Kshipra and Manisha Practise Problem | Q: 10 | Page no. 61 Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Practise Problem | Q: 10 | Page no. 61

 

Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account 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 ₹

Sundry Debtors

28,000

Sales

1,20,000

Purchases

55,000

Rent

1,800

Furniture

38,500

Sundry Creditors

38,500

Plant & Machinery

60,000

Purchase Return

1,000

Wages

800

Discount

500

Salaries

3,500

Bills Payable

9,000

Discount

800

Capital A/c :


Bills Receivable

14,400

Kshipra

90,000

Carriage Outward

1,000

Manisha

30,000

Postage

500

Current A/c :


Sales Return

500

Kshipra

5,000

Cash in Hand

4,000

Manisha

3,000

Cash at Bank

47,000



Insurance

2,000



Opening Stock

17,800



Trade Expenses

1,500



Warehouse Rent

2,500



Advertisement

1,000



Building

20,000




2,98,800


2,98,800

Adjustments :

1) Stock on 31st March 2019 was at 37,000.

2) Sales include the sale of machinery of  2,000, which is sold on 1st April 2018.

3) Depreciation on fixed assets @ 5%.

4) Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5% p.a.

5) Outstanding Expenses Wages  200 & Salaries  500.

6) Create provision for doubtful debts @ 3% on Sundry Debtors. 

Solution

In the books of Kshipra and Manisha Trading and Profit and Loss Account for the year ended on 31st March 2019.

 

Particulars

Amount 

Amount 

Particulars

Amount 

Amount 

To Opening Stock


17,800

By Sales

1,20,000


To Purchase

55,000


Less: Machinery Sold



Less: Purchase Return

1,000

54,000

Wrongly Recorded as Sales

2,000


To Wages

800


Less: Sales Return

500

1,17,500

Add: O/s Wages

200

1,000

By Closing Stock


37,000

To Gross Profit c/d


81,700






1,54,500



1,54,500

To Salaries

3,500


By Gross Profit b/d


81,700

Add: O/s Salaries

500

4,000

By Rent


1,800

To Discount


800

By Discount


500

To Carriage Outward


1,000




To Postage


500




To Insurance


2,000




To Trade Expenses


1,500




To Warehouse Rent


2,500




To Advertisement


1,000




To Provision for Doubtful Debts (New)


840




To Depreciation






Furniture

1,925





Plant & Machinery

2,900





Building

1,000

5,825




To Interest on Capital






Kshipra

4,500





Manisha

1,500

6,000




To Commission






Kshipra

817





Manisha

817

1,634




To Net Profit (Transferred to Capital A/c)






Kshipra

42,301





Manisha

14,100

56,401












84,000



84,000

 

Partners’ Current Accounts

Particulars

Kshipra 

Manisha 

Particulars

Kshipra 

Manisha 

To Balance c/d

52,618

19,417

By Balance b/d

5,000

3,000




By Profit and Loss A/c (Commission)

817

817




By Profit and Loss A/c (Interest on Capital)

4,500

1,500




By Profit and Loss A/c (Share in Profit)

42,301

14,100








52,618

19,417


52,618

19,417




To Balance b/d

52,618

19,417

 

Balance Sheet as on 31st March 2019

Liabilities

Amount 

Amount 

Assets

Amount 

Amount 

Capital Accounts :



Furniture

38,500


Kshipra

90,000


Less: Depreciation

1,925

36,575

Manisha

30,000

1,20,000

Plant & Machinery

60,000


Current A/cs



Less: Sold on 1/4/18

2,000


Kshipra

52,618



58,000


Manisha

19,417

72,035

Less: Depreciation

2,900

55,100

Sundry Creditors


38,500

Building

20,000


Bills Payable


9,000

Less: Depreciation

1,000

19,000

Outstanding expenses



Closing Stock


37,000

Wages

200


Sundry Debtors

28,000


Salaries

500

700

Less: Provision for Doubtful Debts

840

27,160




Bills Receivable


14,400




Cash in Hand


4,000




Cash at Bank


47,000



2,40,235



2,40,235

 

Working Notes :

(1) Depreciation on fixed assets means depreciation on Furniture, Plant & Machinery and Building.

(2) Sales include the sale of Machinery of  2,000 is subtracted from sales and from Plant & Machinery.

On balance amount of Plant & Machinery  58,000, calculate 5 % depreciation i.e. 60,000  -  2,000 =  58,000 x 5% =  2,900

(3) Here on gross profit calculate 1 % commission for partners and record it to Profit and Loss A/c and in Current A/cs.

Commission payable to each partner = 1% of Gross Profit = (1/100) x 81700 =  817.


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

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.


SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021

MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2021

O.C.M. Important Questions for Board Exam. 2021

Economics Important Questions for Board Exam 2021

Chemistry Important Question Bank for board exam 2021

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2021 Examination