Swati, Swity and Sweta were partners sharing profits and losses equally. Following is their Trial Balance for the year ended 31st March, 2006. (March 2008)


Particulars
Debit Rs.
Credit Rs.
Purchase and Sales
104000
195300
Salaries
11300

Stock (1.4.2005)
28000

Debtors & Creditors
24200
36000
Bills Receivable & Bills Payable
62400
18100
Land & Building
48300

Returns
6300
2600
Wages
25100

Cash at Bank
30000

Insurance
4500

Advertisement
9300

Furniture
18700

Rent & Taxes
4700

Interest

4800
Capitals :Swati

60000
Swity

40000
Sweta

20000

376800
376800


1.   Closing stock is valued at Rs. 37,500.
2.   Depreciate Furniture @10% p.a. and Land and Building @5% p.a.
3.   Goods of Rs. 3,000 are purchased on 31.3.2006 are included in the closing stock but the entry is not passed in the books.
4.   Insurance is prepaid to the extent of Rs. 1,500.
5.   Salaries of Rs. 3,400 and wages of Rs. 4,700 are outstanding.
6.   Write off Rs. 1200 as bad debts from Debtors and provide 5% for Reserve for Doubtful Debts.
Prepare: Trading A/c and Profit and Loss A/c for the year ended 31st March, 2006 and Balance Sheet as on that date.


Solution:

In the books of M/s Swati, Swity and Sweta
Trading Account for the year ended 31.03.2006

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

28000
By Sales
195300

To Purchases
104000

(-) Return
-6300
189000
(-) Return
-2600





101400




(+) Unrecorded
3000
104400



To Wages
25100




(+) Outstanding
4700
29800



To Gross Profit C/d

64300
By Closing Stock

37500


226500


226500


Profit and Loss Account for the year ended 31.03.2006

Particulars
Amt.
Amt.
Particulars
Amt.
Amt.
To Salaries
11300

By Gross Profit b/d

64300
(+) Outstanding
3400
14700
By Interest

4800
To Insurance
4500




(-) Prepaid
-1500
3000



To Advertisements

9300



To Rent & Taxes

4700



To Depreciation





Furniture
1870




Land & Building
2415
4285



To Bad Debts
-




(+) F.B.D.
1200




(+) N.R.D.D.
1150




(-) O.R.D.D.
-
2350









To Net Profit  C/d





Swati
10255




Swity
10255




Sweta
10255
30765





69100


69100

Partners Current  Account

Particulars
Swati
Swity
Sweta
Particulars
Swati
Swity
Sweta




By Balance b/d
60000
40000
20000




By Net Profit b/d
10255
10255
10255
To Balance c/d
70255
50255
30255





70255
50255
30255

70255
50255
30255



Balance Sheet as on 31.12.1997

Liability
Amt.
Amt.
Assets
Amt.
Amt.
Capital A/c


Debtors
24200

Swati
70255

(-) F.B.D.
-1200

Swity
50255


23000

Sweta
30255

(-) N.R.D.D.
-1150
21850
Creditors
36000

Bills Receivable

62400
(+) Unrecorded Purchase
3000
39000
Land & Building
48300

Bills Payable

18100
(-) Depreciation
-2415
45885
Outstanding Expenses


Cash at Bank

30000
Salaries
3400

Furniture
18700

Wages
4700
8100
(-) Depreciation
-1870
16830


215965


215965

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