M/S Shailesh & Nilesh Final Accounts Solution | March 2018 HSC

Q.7 Final Accounts Problem

Refer to the question paper images below.

M/S Shailesh and Nilesh

Solution to Final Accounts (March 2018)

Trading Account

For the year ended 31st March 2016

Dr.Particulars

Particulars	Amt (Rs)
To Opening Stock	88,000
To Purchases	1,76,000
To Wages	23,500
To Gross Profit c/d	90,500
Total	3,78,000

ParticularsCr.

Particulars	Amt (Rs)
By Sales	3,08,000
By Closing Stock	70,000
Total	3,78,000

Profit and Loss Account

For the year ended 31st March 2016

Dr.Particulars

Particulars	Inner	Outer
To Bad debts	4,000
Add: N.R.D.D.	4,100	8,100
To Salaries	18,000
Add: Outstanding	3,600	21,600
To Office Expenses		8,000
To Bank Charges		2,600
To Electricity Charges		9,900
To Depreciation on Machinery		6,000
To Interest on Capital:
Shailesh	9,600
Nilesh	9,600	19,200
To Net Profit:
Shailesh (Current A/c)	8,350
Nilesh (Current A/c)	8,350	16,700
Total		92,100

ParticularsCr.

Particulars	Outer
By Gross Profit b/d	90,500
By Interest on Debentures	1,600
Total	92,100

Partners Current Accounts

Dr.Particulars

Particulars	Shailesh	Nilesh
To Drawings	3,000	2,000
To Balance c/d	19,950	19,950
Total	22,950	21,950

ParticularsCr.

Particulars	Shailesh	Nilesh
By Balance b/d	5,000	4,000
By Interest on Capital	9,600	9,600
By Profit and Loss A/c	8,350	8,350
Total	22,950	21,950

Balance Sheet

As on 31st March 2016

LiabilitiesAmt (Rs)

Liabilities	Inner	Outer
Partners Capital A/c:
Shailesh	1,20,000
Nilesh	1,20,000	2,40,000
Partners' Current A/c:
Shailesh	19,950
Nilesh	19,950	39,900
Sundry Creditors		1,03,000
Bank Overdraft		60,000
Outstanding Salaries		3,600
Total		4,46,500

AssetsAmt (Rs)

Assets	Inner	Outer
Land and Building		1,30,000
Machinery	90,000
Less: Depreciation	6,000	84,000
Furniture		43,000
Sundry Debtors	82,000
Less: R.D.D.	4,100	77,900
8% Debentures	40,000
Add: Interest	1,600	41,600
Closing Stock		70,000
Total		4,46,500