From the following Trial Balance of M/s Kale and Gore your are required to prepare Trading and Profit and Loss account for the year ended 31st March, 2014 and the Balance sheet as on that date after taking into account the necessary adjustments. Trial Balance as on 31st March, 2014.


Particulars
Debit (Rs.)
Credit (Rs.)
Kale’s Capital
Gore’s capital
Kale’s Drawing
Gore’s Drawing
Stock on 1 – 4 – 2013
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


14, 450
10, 000
2, 00,000
25, 000
2, 75, 000


5, 000

1, 00, 000
25, 000
25, 000
55, 000

47, 550
19, 000
17, 500
7, 500
3, 000
2, 000
3, 500
1, 80, 000
1, 50, 000





4, 00, 000
60, 000

4, 500




40, 000







8, 34, 500
8, 34, 500
Adjustments:
1.   Depreciate Plant and Machinery by 5% and Patents by 15%.
2.   Provide for Bad and Doubtful debts @ 5% on Sundry debtors.
3.   Prepaid Insurance Rs. 750
4.   Outstanding expenses :      a. Salaries Rs. 2,500      b. Wages Rs. 1,000  c. Printing and Stationery Rs. 500.
5.   Stock as at 31st March 2014 Rs. 1,30,000.
6.   Kale and Gore have taken goods worth Rs. 2,000 and Rs. 3,000 respectively for their personal use. No entry has been passed in the books.

36000
-7750
159675-133125
396800
GROSS PROFIT
NET PROFIT
PARTNERS CAPITAL ACCOUNT BALANCE
BALANCE SHEET TOTAL


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

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

200000
By Sales
400000

To Purchases
275000

(-) Return
(5000)
395000
(-) Return
(4500)
270500
By Goods taken over by Partners


To Wages
19000

Kale
2000

(+) Outstanding
1000
20000
Gore
3000
5000
To Power and Fuel

3500
By Closing Stock

130000
To Gross Profit C/d

36000





530000


530000

Profit and Loss Account for the year ended 31.03.2014
Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Salaries
17500

By Gross Profit b/d

36000
(+) Outstanding
2500
20000



To rent and taxes

7500



To Insurance
3000




(-) Prepaid
(750)
2250



To Printing and Stationery
2000




(+) Outstanding
500
2500



To depreciation





Plant and Machinery
5000




Patent
3750
8750



To Bad debts
-




(+) FBD
-




(+) NRDD
2750




(-)ORDD
-
2750






By Net loss C/d





Kale
3875




Gore
3875
7750


43750


43750

Partners Capital Account
Particulars
Kale
Gore
Particulars
Kale
Gore
To Drawings
14450
10000
By balance b/d
180000
150000
To Drawings
[Goods]
2000
3000



To Net Loss b/d
3875
3875



To Balance c/d
159675
133125




180000
150000

180000
150000

Balance Sheet as on 31.03.2014

Liability
Amt.
Amt.
Assets
Amt.
Amt.
Capital


Bills Receivable

25000
Kale
159675

Plant & Machinery
100000

Gore
133125
292800
(-) Depreciation @5%
(5000)
95000
Bills Payable

60000
Loose Tools

25000
Sundry Creditor

40000
Patents
25000

Outstanding Expenses


(-) Depreciation @15%
(3750)
21250
Salaries
2500

Sundry debtors
55000

Wages
1000

(-) NRDD @ 5%
(2750)
52250
Printing and Stationery
500
4000
Cash at Bank

47550



Prepaid Insurance

750



Closing Stock

130000


396800


396800

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