Following is the Trial Balance of Mano and Prakash as on 31st March, 2014 who share Profits and Loses to the ratio of 3:2. Interest on capital was allowed at 5% p.a. Prepare Trading A/c and Profit & Loss A/c for the year ending 31st March, 2014 and a balance sheet as on that date.

Trial Balance as on 31st March, 2014

Debit Balance
Rs.
Credit Balance
Rs.
Opening Stock
Sundry Debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, Rates & Taxes
Plant & Machinery
Return Inward
Land & Building
Cash at Bank
Current A/c :
Mano
Prakash
10000
14100
20000
4250
1350
1223
650
900
15000
1750
20000
7327

2100
600
Return Outward
Sundry Creditors
Sales
R.B.D.D. A/c.
Capital A/c.
Mano
Prakash
Loan at 9%
(Taken on 1.10.2004)
1250
15800
35000
200

35000
10000
2000
99250
99250
Additional Information
1.      Closing stock was valued at Rs. 20,500.
2.      Unpaid wages Rs. 750.
3.      Outstanding salary Rs. 657.
4.      Provide depreciation on Plant & Machinery at 10% p.a. and on land & building at 5% p.a.
5.      Write of Rs. 100 as bad debts and provide R.B.D.D. at 5% on debtors.
6.      Rent, Rates and Taxes prepaid Rs. 100.

Solution: In the books of Mano  & Prakash

Trading A/c for the year ended 31.03.14

Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

10000
By Sales
35000

To Purchases
20000

(-) Returns
-1750
33250
(-) Returns
-1250
18750



To Wages
4250




(+) Outstanding
750
5000



To Gross Profit c/d

20000
By Closing Stock

20500








53750


53750

Profit and Loss A/c for the year ended 31 – 3 – 14

Particulars
Amount
Amount
Particulars
Amount
Amount
To Salaries
1350

By Gross Profit b/d

20000
(+) 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




(+) N.R.D.D.
700




(-) O.R.D.D.
-200
600



To Depreciation





On Plant and Machinery
1500




On Land & Building
1000
2500



To Interest on Loan

90



To Interest on Capital





Mano
1750




Prakash
500
2250



To Net Profit c/d





Mano
5928




Prakash
3952
9880





20000


20000


Partners Current A/c

Particulars
Ravi
Magesh
Particulars
Ravi
Magesh
To Balance b/d
2100
600
By Interest on Capital
1750
500
To Balance c/d
5578
3852
By Net Profit b/d
5928
3952







7678
4452

7678
4452

Balance Sheet as on 31.3.14


Liabilities
Amount
Amount
Assets
Amount
Amount
Capial a/c


Sundry Debtors
14100

Mano
35000

(-) F.B.D.
100

Prakash
10000
45000

14000

Current A/c


(-) N.R.D.D.
-700
13300
Mano
5578

Plant and Machinery
15000

Prakash
3852
9430
(-) Depreciation
-1500
13500
Sundry Creditors

15800
Land & Building
20000

Loan @ 9%
2000

(-) Depreciation
1000
19000
(+) Interest
90
2090
Cash at Bank

7327
Outstanding Expenses


Closing Stock

20500
Wages
750

Prepaid Rent, Rates & Taxes

100
Salary
657
1407





73727


73727

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