.2005

Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Opening Stock

10000
By Sales
35000

To Purchases
20000

(-) Return
(1750)
33250
(-) Return
(1250)
18750



To Wages
4250




(+) Unpaid
750
5000






By Closing Stock

20500
To Gross Profit C/d

20000




Profit and Loss Account for the year ended 31.03.2005
Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Salaries
1350

By Gross Profit b/d

20000
(+) Outstanding
657
2007



To Office Expenses

1223



To Discount`

650



To Rent, Rates & Taxes
900




(-) Prepaid
(100)
800



To Bad debts
-




(+) FBD
100




(+) NRDD
700




(-) ORDD
(200)
600



To Depreciation





Plant and Machinery
1500




Land & Building
1000
2500



To Interest on Capital





Kalavati
1750




Lilavati
500
2250



To Interest on loan

90



To Net Profit C/d





Kalavati
5928




Lilavati
3952
9880





20000


20000

Partners Current  Account
Particulars
Kalavarti
Lilavati
Particulars
Kalavati
Lilavati
To Balance b/d
2100
600
By Interest on Capital
1750
500



By Net Profit b/d
5928
3952
To Balance C/d
5578
3852




7678
4452

7678
4452

Balance Sheet as on 31.03.2005
Liability
Amt.
Amt.
Assets
Amt.
Amt.
Capital A/c


Sundry Debtors
14100

Kalavati
35000

(-) FBD
(100)

Lilavati
10000
45000

14000

Current A/c


(-) NRDD
(700)
13300
Kalavati
5578

Cash at bank

7327
Lilavati
3852
9430
Plant & Machinery
15000

Sundry Creditors

15800
(-) Depreciation
(1500)
13500
Loan at 9%
2000

Land & Building
20000

(+) Interest
90
2090
(-) Depreciation
(1000)
19000
Unpaid Wages

750
Closing Stock

20500
Outstanding
Salaries

657
Prepaid Rent, Rates
& Taxes

100


73727


73727

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