Amitbhai and Narendrabhai are in Partnership Sharing Profits and Losses equally. Year ended 31st March, 2019 and Balance Sheet as on that date.Trial Balance as on 31st March, 2019 - Book Keeping and Accountancy

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board 

Chapter 1 Introduction to Partnership and Partnership Final Accounts Practise Problem [Pages 54 - 61]

Practise Problem | Q 1 | Page 54

1. Amitbhai and Narendrabhai are in Partnership Sharing Profits and Losses equally. From the following Trial Balance and Adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

 Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Plant & Machinery

2,80,000

Capital A/c :


Factory Building

75,000

Amitbhai

3,50,000

Sundry Debtors

28,700

Narendrabhai

3,00,000

Purchases

85,500

Sales

1,80,000

Bad Debts

500

Bills Payable

8,500

Sales Return

2,200

Discount

1,200

10% Govt. Bond

(Purchased on 1st Oct 2018)

40,000

Creditors

38,500

Import Duty

1,800

R.D

2,700

Legal Charges

2,000

Bank Loan

15,000

Motive Power

12,000

Purchases Return

2,000

Warehouse Rent

1,800



Cash in Hand

20,000



Cash at Bank

70,000



Advertisement (for 2 years, w.e.f 1st Jan 2019)

10,000



Salaries

3,800



Rent

1,500



Drawings :




Amitbhai

2,400



Narendrabhai

3,200



Furniture

1,95,800



Bills Receivable

20,700



Freehold Property

41,000




8,97,900


8,97,900

Adjustments :

1) Stock on hand on 31st March 2019 was valued at   43,000.

2) Uninsured goods worth  8,000 were stolen.

3) Create R.D.D at 2% on Sundry debtors.

4) Mr. Patil, our customer became insolvent and could not pay his debts of  500.

5) Outstanding Expenses - Rent  800 and Salaries  300

6) Depreciate Factory Building by  2,500 and Furniture by  1,800

 

SOLUTION: 

In the books of Amitbhai and Narendrabhai Trading and Profit and Loss Account for the year ended on 31st March 2019

Dr.





Cr.

Particulars

Amount 

Amount

 ₹

Particulars

Amount 

Amount 

To Purchases

85,500


By Sales

1,80,000


Less: Purchase Return

2,000

83,500

Less: Sales Return

2,200

1,77,800

To Import Duty


1,800

By Closing Stock


43,000

To Motive Power


12,000

By Goods Stolen Away


8,000

To Depreciation - Factory Building


2,500




To Gross Profit c/d


1,29,000






2,28,800



2,28,800







To Warehouse Rent


1,800

By Gross Profit b/d


1,29,000

To R.B.D.D. A/C



By Discount


1,200

Bad debts

500


By O/s Interest on Govt. Bonds


2,000

Add: New Bad debts

500


By R.B.D.D. A/c (Excess Reserve)

(2,700 – 1,564)


1,136

Add: New Reserve

564






1564





Less: Old Reserve

2700





To Legal Charges


2,000




To Advertisement Expenses

10,000





less: Prepaid Adv. Exp.

8,750

1250




To Salaries

3,800





Add: O/s Salaries

300

4100




To Rent

1500





Add: O/s Rent

800

2,300




To Depreciation on Furniture


1,800




To Loss due to Theft


8,000




To Net Profit Transferred to Capital A/c






Amitbhai

56,043





Narendrabhai

56,043

1,12,086






1,33,336



1,33,336

 

Balance Sheet as on 31st March 2019

Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Account: Amitbhai



Plant & Machinery


2,80,000

Opening Balance

3,50,000


Factory Building

75,000


Add: Net Profit

56,043


Less: Depreciation

2,500

72,500

Less: Drawings

2,400

4,03,643

Closing Stock


43,000




Sundry Debtors

28,700


Capital Account: Narendrabhai



Less: B.D. (New)

500


Opening Balance

3,00,000



28,200


Add: Net Profit

56,043


Less: R.D.D. (New)

564

27,636

Less: Drawings

3,200

3,52,843

10 % Govt. Bond


40,000

Bills Payable


8,500

O/s Interest on Govt. Bond


2,000

Creditors


38,500

Cash in Hand


20,000

Bank Loan


15,000

Cash at Bank


70,000

Outstanding expenses



Prepaid Advertisement Expense


8,750

Rent

800


Furniture

1,95,800


Salaries

300

1,100

Less: Depreciation

1,800

1,94,000




Bills Receivable


20,700




Freehold property


41,000









8,19,586



8,19,586

 

Notes :

(1) Import duty, Motive power, and Depreciation on Factory building are recorded in the Trading A/c.

(2) 10 % govt. bond is an investment. It was purchased on 1 – 10 – 2018.

Interest is calculated for six months.

Interest on Govt. Bond =  40,000 X (6/12) X 10% =  2,000

(3) Adv. exp. paid for 2 years from 01 – 01 – 2019. Up to 31 – 3 – 2019, 3 months adv. exp. is written off to Profit and Loss A/c. It is calculated as below : 10000 X (3/24) = 1250

Prepaid adv. exp. 10,000 – 1,250 =  8,750


Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.


Chapter 1: Introduction to Partnership and Partnership Final Accounts

 

Select the most appropriate alternative from the following & rewrite the sentence.


Write the word/phrase/term, which can substitute the following sentence.


State whether the following statement is True or False with reasons.


Find an odd one.


Complete the Sentence.


Answer in one sentence only


Do you agree/disagree with the following statement


Practical Problems.


Practise Problem | Q 1 | Page 54 Click here for solution


Practise Problem | Q 2 | Page 55 Click here for solution


Practise Problem | Q 3 | Page 56 Click here for solution


Practise Problem | Q 4 | Page 57 Click here for solution


Practise Problem | Q: 5 | Page no. 58 Click here for solution


Practise Problem | Q: 6 | Page no. 59 Click here for solution


Practise Problem | Q: 7 | Page no. 59 Click Here for Solution


Practise Problem | Q: 8 | Page no. 60 Click Here for Solution


Practise Problem | Q: 9 | Page no. 61 Click Here for Solution


Practise Problem | Q: 10 | Page no. 61 Click Here for Solution


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