8. From the following Trial Balance of M/s. Mahesh and Umesh, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2013 and Balance Sheet as on that date. Profit sharing ratio of Mahesh and Umesh was 3/5th and 2/5th respectively.



Adjustments:

1) Stock on hand on 31st March, 2013 was valued at Rs. 76,000.


2) Interest on partner’s capital at 5% p.a. was allowed.


3) Goods worth Rs. 2,000 and Rs. 1,500 withdrawn by Mahesh and Umesh respectively for their personal use.


4) Mahesh is entitled to get salary of Rs. 6,500 and Umesh is to be given 2% commission on sales.


5) Rs. 2,500 due from customer is not recoverable.


6) Depreciate Motor Van at 8% p.a. and Building at 7% p.a.



No comments: