9. Mohini and Rohini are in partnership firm sharing profits and losses equally.

9. Mohini and Rohini are in partnership firm 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, 2010 and Balance Sheet as on that date.


Adjustments:

1) Closing stock was valued at market price Rs. 92,000 which is 15% above its cost price.

2) Goods costing Rs. 3,000 purchased and received on 31st March, 2010 were not recorded in purchase book.

3) Depreciate Machinery at 10% p.a.

4) Outstanding wages were Rs. 2,500.

5) Goods of Rs. 2,000 were taken by Mohini for personal use but no entry was made in the books of account.

6) Maintain R.D.D. at 5% on Sundry Debtors.




2 comments:

Anonymous said...

In trading account credit side, how come the total is 510000, as it must be 512000 ?

Unknown said...

In trading account credit side, how come the total is 510000, as it must be 512000 ?