Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005 who share profits and losses in the ration of 3:2. Interest on capital was allowed @5% p.a.


Trial balance as on 31st March, 2005
Particulars
Amount
Particulars
Amount
Opening Stock
10000
Return Outwards
1250
Sundry debtors
14100
Sundry Creditors
15800
Purchases
20000
Sales
35000
Wages
4250
R.D.D.
200
Salaries
1350
Capital Account

Office Expenses
1223
Kalavati
35000
Discount
350
Lilavati
10000
Rent, Rates and Taxes
900
Loan @ 9% p.a.
(Taken on 1-10-2004)
2000
Plant & machinery
15000
Bills Payable
12000
Return inwards
1750


Land and Buildings
32000


Cash at bank
4327


Current Account



Kalavati
2100


Lilavati
600


Government bonds
3000



111250

111250





 Additional information:

1.      Closing stock was valued at Rs. 20,500.
2.      Unpaid wages Rs. 750; outstanding salary Rs. 657.
3.      Write off Rs. 100 as bad debts and provide R.D.D. at 5% on debtors.
4.      Provide depreciation and plant and machinery at 10% p.a. and on Land and building at 5% p.a.
5.      Rent, Rates & Taxes were prepaid Rs. 100.
6.      Bills payable included a dishonoured bill of Rs. 3000.
Prepare Trading account and profit and loss account for the year ending 31st March, 2005 and a balance sheet as on that date.  (October 2006 board exam questions.)


In the books of Kalavati & Lilavati
Trading account for the year ended 31st March, 2005.
Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

10000
By Sales
35000

To Purchases
20000

(-) Return
(1750)
33250
(-) Return
(1250)
18750
By Closing Stock

20500
To Wages
4250




(+) Outstanding
750
5000



To Gross Profit C/d

20000





53750


53750

Profit and loss account for the year ended 31st March, 2005
Particulars
Amount
Amount
Particulars
Amount
Amount
To Salaries
1350

By Gross Profit b/d

30000
(+) Outstanding
657
2007



To office Expenses

1223



To Discount

650



To Rent, Rates & Taxes
900




(-) Prepaid
(100)
800



To Bad debts
-




(+) F. B.D.
 100




(+) NRDD
700




(-) ORDD
(200)
600



To Depreciation





Plant & Machinery
1500




Land & Buildings
1600
3100



To Interest on Loan

90



To Interest on Capital





Kalavati
1750




Lilavati
500
2250



To Net Profit Transferred to Current A/c





Kalavati
5568




Lilavati
3712
9280





20000


20000


Partners’ current accounts
Particulars
Kalavati
Lilavati
Particulars
Kalavati
Lilavati
To Balance b/d
2100
600
By Interest on Capital
1750
500
To Balance c/d
5218
3612
By Net Profit b/d
5568
3712

7318
4212

7318
4212


Balance sheet as on 31st March, 2005

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Account


Land & Building
32000

Kalavati
35000

(-) Depreciation  @ 5%
(1600)
30400
Lilavati
10000
45000
Plant & Machinery
15000

Current Account


(-) Depreciation @ 10%
(1500)
13500
Kalavati
5218

Sundry Debtors
14100

Lilavati
3612
8830
(-) F.B.D.
(100)

Sundry Creditors
15800


14000

(+) Bills Payable Dishonoured
3000
18800
(-) N.R.D.D.
(700)
13300
Bills Payable
12000

Closing Stock

20500
(-) Bills Payable Dishonoured
(3000)
9000
Prepaid Rent, Rates & Tax

100
Outstanding


Cash at Bank

4327
Salaries
657

Government bonds

3000
Wages
750
1407



Loan @9%
2000




(+) Interest
90
2090





85127


85127

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