Mani and Sonu are the partners sharing profits and losses equally. You are required to prepare the Trading and profit and loss account for the year ended 31st March, 2014 and a Balance sheet as at that date after making the necessary adjustments.

Trial Balance as on 31st March, 2014.

Debit Balance
Amount
Credit Balance
Amount
Buildings
Plant and Machinery
Furniture
Sundry Debtors
Return Inwards
Discount
Printing and Stationery
Insurance Charges
Bad debts
Salaries
Purchases
Cash at Bank
Stock ( on 1.4.2013)
Carriage Inwards
Legal Charges
Mani’s Drawings
Sonu’s Drawings
70000
60000
16000
28800
6000
2600
1500
1600
1400
19300
98000
25800
20000
2500
500
8000
6000
Mani’s Capital
Sonu’s Capital
Discount Received
Loan From Vijay
Sales
Sundry Creditors
Reserve for Bad Debts
Return Outward
80000
100000
1800
30500
120000
30000
2000
3700
3,68,000
3,68,000
Adjustments:
1.      The stock on 31.03.14 was of the value of Rs. 44,000 which is less than its market value by 2,000.
2.      Goods worth Rs. 4,000 were received on 31st December, 1997 and were included in the closing stock, but purchase invoice was omitted to be entered in the books.
3.      Make reserve for discount at 5% on debtors and creditors.

Solution: In the books of Mani & Sonu

Trading A/c for the year ended 31.03.14

Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

20000
By Sales
120000

To Purchases
98000

(-) Returns
-6000
114000
(-) Returns
-3700





94300




(+) Unrecorded
4000
98300



To Carriage inward

2500



To Gross Profit C/d

37200
By Closing Stock

44000


158000


158000

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

Particulars
Amount
Amount
Particulars
Amount
Amount
To Discount

2600
By Gross Profit b/d

37200
To Printing & Stationery

1500
By O.R.D.D.
2000

To Insurance Charges

1600
(-) N.R.D.D.
-

To Salaries

19300
(-) F.B.D.
-

To Legal Charges

500
(-) Bad debts
1400
600
To Discount on Debtors

1440
By Discount on Creditors

1700
To Net Profit C/d


Discount received

1800
Mani
7180




Sonu
7180
14360





41300


41300



Partners Current A/c

Particulars
Mani
Sonu
Particulars
Mani
Sonu
To Drawings
8000
6000
By Balance b/d
80000
100000
To Balance b/d
79180
101180
By Net Profit b/d
7180
7180







87180
107180

87180
107180


Balance Sheet as on 31.3.14


Liabilities
Amount
Amount
Assets
Amount
Amount
Capital A/c


Buildings

70000
Mani
101180

Plant & Machinery

60000
Sonu
79180
180360
Furniture

16000
Loan from Vijay

30500
Sundry Debtors
28800

Sundry Creditors
30000

(-) Discount
-1440
27360
(+) Unrecorded Sales
4000

Cash at Bank

25800

34000

Closing Stock

44000
(-) Discount
-1700
32300





243160


243160

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.


SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021

MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2021

O.C.M. Important Questions for Board Exam. 2021

Economics Important Questions for Board Exam 2021

Chemistry Important Question Bank for board exam 2021

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2021 Examination