Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2:3 respectively. (20)


Trial Balance as on 31 st March, 2007 [March 2010]
Particulars
Amount
Rs.
Particulars
Amount
Rs.
Purchases
Patents Right
Building
Stock (1.4.2006)
Printing and Stationery
Sundry Debtors
Wages and Salaries
Audit fees
Sundry expenses
Furniture
10% Investment(Purchased on 30.09.2006)
Cash
Provident Fund Contribution
Carriage Inwards
Travelling Expenses
98,000
4,000
1,00,000
15,000
1,750
35,000
11,000
700
3,500
8,000
10,000
4,000
800
1,300
2,700
Capitals :
Ashok
Tanaji
Provident Fund
Creditors
Bank Loan
Sales
Reserve for Doubtful Debts
Purchase Returns

30,000
40,000
7,000
45,000
12,000
1,58,000
250
3,500
2,95,750
2,95,750
Adjustments :
1.    Closing stock is valued at the Cost of Rs.15,000 while its Market Price Rs.18,000.
2.    On 31st March, 2007 the stock of stationery was Rs.500.
3.    Provide reserve for bad and doubtful debts at 5% on debtors.
4.    Depreciate building at 5% and patent rights at 10%.
5.    Interest on capitals is to be provided at 5% p.a.
6.    Goods worth Rs.10,000 were destroyed by fire.
7.    The Insurance company admitted a claim for Rs.8,000.

61200
40350
47640-66210
177850
GROSS PROFIT
NET PROFIT
PARTNERS CAPITAL ACCOUNT BALANCE
BALANCE SHEET TOTAL



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