Miss Meena and Miss Reena are in partnership sharing profits and losses in the ratio of 3:2. From the following trial balance and adjustments, you are required to prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date.

Q7. Miss Meena and Miss Reena are in partnership sharing profits and losses in the ratio of 3:2.
From the following trial balance and adjustments, you are required to prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date.
Trial Balance as on 31.03.2013
Particulars

Amount
(Rs.)
Particulars

Amount
(Rs.)
Building

400000
Capital Accounts


Plant and machinery

120000
Meena
300000

Purchases

650000
Reena
200000
500000
Carriage

7000
Sales

814000
Opening Stock

90000
Sundry creditors

180000
Wages

35000
Bank overdraft

20000
Sundry debtors

150000



Salaries

28000



Postage and telegram

4000



Insurance

5000



Bad debts

3000



Rent

4000



Discount

3000



Drawings





Meena
10000




Reena
5000
15000





1514000


1514000

Adjustments:
1. Stock on hand on 31st March, 2013 was valued at Rs. 1,10,000.
2. Depreciate plant and machinery at 10% p.a.
3. Create reserve for doubtful debts at 5% on sundry debtors.
4. Salaries include Rs. 2500 as advance to workers.
5. Partners are allowed interest at 5% p.a. on their capitals.

Solution:
Trading A/c for the year ended 31st March, 2013
Dr.






Cr.
Particulars

Rs.
Rs.
Particulars

Rs.
Rs.
To Opening Stock


90,000
By Sales


8,14,000
To Purchases


6,50,000




To Carriage


7,000




To Wages


35,000








By Closing Stock


1,10,000
To Gross Profit c/d


142000







9,24,000



9,24,000

Profit and Loss A/c for the year ended 31st March, 2013
Dr.






Cr.
Particulars

Rs.
Rs.
Particulars

Rs.
Rs.
To Salaries

28,000

By Gross Profit C/d


142000
(-) Advances

(-)2,500
25,500




To Postage and Telegram


4,000




To Insurance


5,000




To Bad debts

3,000





(+) F.B.D.

-





(+) N.R.D.D.

7,500





(-) O.R.D.D.

-
10,500




To Rent


4,000




To Discount


3,000




To Depreciation on Plant and Machinery


12,000




To Interest on Capital







Meena
[300000 × 5%]

15,000





Reena
[200000 × 5%]

10,000
25,000




















To Net Profit Transferred to Partners Capital A/c







Meena

31,800





Renna

21,200
53000







142000





Partners' Capital A/c
Dr.






Cr.
Particulars

Meena
Rs.
Reena
Rs.
Particulars

Meena
Rs.
Reena
Rs.
To Drawings

10,000
5,000
By Balance b/d

3,00,000
2,00,000




By Interest on Capital

15,000
10,000




By Net Profit b/d

31,800
21,200
To Balance c/d

3,36,800
2,26,200






3,46,800
2,31,200


346800
231200

Balance Sheet as on 31 March, 2013
Liability

Rs.
Rs.
Assets

Rs.
Rs.
Capital A/c



Building


4,00,000
Meena

3,36,800

Plant and Machinery

1,20,000

Reena

2,26,200
5,63,000
(-) Depreciation @ 10%

-12,000
1,08,000




Sundry Debtors

1,50,000

Sundry Creditors


1,80,000
(-) N.R.D.D.@ 5%

(-)7,500
1,42,500
Bank Over Draft


20,000
Closing Stock


1,10,000




Advance Salaries paid to workers


2,500











7,63,000



7,63,000








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