From the following Trial Balance of Rajini and Kamal, You are required to prepare a Trading and Profit and Loss account for the year ended 31st March, 2014 and Balance sheet as on that date after taking into consideration the additional information. They share profits and losses in their capital ratio.


Trial Balance as on 31st March,  2014

Particulars
Amounts
Particulars
Amounts
Drawings

Capital Account

Rajini
2000
Rajini
40000
Kamal
1000
Kamal
1000
Opening Stock
12000
Creditors
30000
Purchases
80000
Sales
140000
Office Salaries
6000
Return Outwards
2400
Royalties
2000
Return Outwards
2400
Trade Expenses
1400
Bills Payable
6000
Advertisement
5200
Reserve Fund
4000
Wages & Salaries
10400


Cash in Hand
8000


Debtors
50000


Bad debts
400


Investments
16000


Motor Van
30000


Furniture
10000


Office Rent
3400


Plant & Machinery
24000


Freehold Property
16000


Bills Receivable
4000


Discount
1600



2, 83, 400

2, 83, 400

Adjustments:
1.      Closing stock was valued at Rs. 17, 600
2.      Audit Fee for the year was outstanding Rs. 2, 400
3.      Create R.D.D at 5% on Debtors.
4.      The goods for Rs. 5, 600 purchased and received on 25th March, 2014 were not recorded in the purchase book.
5.      Depreciate freehold property at 10% and Motor Van at 25%


Solution: In the books of Rajini and Kamal
Trading A/c for the year ended 31.3.14
Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

12000
By Sales

140000
To Purchases
80000




(-) Return
-2400





77600




(+) Unrecorded
5600
83200



To Royalties

2000



To Wages & Salaries

10400
By Closing Stock

17600
To Gross Profit C/d

50000





157600


157600

Profit and Loss A/c for the year ended 31 – 3 – 14
Particulars
Amount
Amount
Particulars
Amount
Amount
To Office Salaries

6000
By Gross Profit b/d

58000
To Trade Expenses

1400



To Advertisement

5200



To Bad debts
400




(+) F.B.D.
-




(+) N.R.D.D.
2500




(-) O.R.D.D.
-1000
1900



To Office Rent

3400



To Discount

1600



To Outstanding Audit Fees

2400



To Net Profit C/d





Rajini
11240




Kamal
16860
28100





50000


50000

Partners Capital A/c
Particulars
Rajini
Kamal
Particulars
Rajini
Kamal
To Drawings
2000
1000
By Balance b/d
40000
60000
To balance c/d
49240
75860
By Net Profit b/d
11240
16860







51240
76860

51240
76860

Balance Sheet as on 31.3.14

Liabilities
Amount
Amount
Assets
Amount
Amount
Capital A/c


Cash in hand

8000
Rajini
49240

Debtors
50000

Kamal
75860
125100
(-) N.R.D.D.
-2500
47500
Creditors
30000

Investments

16000
(+) Unrecorded Purchases
5600
35600
Motor Van

30000
Bills Payable

6000
Furniture

10000
Reserve Fund

4000
Plant & Machinery

24000
Outstanding Audit Fees

2400
Freehold Property

16000



Bills Receivable

4000



Closing Stock

17600




















173100


173100

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