Chapter 1: Introduction to Partnership and Partnership Final Accounts Practise Problem | Q: 6 | Page no. 59 Archana and Prerana are partners, sharing Profits and Losses in the ratio 2:1

Chapter 1: Introduction to Partnership and Partnership Final Accounts


Practise Problem | Q: 6 | Page no. 59


Archana and Prerana are partners, sharing Profits and Losses in the ratio 2:1 with the help of following Trial Balance and Adjustments given below. 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 (1/4/2018)

8,560

Capital :


Patents

2,000

Archana

40,000

Sundry Debtors

18,500

Prerana

20,000

Stock of Stationary

3,000

Other Loans

3,000

Trade Mark

2,000

Reserve fund

1,000

Bills Receivable

6,300

Sundry Creditors

17,500

Electricity charges

1,450

Bills Payable

5,000

Wages

950

Purchase Return

1,000

Heating & Lighting

1,000

R.D.D

500

Trade Expenses

850

Sales

30,200

Sales Return

400

Interest

310

Land & Building

22,000



Furniture

13,000



Cash at Bank

5,000



Investments

7,500



Drawings :




Archana

1,200



Prerana

900



Bad debts

200



Purchases

23,700




1,18,510


1,18,510


Adjustments:

1) Stock on 31st March 2019 is valued at Cost Price 12,000 and Market Price  17,000.

2) Our customer Mr. Shekhar failed to pay his dues of 800.

3) 1/8th of Patents are to be written off.

4) A part of Furniture  5,000 is purchased on 1st Oct 2018.

5) Depreciation on Land & Building 10% and on Furniture 5%.

6) Outstanding Expenses Wages 300 and Electricity Charges  200.

7) Allow Interest on Capital 3%.

 

Solution: 


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

 

Particulars

Amount (Rs.)

Amount (Rs.)

Particulars

Amount (Rs.)

Amount (Rs.)

To Opening Stock


8,560

By Sales

30,200


To Purchases

23,700


Less: Sales Return

400

29,800

Less: Purchase Return

1,000

22,700

By Closing Stock


12,000

To Wages

950





Add: O/s Wages

300

1,250




To Heating & Lighting


1,000




To Gross Profit c/d


8,290






41,800



41800

To Electricity Charges

1,450


By Gross Profit b/d


8,290

Add O/s Ele. Ch.

200

1,650

By Interest


310

To Trade Expenses


850




To R.B.D.D A/c






Bad debts

200





Add: New Bad debts

800





Less: Old Reserve

1,000

500




To Written off Patents

500

250




To Depreciation






Furniture

525





Land and Building

2,200

2,725




To Interest on Capital






Archana

1,200





Prerna

600

1,800




To Net Profit (Transferred to Capital A/c)






Archana

550





Prerna

275

825






8600



8,600


Balance Sheet as on 31st March 2019

Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Account: Archana



Patents

2,000


Opening Balance

40,000


Less: Written off

250

1,750

Add: Int. on Capital

1,200


Furniture

13,000


Add: Net Profit

550


Less: Depreciation (400 + 125)

525

12,475


41,750


Land and Building

22,000


Less: Drawings

1,200

40,550

Less: Depreciation

2,200

19,800

Capital Accounts: Prerna



Stock of Stationery


3,000

Opening Balance

20,000


Closing Stock


12,000

Add: Int. on Capital

600


Sundry Debtors

18,500


Add: Net Profit

275


Less: Bad Debts (New)

800

17,700


20,875


Trade Mark


2,000

Less: Drawings

900

19,975

Bills Receivable


6,300

Other Loans


3,000

Cash at Bank


5,000

Reserve Fund


1,000

Investments


7,500

Sundry Creditors


17,500




Bills Payable


5,000




Outstanding Expenses






Wages

300





Electricity Charges

200

500






87,525



87,525



Working Notes:


(1) Stationery stock is an asset.

(2) Depreciation on furniture:

Total Value of Furniture =  13000.

₹ 8,000 (Opening Balance)

₹ 5,000 (Purchased on 01/10/18)

₹ 8000 x 5% (Depreciation for full Year) = ₹ 400

₹ 5000 x 6 months x 5% (Depreciation for 6 months) = ₹ 125


Total Depreciation =  400 +  125 =  525

(3) ⅛ th of Patents to be written off =  2000 x (⅛) =  250.

(4) As no other expenses are given, Trade Expenses is recorded in Profit and Loss Account.

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

 

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