Chapter 1: Introduction to Partnership and Partnership Final Accounts Practise Problem | Q: 5 | Page no. 58 Sucheta & Gayatri are Partners sharing Profit and Loss in the ratio 3:2

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Practise Problem | Q: 5 | Page no. 58


Sucheta & Gayatri are Partners sharing Profit and Loss in the ratio 3:2. From the following Trial Balance and additional information, 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

Particulars

Debit ₹

Credit ₹

Purchases & Sales

65,000

1,85,500

Works Manager's Salary

2,300


Capital - Sucheta


75,000

Gayatri


40,000

Opening Stock

18,700


Debtors & Creditors

47,500

35,000

Wages & Salaries

4,000


Bills Receivable

22,000


Bills Payable


27,300

Discount


400

Motive Power

1,350


Custom duty

1,500


Interest


1,300

Unproductive Wages

3,000


Audit fees

2,500


Rent

1,800


Conveyance

2,000


Goodwill

25,000


Copyrights

20,000


Building

88,000


Partner (Sucheta's) Loan


6,150

Investments

40,000


Cash at Bank

26,000



3,70,650

3,70,650

Adjustments:

1) Stock on 31st March 2019 was valued at 19,700.

2) Goods costing  3,000 distributed as a free sample.

3) Motive Power includes  500 paid for the deposit of Power Meter.

4) Depreciate Building @ 5%.

5) Write of  2,000 for Bad debts and maintain R.D.D at 3% on Debtors.

6) Bills Receivable included dishonored of Bill of   4,000. 

Solution:

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

Particulars

Amount ₹

Amount ₹

Particulars

Amount ₹

Amount ₹

To Opening Stock


18,700

By Sales


1,85,500

To Purchase


65,000

By Goods Distributed as Free sample


3,000

To Works Manager’s Salary


2,300

By Closing Stock


19,700

To Wages & Salaries


4,000




To Motive Power

1,350





Less: Deposit for Power Meter

500

850




To Custom Duty


1,500




To Gross Profit c/d


1,15,850






2,08,200



2,08,200

To Unproductive Wages


3,000

By Gross Profit b/d


1,15,850

To Audit Fees


2,500

By Discount


400

To Rent


1,800

By Interest


1,300

To Conveyance


2,000




To O/s Interest on Sucheta’s Loan


369




To Advertisement Expenses (Goods distributed as samples)


3,000




To Depreciation on Building


4,400




To R.B.D.D A/c






Bad debts (New)

2000





Add: New Reserve

1,485

3,485




To Net Profit (Transferred to Capital A/cs)






Sucheta

58,198





Sucheta

38,798

96,996












1,17,550



1,17,550


 

Balance Sheet as on 31st March 2019

Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Account: Sucheta



Deposit Power Meter


500

Opening Balance

75,000


Building

88,000


Add: Net Profit

58,198

1,33,198

Less: Depreciation

4,400

83,600

Capital Account: Gayatri



Debtors

47,500


Opening Balance

40,000


Add: Dishonoured Bill

4,000


Add: Net Profit

38,798

78,798


51,500


Sucheta’s Loan

6,150


Less: Bad Debts (New)

2,000


Add: O/s Int. on Loan

369

6,519


49,500


Creditors


35,000

Less : R.D.D. (New) @ 3%

1,485

48,015

Bills Payable


27,300

Bills Receivable

22,000





Less: Dishonoured Bill

4,000

18,000




Goodwill


25,000




Copy Rights


20,000




Investments


40,000




Closing Stock


19,700




Cash at Bank


26,000



2,80,815



2,80,815

 

Working Notes:

(1) The rate of interest on the partner’s loan is not mentioned, therefore interest on the loan is calculated at 6% p.a.

Interest on Sucheta’s Loan = 6150 x 6% =  369

(2) Add dishonored bill amount to debtors amount and then calculate B.D. and R.D.D.

(3) Subtract dishonored bill amount from bills receivable amount.


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


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

 

ACCOUNTS BOARD PAPERS

HSC Accounts March 2020 Board Paper With Solution

MARCH 2014 : View | PDF Download

OCTOBER 2014 View | PDF Download

MARCH 2015 View | PDF Download

JULY 2015 View | PDF Download

MARCH 2016 View | PDF Download

JULY 2016 View | PDF Download

JULY 2017 View | PDF Download

MARCH 2017 View | PDF Download

MARCH 2018 View | PDF Download

JULY 2018 View | PDF Download

MARCH 2019 View | PDF Download

MARCH 2020 View | PDF Download

 

ACCOUNTANCY PAPER PATTERN: New 2020, Old View | PDF Download

PROFORMA OF TRADING ACCOUNT: View | PDF Download

PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download

PROFORMA OF BALANCE SHEET: View | PDF Download

FINAL ACCOUNT ADJUSTMENTS: View | PDF Download

SINGLE ENTRY: View : PDF Download

FINAL ACCOUNT: View | PDF Download

NPO : View | PDF Download

BILL OF EXCHANGE: View | PDF Download

FORMAT OF BILL: View | PDF Download

ADMISSION OF A PARTNER: View | PDF Download

RETIREMENT OF PARTNER: View | PDF Download

DEATH OF PARTNER: View | PDF Download

ACCOUNTING FOR SHARES : View | PDF Download

DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download

VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download

FORMAT OF FINAL ACCOUNT : View | PDF Download

INTRODUCTION TO PARTNERSHIP: View | PDF Download 

 

ACCOUNTANCY PAPER PATTERN

SINGLE ENTRY

FINAL ACCOUNT

NPO

BILL OF EXCHANGE

BILL OF EXCHANGE [FORMAT].

ADMISSION OF A PARTNER

RETIREMENT OF PARTNER

DEATH OF PARTNER

ACCOUNTING FOR SHARES

DISSOLUTION OF PARTNERSHIP FIRM

VALUATION OF GOODWILL WITH SOLUTION

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

ACCOUNTS BOARD PAPERS WITH SOLUTION

 

MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018,  JULY 2018  MARCH 2019 MARCH 2020

 

IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020

 

ACCOUNTS SAMPLE PAPER ONE  

ACCOUNTS SAMPLE PAPER TWO

ACCOUNTS SAMPLE PAPER THREE

OBJECTIVE QUESTIONS

ANSWER IN ONE SENTENCE EACH

SELECT THE MOST APPROPRIATE ALTERNATIVE

WRITE THE WORD/ TERM / PHRASE

STATE TRUE OR FALSE

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