Karthik and Jones are partners sharing profits and losses in equal ratio. From the following Trial Balance you are required to prepare Trading and Profit & Loss account for the year ended 31st March, 2014 and Balance Sheet as on that date after taking into consideration the additional information.

Trial Balance as on 31st March, 2014

Particulars
(Debit)
Amount
Particulars
(Credit)
Amount
Land and Building
Plant
Drawings
Karthik
Jones
Opening Stock
Wages
Purchases
Carriage
Office Expenses
Rent, Rates & Taxes
Insurance
Motor van
Salaries
Bad debts
Customers Account
Cash at Bank
44500
9750

3000
2000
26000
5000
34500
700
2270
1750
480
20000
1750
950
14600
250
Capitals
Karthik
Jones
Sales
Suppliers
Account
Reserve for
 Doubtful Debts
Outstanding
Expenses

60000
40000
57000
9500


500

500

167500

167500

Additional Information:
1.      Closing stock on 31st March, 1998 was at cost Rs. 60,000 and Market price Rs. 50,000.
2.      Provide 10% p.a. interest on Capital.
3.      Depreciate plant at 10% p.a.
4.      Jones’s withdrawal of goods worth Rs. 1,000 for personal use but not recorded in the books.

Solution: In the books of Karthik & Jones

Trading A/c for the year ended 31.03.14

Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

26000
By Sales

57000
To Purchases

34500
By Goods withdrawn by Jones

1000
To Wages

5000



To Carriage

700



To Gross Profit C/d

41800
By Closing Stock

50000














108000


108000

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

Particulars
Amount
Amount
Particulars
Amount
Amount
To Office Expenses

2270
By Gross Profit b/d

41800
To Rent, Rates & Taxes

1750



To Insurance

480



To Salaries

1750



To Bad debts
950




(+) F.B.D.
-




(+) N.R.D.D.
-




(-) O.R.D.D.
-500
450



To Depreciation on Plant

975



To Interest on Capital





Karthik
6000




Jones
4000
10000



To Net Profit C/d





Karthik
12063




Jones
12062
24125





41800


41800


Partners Current A/c

Particulars
Karthik
Jones
Particulars
Karthik
Jones
To Drawings
3000
2000
By Balance b/d
60,000
40,000
To Drawing
[Goods]
-
1000
By Interest on Capital
6000
4000
To Balance c/d
75063
53062
By Net Profit b/d
12063
12062

78062
56062

78063
56062

Balance Sheet as on 31.3.14


Liabilities
Amount
Amount
Assets
Amount
Amount
Capital A/c


Land & Building

44500
Karthik
75063

Plant
9750

Jones
53062
128125
(-) Depreciation
-975
8775
Creditors

9500
Motor Van

20000
Outstanding Expenses

500
Debtors

14600



Cash at bank

250



Closing Stock

50000








138125


138125

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