Trial balance as on 31st March,
2010
Particulars
|
Debit
Balances
|
Credit
Balances
|
Sundry
Debtors and Creditors
|
45800
|
72700
|
Bills
Receivable and Bills Payable
|
28200
|
40000
|
Purchases
and Sales
|
98500
|
110000
|
Return
Inward
|
2000
|
|
Salaries
& Wages
|
26000
|
|
Carriage
Outward
|
1800
|
|
Insurance
Premium
|
2200
|
|
Postage
and Telegram
|
1750
|
|
Plant
& Machinery
|
70000
|
|
Advertisement
|
3000
|
|
Import
Duty
|
2100
|
|
Bad Debts
|
1000
|
|
Printing
& Stationery
|
2400
|
|
Cash in
Hand
|
1850
|
|
Leasehold
Premises
|
80000
|
|
Opening
Stock
|
12000
|
|
Dividend
received
|
1500
|
|
Outstanding
Audit Fees
|
4400
|
|
10% Bank
Loan (Taken on 1.10.09)
|
60000
|
|
Capital :
Sanjay
|
45000
|
|
Vijay
|
45000
|
|
378600
|
378600
|
Additional
information:
Closing stock was valued at Rs. 25000
Unused Postage Stamps of Rs. 250
Uninsured goods worth Rs. 8000 were stolen from the godown.
Leasehold property is to be run for 10 years w.e.f. 1. 10. 2009.
Depreciate Plant and Machinery at 10% p.a.
Our customer Mr. Ajay became insolvent and could not pay his debts of Rs.
2000.
Solution:
In the books
of M/s Sanjay & Ajay
Trading
Account for the year ended 31.03.2010
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
To Opening Stock
|
12000
|
By Sales
|
110000
|
||
To Purchases
|
98500
|
(-) Return
|
-2000
|
108000
|
|
To Import Duty
|
2100
|
By Goods lost by Stolen
|
8000
|
||
To Gross Profit C/d
|
28400
|
By Closing Stock
|
25000
|
||
141000
|
141000
|
Profit and Loss Account for the year
ended 31.12.2005
Particulars
|
Amt.
|
Amt.
|
Particulars
|
Amt.
|
Amt.
|
To Salaries & Wages
|
26000
|
By Gross Profit b/d
|
28400
|
||
To Carriage Outward
|
1800
|
By Dividend Received
|
1500
|
||
To Insurance Premium
|
2200
|
||||
To Postage & Telegram
|
1750
|
||||
(-) Unused Postal Stamp
|
-250
|
1500
|
|||
To Advertisement
|
3000
|
||||
To Bad Debts
|
1000
|
||||
(+) F.B.D.
|
2000
|
||||
(+) N.R.D.D.
|
-
|
||||
(-) O.R.D.D.
|
-
|
3000
|
|||
To Printing & Stationery
|
2400
|
||||
To Goods Lost By Stolen
|
8000
|
||||
To Depreciation
|
|||||
Leasehold Premises
|
4000
|
||||
Plant and Machinery
|
7000
|
11000
|
|||
To Interest on Bank Loan
|
3000
|
By Net Loss C/d
|
|||
Sanjay
|
16000
|
||||
Vijay
|
16000
|
32000
|
|||
65900
|
65900
|
Partners Capital Account
Particulars
|
Sanjay
|
Vijay
|
Particulars
|
Sanjay
|
Vijay
|
To Net Loss B/d
|
16000
|
16000
|
By Balance b/d
|
45000
|
45000
|
To Balance c/d
|
29000
|
29000
|
|||
45000
|
45000
|
45000
|
45000
|
Balance Sheet as on 31.03.2010
Liability
|
Amt.
|
Amt.
|
Assets
|
Amt.
|
Amt.
|
Capital A/c
|
Sundry Debtors
|
45800
|
|||
Sanjay
|
29000
|
(-) F.B.D.
|
-2000
|
43800
|
|
Vijay
|
29000
|
58000
|
Bills Receivable
|
28200
|
|
Sundry Creditors
|
72700
|
Plant & machinery
|
70000
|
||
Bills Payable
|
40000
|
(-) Depreciation
|
-7000
|
63000
|
|
Outstanding Audit Fees
|
4400
|
Cash in Hand
|
1850
|
||
10% Bank Loan
|
60000
|
Leasehold Premises
|
80000
|
||
(+) Interest
|
3000
|
63000
|
(-) Depreciation
|
-4000
|
76000
|
Closing Stock
|
25000
|
||||
Stock
of Postal Stamp
|
250
|
||||
238100
|
238100
|
