Tuesday, December 26, 2017

Satish and Pradeep Partnership Firm Final Accounts Solution 2013

Satish and Pradeep Partnership Firm Final Accounts Solution 2013
Satish and Pradeep are partners in a partnership firm, sharing Profits and Losses equally.
Question Paper Snippet 3

Solution: In the books of M/s Satish and Pradeep

Trading A/c for the year ended 31.3.2013

Particulars Amount Amount Particulars Amount Amount
To Opening stock 25000 By Sales 430000
To Purchases 220000
To Wages and Salaries 23000
Add: Outstanding 2500 25500
To Manufacturing expenses 25500
By Closing Stock 80000
To Gross Profit C/d 214000
510000 510000

Profit and Loss A/c for the year ended 31.3.2013

Particulars Amount Amount Particulars Amount Amount
To Discount 4000 By Gross Profit C/d 214000
To Advertisement 10000 By Discount 3500
Less: Prepaid 8750 1250 By Interst on Govt. Bond 4500
To Salaries and Wages 45000
To Warehouse Rent 6000
To Depreciation on Machinery 7500
To R.D.D. 2250
To Net Profit Transferred to Partners Capital A/c
Satish Capital A/c 78000
Pradeep Capital A/c 78000 156000
222000 222000

Partners’ Capital A/c

Particulars Satish Pradeep Particulars Satish Pradeep
By Balance b/d 120000 90000
By Profit and Loss A/c 78000 78000
To Balance C/d 198000 168000
198000 168000 198000 168000

M/s Satish and Pradeep

Balance Sheet as on 31.3.13

Liabilities Amount Amount Assets Amount Amount
Capital : Sundry Debtors 45000
Satish 198000 Less: New R.D.D. 2250 42750
Pradeep 168000 366000 Factory Building 175000
Sundry Creditors 85000 Plant and Machinery 75000
Outstanding Wages 2500 Less: Depreciation 7500 67500
Cash in Hand 15000
10% Govt. Bond 60000
Add: Interest on Bonds 4500 64500
Prepaid Advertisements 8750
Closing Stock 80000
453500 453500

Previous Years Question Papers & Solutions

(1) Accounts - March 2025 - English Medium
(2) Accounts - March 2025 - Marathi Medium
(3) Accounts - March 2025 - Hindi Medium
(4) Accounts - July 2025 - English Medium
(5) Accounts - March 2024 English Medium
(6) Accounts - March 2024 - Marathi Medium
(7) Accounts - March 2024 - Hindi Medium
(8) Accounts - July 2024 - English Medium
(9) Accounts - July 2023 - English Medium
(10) Accounts - March 2022 View
(11) Accounts - July 2022
(12) Accounts - March 2021
(13) Accounts - March 2020 View
(14) Accounts - March 2014 View
(15) Accounts - October 2014 View
(16) Accounts - March 2015 View
(17) Accounts - July 2015 View
(18) Accounts - March 2016 View
(19) Accounts - July 2016 View
(20) Accounts - July 2017 View
(21) Accounts - March 2017 View
(22) Accounts - March 2018 View
(23) Accounts - July 2018 View
(24) Accounts - March 2019 View
Content provided for educational purposes. All statements and figures are verbatim from source materials.
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38 comments:

  1. Unknown25 August, 2019 19:16

    How to advertisement interest calculation

    ReplyDelete
    Replies
    1. Unknown19 January, 2020 20:54

      10000/2×3÷12=1250
      Put 1250 rupees in outer column and deduct it from original amount.
      10000-8750=1250
      Rs 8750 is prepaid

      Delete
    2. Unknown30 January, 2020 01:02

      • advertisement is paid for (2yrs )from 1 jan 2013...

      •our financial year ends on 31 march 2013

      •therfore advertisement is prepaid for 21 months ....

      10000 for 2 yrs
      5000 for. 1 yr
      2500. For 6months
      1250 for. 3 months



      First effect

      To advertise. 10000
      (-) prepaid. 8250. 1750

      2 effect

      Balance sheet
      Asset side

      Prepaid advertisement. 8750

      Delete
    3. Chetan15 February, 2020 20:21

      This comment has been removed by the author.

