Dhiraj and Suraj are partners sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments,

prepare Trading and Profit and Loss account for the year ended 31st March, 2013 and balance sheet as on that date:


Trial Balance as on 31.03.2013

Particulars
Amount
Rs.
Particulars
Amount
Rs.
Opening Stock Purchases
Plant and Machinery Furniture
Carriage
Wages
Bills Receivable Sundry Debtors Conveyance
Salaries
Cash in hand
Land and Building Bad debts
Patents
32,000 64,000 30,000 18,500
1,500 30,000 5,000 32,000 4,000 10,500 14,750 83,500 1,750 25,000
Sales
Sundry Creditors Return Outward Capital Accounts’
Dhiraj
Suraj
1,93,500 16,500 2,500

90,000 50,000

352500

352500

Adjustments :
(1) Closing stock: Cost price RS. 25,000 and market price Rs. 30,000.
(2) An amount of Rs.  3,500 spent for repairs to building is debited to building account.
(3) Depreciate plant and machinery and building at 5% p.a.
(4) Included in wages in advance given to workers Rs. 3,000.

(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

Solution: In the books of Dhiraj and Suraj
Trading A/c For the year ended 31.3.13

Particulars
Amount
Rs.
Amount
Rs.
Particulars
Amount
Rs.
Amount
Rs.
To Opening Stock

32000
By Sales

193500
To Carriage

1500



To Wages
30000




(-) Prepaid
-3000
27000



To Purchases
64000




(-) Return
2500
61500






By Closing Stock

25000






To Gross Profit C/d

96500





218500


218500
Profit and Loss Account for the year ended 31.3.2013

Particulars
Amount
Rs.
Amount
Rs.
Particulars
Amount
Rs.
Amount
Rs.
To Conveyance

4000
By Gross Profit b/d

96500
To Salaries

10500



To Bad Debts
1750




(+) F.B.D.
1500
3250



To Repairs on Building

3500



To Depreciation on Plant and Machinery

1500



To Depreciation on Buliding

4000









To Net Profit Transfered to Partners capital A/c





Dhiraj Capital Account
46500




Suraj Capital A/c
23250
69750





96500


96500

Partners Capital A/c
Particulars
Dhiraj
Rs.
Suraj
Rs.
Particulars
Dhiraj
Rs.
Suraj
Rs.



By Balance b/d
90000
50000



By Net Profit B/d
46500
23250
To Balance C/d
136500
73250




136500
73250

136500
73250
Balance sheet as on 31.3.2013

Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c


Plant and Machinery
30000

Dhiraj
136500

(-) Depreciation
- 1500
28500
Suraj
73250
209750
Furniture

18500
Sundry Creditors

16500
Bills Receivable

5000



Sundry Debtors
32000




(-) F.B.D.
-1500
30500



Cash in Hand

14750



Patents

25000



Closing Stock

25000



Prepaid Wages

3000



Land & Building
83500




(-) Repairs
-3500





80000




(-) Depreciation
- 4000
76000








226250


226250

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