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