4. Amar and Akbar are running a partnership firm and share profits and losses in the ratio of 3:7.

4. Amar and Akbar are running a partnership firm and share profits and losses in the ratio of 3:7. From the given Trial balance you are required to prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2011 and a Balance Sheet as on that date, after taking into consideration the additional information provided.


Adjustments:

1) Closing stock is valued at Rs. 1,54,000.

2) Bills receivable included dishonoured bill of Rs. 8,000.

3) Goods worth Rs. 2500 were taken by Amar for personal use.

4) Depreciate Motor Car at 20%

5) Maintain RDD at 5% of debtors.


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