Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2: 3

7. In the books of Partnership Firm of Jaya and Maya

Trading A/c For the year ended 31st March, 2011



Particulars
Amount
Amount
Particulars
Amount
Amount
To Opening Stock

32800
By Sales

194000
To Purchases
109000

By Closing Stock

22600
Less:  Purchase of furniture wrongly included
10000
99000



To Carriage Inwards

3700



To Wages and Salaries

28600



To Gross Profit C/d

52500











216600


216600


Profit & Loss Account for the year ended 31 st March, 2011


Particulars
Amount
Amount
Particulars
Amount
Amount
To Insurance

3700
By Gross Profit b/d

52500
To Rent, Rates and Taxes

14600
By Commission

5500
To Office Expenses

7300



To R.B.D.D. A/c





New Reserve
4400




Less: Old Reserve
2000
2400



To Depreciation on Land and Building
30000




Plant and Machinery
6000

By Partners’ Current A/c
[Net Loss]


Furniture
4000
40000
Jaya
4000




Maya
6000
10000


68000


68000

Partners’ Current Accounts



Particulars
Jaya
Maya
Particulars
Jaya
Maya
To Drawings A/c
500
1500
By Balance b/d
3400
9100
To Profit & Loss A/c
4000
6000
By Balance b/d
1100

To Balance c/d

1600










4500
9100

4500
9100


Balance Sheet as on 31st March, 2013


Liabilities
Amount
Amount
Assets
Amount
Amount
Partners’ Capital A/c


Land and Building
300000

Capital A/c


Less: Depreciation
30000
270000
Jaya
200000

Plant and Machinery
60000

Maya
250000
450000
Less: Depreciation
6000
54000
Sundry Creditors

45600
Furniture
15000

Maya’s Current A/c

1600
Add: New furniture Purchased
10000




Less: Depreciation
-4000
21000



Sundry Debtors
88000




Less: R.D.D. @ 5%
-4400
83600



Closing Stock

22600



Cash in Hand

4700



Cash at Bank

40200



Jaya’s Current A/c

1100








497200


497200

6 comments:

  1. Bhagwan aapka bhala kare..

    ReplyDelete
  2. Bc lage pade hai raat bhar.. Best of luck Guys.. for exam

    ReplyDelete
  3. Why the purchase of machinery has deducted from purchases in trading a/c instead of adding it?????

    ReplyDelete
    Replies
    1. Bhai ye liabilities mein 1600kyu add kiya?

      Delete
  4. Bhai ye ghalt he

    ReplyDelete