From the following Trial Balance of M/S Mitesh and Mangesh, year ended 31st March 2019, and Balance Sheet as on that date.

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 2 | Page 55

2. From the following Trial Balance of M/S Mitesh and Mangesh, 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 

Stock as on (1/4/2018)

25,000

Sundry Creditors

38,000

Building

48,500

Sales

1,75,000

Carriage

1,780

Capital :


Factory Insurance

2,700

Mitesh

1,50,000

Postage

1,600

Mangesh

50,000

Bills Receivable

13,700

Outstanding Salaries

2,000

Sundry Debtors

52,200

Bills Payable

18,000

Return Inward

1,600

Return outword

1,800

Purchases

68,900



Audit fees

1,800

Current A/c :


Loose tools

32,000

Mitesh

3,000

Manufacturing Expenses

1,820

Mangesh

2,000

Electricity Charges

2,600



General Expenses

3,400



Export duty

1,000



Cash in hand

75,000



Bank Balance

29,000



Conveyance

4,100



Furniture

64,000



Salaries

2,000



Rent, Rate & Taxes

3,700



Drawings :




Mitesh

1,200



Mangesh

2,200








4,39,800


4,39,800

Adjustments :

1) Mitesh and Mangesh are sharing Profit and losses in the ratio 3:1.

2) Partners are entitled to get Commission @ 1% each on Gross Profit.

3) The closing stock is valued at 23,700.

4) Outstanding Expenses - Audit fees 400; carriage  600.

5) The building is valued at 46,500.

6) Furniture is depreciated by 5%.

7) Provide Interest on Partner's capital at 2.5% pa.

8) Goods of 900 were taken by Mangesh for his personal use. 

9) Write off 1,000 as Bad Debts and maintain R.D.D at 3% on Sundry Debtors.


SOLUTION

In the books of M/s. Mitesh and Mangesh Trading and Profit and Loss Account for the year ended on 31st March 2019 

Dr.





Cr.

Particulars

Amount 

Amount 

Particulars

Amount 

Amount 

To Opening Stock


25,000

By Sales

1,75,000


To Purchase

68,900


Less: Sales Return

1,600

1,73,400

Less: Purchase Return

1,800

67,100

By Closing Stock


23,700

To Factory Insurance


2,700

By Goods Withdrawn for personal use Mangesh


900

To Manufacturing Expenses


1,820




To Carriage

1,780




1,98,000

Add : O/s Carriage

600

2,380

By Gross Profit b/d


99,000

To Gross Profit c/d


99,000






1,98,000




To Postage


1,600




To Audit Fees

1,800





Add: O/s Audit Fees

400

2,200




To Electricity Charges


2,600




To General Expenses


3,400




To Export Duty


1,000




To Conveyance


4,100




To Salaries


2,000




To Rent, Rate & Taxes


3,700




To Depreciation on :






Building

2,000





Furniture

3,200

5,200




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


1,536




New Bad debts

1,000





Add: New Reserve

1,536

2,536




To Interest on Capital A/cs :






Mitesh

3,750





Mangesh

1,250

5,000




To Commission to Partners’ A/c :






Mitesh

990





Mangesh

990

1,980




To Net Profit (Transferred to Partners’ Current A/cs)






Mitesh

47,763





Mangesh

15,921







63,684












99,000



99,000

 

Partners’ Current Accounts 

Dr.





Cr.

Particulars

Mitesh

Mangesh

Particulars

Mitesh

Mangesh

To Drawings

1,200

2,200

By Balance b/d

3,000

2,000

To Additional Drawings (Goods)


900

By Profit and Loss A/c (Commission)

990

990

To Balance c/d

54,303

17,061

By Profit and Loss A/c (Interest on Capital)

3,750

1,250




By Profit and Loss A/c

47,763

15,921








55,503

20,161


55,503

20,161




By Balance b/d

54,303

17,061


 

Balance Sheet as on 31st March 2019

Liabilities

Amount 

Amount 

Asset

Amount 

Amount 

Capital Accounts :



Building

48,500


Mitesh

1,50,000


Less : Depreciation

2,000

46,500

Mangesh

50,000

2,00,000

Bills Receivable


13,700

Current Accounts :



Sundry Debtors

52,200


Mitesh

54,303


Less: B.D. (New)

1,000


Mangesh

17,061

71,364


51,200


Sundry Creditors


38,000

Less : R.D.D. (New)

1,536

49,664

Bills Payable


18,000

Loose Tools


32,000

Outstanding expenses



Cash in Hand


75,000

Salaries

2,000


Bank Balance


29,000

Audit fees

400


Furniture

64,000


Carriage

600

3,000

Less: Depreciation

3,200

60,800




Closing Stock


23,700



3,30,364



3,30,364

Working Notes:

(1) In this problem, Current Account balances are given. So, the total amount of fixed capital is directly shown on the Liabilities side of the Balance Sheet. Effects of adjustments related to the commission to partners, interest on capital, goods withdrawn by Mangesh are given in the Current Account. Closing balances of Current Account are shown separately on the Liability side of the Balance Sheet.

(2) Building is valued at 46,500 whereas the opening balance of the Building given is  48,500. Therefore, the difference of the amount of 2,000 (48,500 - 46,500) is nothing but Depreciation charged on Building.

(3) Return Inward  Sales Return

    Return Outward  Purchase Return

(4) Commission payable to partners:

Mitesh 1% on Gross Profit = (1/100) x 99000 =  990/-


Mangesh 1% on Gross Profit = (1/100) x 99000 =  990/-


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.


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Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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