OMTEX CLASSES: Asha and Usha were partners sharing profits and losses in the ratio of 2:1.

Asha and Usha were partners sharing profits and losses in the ratio of 2:1.

TEXTUAL PROBLEM NO. 9
SINGLE ENTRY ACCOUNTING SYSTEM.

9. Asha and Usha were partners’ sharing profits and losses in the ratio of 2:1. Prepare their statement of Profit or Loss for the year ended 31st March, 2012 from the following statement of Affairs as on 31st March, 2011.

Statement of Affairs as on 31st March, 2011.
Liabilities
Amount
Assets
Amount
Creditors
33,000
Cash at Bank
6000
Bills Payable
9000
Cash in Hand
2000
Capitals: Asha
62000
Building
41,000
Usha
32000
Machinery
21000


Furniture
10000


Stock
18000


Debtors
25000


Bills Receivable
13000

136000

136000
The assets and liabilities as on 31st March 2012 were:

Sundry Creditors Rs. 35,000, Bills Receivable Rs. 18,000, Bills Payable Rs. 15,000, Cash in hand Rs. 3000, Stock Rs. 32,000. Cash at Bank Rs. 6,000, Debtors Rs. 38,000. There were no changes in fixed assets.

Further information:

(1) Asha and Usha had drawn Rs. 10,000 and Rs. 8000 respectively for personal use.
(2) They also brought additional capital of Rs. 6000 and 4000 respectively.
(3) Building to be depreciated by 5% and machinery and furniture at 10%.

(4) Allow interest at 10% p.a. on opening capitals and charge interest on drawings of Asha and Usha at Rs. 700 and Rs. 500 respectively.


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