Surya and Abhijeet are in a Partnership firm. The trial Balance of the firm on 31st March, 2014 was as follows. Prepare Trading and Profit & Loss account for the year ended 31st March, 2014 and a Balance sheet as on that date. Trial Balance as on 31st March, 2014.

Surya and Abhijeet are in a Partnership firm. The trial Balance of the firm on 31st March, 2014 was as follows. Prepare Trading and Profit & Loss account for the year ended 31st March, 2014 and a Balance sheet as on that date. Trial Balance as on 31st March, 2014.

Particulars

Debit (Rs.)

Credit (Rs.)

Capitals:



Surya


15000

Abhijeet


10000

Drawings:



Surya

500


Abhijeet

200


Buildings

20000


Plant and Machinery

6000


Cash at Bank

600


Purchases and Sales

47500

75500

Returns

1500

1000

Carriage

350


Opening Stock

11000


Wages

6000


Debtors and Creditors

17600

12600

Salaries

2500


Rent and Insurance

400


Postage and Telegrams

200


Bad Debts

250


Discount

100

50

Reserve for Bad Debts


750

Outstanding Salaries


100

Trade Expenses

300



115000

115000


Adjustments 

1. Partners share Profits and Losses in the ratio of their capitals.

2. Write off Rs. 450 for Bad debts & Reserve for Bad and Doubtful Debts is to be maintained at 5% on the Debtors.

3. Goods worth Rs. 1, 000 were destroyed by fire and the insurance company admitted a claim for Rs. 800.

4. Stock as on 31st December, 2004 was valued at Rs. 8, 000.

5. Goods worth Rs. 1000 were distributed as free samples.

6. Wages outstanding Rs. 1000.


Solution:

In the books of M/s Surya and Abhijeet

Trading Account for the year ended 31.03.2014

Particulars

Amt.

Amt.

Particulars

Amt.

Amt.

To Opening Stock


11000

By Sales

75500


To Purchases

47500


(-) Return

(1500)

74000

(-) Return

(1000)

46500

By Goods distributed as free samples


1000

To Carriage


350

By Goods destroyed by fire


1000

To Wages

6000


By Closing Stock


8000

(+) Out standing

1000

7000




To Gross Profit C/d


19150






84000



84000


Profit and Loss Account for the year ended 31.03.2014

Particulars

Amt.

Amt.

Particulars

Amt.

Amt.

To Salaries


2500

By Gross Profit b/d


19150

To Rent and Insurance


400

By Discount


50

To Postage and Telegram


200




To Bad debts

250





(+) F.B.D.

450





(+) N.R.D.D.

858





(-) O.R.D.D.

(750)

808




To Discount


100




To Trade expenses


300




To Goods lost on fire

[1000 – 800]


200




To Advertisement


1000




To Net Profit C/d






Surya

8215





Abhijeet

5477

13692






19200



19200


Partners Capital Account

Particulars

Surya

Abhijeet

Particulars

Surya

Abhijeet

To Drawings

500

200

By balance b/d

15000

10000




By Net Profit b/d

8215

5477

To Balance c/d

22715

15277





23215

15477


23215

15477


Balance Sheet as on 31.03.2014

Liability

Amt.

Amt.

Assets

Amt.

Amt.

Capital A/c



Buildings


20000

Surya

22715


Plant and Machinery


6000

Abjijeet

15277

37992

Cash at bank


600

Creditors


12600

Debtors

17600


Outstanding Salaries


100

(-) F.B.D.

(450)


Outstanding Wages


1000


17150





(-) N.R.D.D.

(858)

16292




Insurance Claim


800




Closing Stock


8000



51692



51692


HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

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