From the following information you are required to prepare the Trading account, profit and loss account and Balance sheet as on 31st March, 2005.


Trial Balance as on 31st March, 2005
Particulars
Debit (Rs.)
Credit (Rs.)
Sachin’s Capital
Ganguly’s capital
Sachin’s Drawing
Ganguly’s Drawing
Stock on 1 – 1 – 2004
Bills Receivable
Purchases
Sales
Bills Payable
Return In ward
Return Outward
Plant and Machinery
Loose Tools
Patents
Sundry Debtors
Sundry Creditors
Cash at Bank
Wages
Salaries
Rent and Taxes
Insurance
Printing and Stationery
Power and Fuel


4, 000
1, 000
2, 20, 000
5, 000
2, 95, 000


5, 000

1, 00, 000
24, 000
25, 000
1, 25, 000

77, 550
19, 000
17, 500
7, 950
3, 000
2, 000
3, 500



1, 00, 000
2, 30, 000





2, 00, 000
1, 60, 000

4, 500




2, 40, 000









9, 34, 500
9, 34, 500
Adjustment
1.   Stock on 31st March, 2004 is valued at Rs. 30,000 but is market value is Rs. 35,000.
2.   Depreciate plant and machinery @ 5% p.a. Patents by 20%.
3.   Insurance were prepaid for Rs. 200.
4.   Salaries outstanding amounted to Rs. 800.
5.   Maintain Reserve for Doubtful debts at 10% of Sundry debtors.
6.   Goods worth Rs. 5000 were destroyed by fire and the insurance company admitted a claim for Rs. 3000 only.

7.   Sachin has withdrawn goods worth Rs. 500 for his own use, but no entry is passed in the books. 


ANSWER

GROSS LOSS  -302500

NET LOSS  -358050

BALANCE SHEET TOTAL 

450775


Solution:
In the books of M/s Sachin and Ganguly
Trading Account for the year ended 31.03.2014

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

220000
By Sales
200000

To Purchases
295000

(-) Return
(5000)
195000
(-) Return
(4500)
290500
By Goods withdrawn by Partner Sachin

500
To Wages

19000
By Goods destroyed by fire

5000
To Power and Fuel

3500
By Closing Stock

30000



By Gross Loss c/d

302500


527200


527200

Profit and Loss Account for the year ended 31.03.2014
Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Gross Loss b/d

302500



To Salaries
17500




(+) Outstanding
800
18300



To Rent and Taxes

7950



To Insurance
3000




(-) Prepaid
(200)
2800



To Printing & Stationery

2000



To Depreciation





Plant and Machinery
5000




Patents
5000
10000



To Bad debts
-




(+) FBD
-




(+) NRDD
12500




(-) ORDD
-
12500



To Goods lost on fire

2000



(5000 – 3000)








By Net Loss C/d





Sachin
179025




Ganguly
179025
358050


358050


358050

Partners Capital Account
Particulars
Sachin
Ganguly
Particulars
Sachin
 Ganguly
To Drawings
4000
1000
By balance b/d
100000
230000
To Drawings
500




To Net Loss b/d
179025
179025



To Balance c/d
-
49975
By Balance c/d
83525
-

183525
230000

180000
150000

Balance Sheet as on 31.03.2014
Liability
Amt.
Amt.
Assets
Amt.
Amt.
Capital A/c


Bills Receivable

5000
Sachin
-

Plant and Machinery
100000

Ganguly
49975
49975
(-) Depreciation @5%
(5000)
95000
Bills Payable

160000
Loose tools

24000
Sundry Creditors

240000
Patents
25000

Outstanding Salaries

800
(-) Depreciation @20%
(5000)
20000



Sundry Debtors
125000




(-) NRDD @ 10%
(12500)
112500



Cash at bank

77550



Prepaid Insurance

200



Closing Stock

30000



Insurance Claim

3000



Sachin's Capital

83525


450775


450775

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