Ajith, Vijay and Surya were partners sharing profits and losses equally. Following is their Trial Balance for the year ended 31st March, 2006. Trial Balance as on 31 st March, 2006


Particulars
Debit
Rs.
Credit
Rs.
Purchase and Sales
100000
200000
Salaries
11300
Stock (1.4.2005)
28000
Debtors and Creditors
28200
36000
Bills receivable and Bills Payable
60400
18100
Land and Building
48300
Returns
6300
Wages
25100
Cash at Bank
30000
Insurance
4500
Advertisement
9300
Furniture
20700
Rent & Taxes
4700
Interest
2700
Capital : Ajith
60000
Vijay
40000
Surya
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 Ajith, Vijay & Surya

Trading A/c for the year ended 31.03.06

Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

28000
By Sales
200000

To Purchases
100000

(-) Return
-6300
193700
(+) Unrecorded
3000
103000



To Wages
25100




(+) Outstanding
4700
29800
By Closing Stock

37500
To Gross Profit C/d

70400











231200


231200


Profit and Loss A/c for the year ended 31 – 3 – 06

Particulars
Amount
Amount
Particulars
Amount
Amount
To Salaries
11300

By Gross Profit b/d

70400
(+) Outstanding
3400
14700
By Interest

2700
To Insurance
4500




(-) Prepaid
-1500
3000



To Advertisement

9300



To Rent & Taxes

4700



To Bad debts
-




To F.B.D.
1200




To N.R.D.D.
1350




To O.R.D.D.
-
2550



To Depreciation





On Furniture
2070




On Land & Building
2415
4485



To Net Profit c/d





Ajith
11455




Vijay
11455




Surya
11455
34365





73100


73100
              

Partners Current A/c

Particulars
Ajith
Vijay
Surya
Particulars
Ajith
Vijay
Surya
To Balance c/d
71455
51455
31455
By balance b/d
60000
40000
20000




By Net Profit b/d
11455
11455
11455









71455
51455
31455

71455
51455
31455

Balance Sheet as on 31.3.10

Liabilities
Amount
Amount
Assets
Amount
Amount
Capital A/c


Sundry Debtors
28200

Ajith
71455

(-) F.B.D.
-1200

Vijay
51455


27000

Surya
31455
154365
(-) N.R. D.D.
-1350
25650
Bills Payable

18100
Bills Receivable

60400
Sundry Creditors
36000

Land & Building
48300

(+) Unrecorded
Purchase
3000
39000
(-) Depreciation
2415
45885
Outstanding Expenses


Cash at bank

30000
Wages
4700

Furniture
20700

Salaries
3400
8100
(-) Depreciation
-2070
18630



Closing Stock

37500



Prepaid Insurance

1500








219565


219565

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