      Delete
    4. Chetan15 February, 2020 20:21

      Good Job

      Delete
  2. Unknown15 October, 2019 18:38

    how to closing stock cost price

    ReplyDelete
  3. Prajakta21 October, 2019 13:31

    How to calculate closing stock and interest on advertisement plzzz reply

    ReplyDelete
    Replies
    1. Unknown23 October, 2019 11:07

      Closing stock is a 15% above its cost price is liye 92000 closing pe 15 percent nikalye gay or oh 15 percent less kare gay
      92000×15÷115=12000 and 12000-92000=80000

      Delete
    2. Sejal raut26 February, 2020 17:31

      115 kaha se aaya

      Delete
  4. Unknown23 October, 2019 11:19

    Intrest la to mujhe bhi batao

    ReplyDelete
  5. Anonymous23 October, 2019 16:59

    advertisement (2 years with effect from 1 jan 2013)
    calculate in months..(2 yrs= 24 months)
    21x10000/24 =8750
    so 8750 is prepaid amt...outer column amount 10000-8750= 1250

    ReplyDelete
    Replies
    1. Unknown21 November, 2019 01:09

      From where 21is come

      Delete
    2. Anonymous23 November, 2019 20:43

      24 months-3 months(1 jan to 31 march)=21 months which is prepaid

      Delete
    3. Unknown31 December, 2019 13:16

      Stap batavo

      Delete
    4. Unknown30 January, 2020 00:54

      Bro make it simple...
      10000 for 2 yrs
      5000 for. 1 yr
      2500. For 6months
      1250 for. 3 months

      First effect

      To advertise. 10000
      (-) prepaid. 8250. 1750

      2 effect

      Balance sheet
      Asset side

      Prepaid advertisement. 8750

      Delete
    5. Chetan15 February, 2020 20:22

      Good Job

      Delete
  6. Unknown08 November, 2019 07:19

    How to calculate int on govt bonds😕

    ReplyDelete
  7. Anonymous08 November, 2019 19:45

    60000×10/100=6000
    6000×8/12=4500 (as 1.7.12 to 31.3.13 =8 months)

    ReplyDelete
    Replies
    1. Unknown21 November, 2019 23:38

      Its 4000 how its 4500

      Delete
    2. Esha23 November, 2019 20:53

      it's 6000x9/12=4500(as 1.7.12 to 31.3.13= 9 months)

      Delete
    3. Unknown25 November, 2019 00:53

      how 9 is come the has given 01/07/2012

      Delete
    4. Esha25 November, 2019 17:10

      1.7.12(1 july 2012) .calculate from 1 july 2012 to 31 march 2013...it is said 1.7.2012 means take the july month even in consideration.

      Delete
  8. Unknown01 December, 2019 20:14

    I can't understand c/s stock adj

    ReplyDelete
    Replies
    1. Esha01 December, 2019 22:33

      This comment has been removed by the author.

      Delete
    2. Esha01 December, 2019 22:35

      Closing stock is 15% above its cost price ₹92000..
      consider the cost price as 100...15% above its cost means 100+15=115
      Cost price... Market price
      100.......... 115
      ? 92000....cross multiply to get the cost price

      92000x100=9200000/115 = ₹80000....if you got any doubt feel free to ask :)

      Delete
  9. Unknown19 December, 2019 22:02

    Y do we put warehouse rent in profit and loss a/c

    ReplyDelete
    Replies
    1. Unknown30 January, 2020 00:46

      logic is ware house(storage of goods) is not linked with production or direct sale of goods.... so it indirect expenditure...and it goes to pnl a/c

      Delete
  10. Unknown22 January, 2020 21:09

    Advertisement(for2year w.e.f 01.01.2013

    ReplyDelete
    Replies
    1. Esha23 January, 2020 21:36

      advertisement (2 years with effect from 1 jan 2013)
      calculate in months..(2 yrs= 24 months)
      21x10000/24 =8750
      so 8750 is prepaid amt...outer column amount 10000-8750= 1250

      Delete
    2. Unknown27 February, 2020 14:51

      Thank u so much. Esha

      Delete
  11. Esha23 January, 2020 21:34

    This comment has been removed by the author.

    ReplyDelete
  12. Unknown30 January, 2020 00:42

    Why dont u provides working notes?

    ReplyDelete
  13. Unknown21 February, 2020 12:01

    Closing stock me 92000*15/115=12000 but 115kese aaye

    ReplyDelete
  14. Unknown29 May, 2020 21:07

    Outstanding wages trading me?

    ReplyDelete
  15. Unknown19 July, 2020 17:37

    Sales ki amt 85000 he but tr cr. Me 430000 kyu likhi he pls batado mujhe

    ReplyDelete

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