Nana and Nani Practise Problem | Q: 8 | Page no. 60 Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Practise Problem | Q: 8 | Page no. 60


Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.


Trial Balance as on 31st March 2019


Debit Balance

Amount ₹

Credit Balance

Amount ₹

Insurance

15,000

Capital A/c


Land and building

50,000

Nana

50,000

(Addition of 20,000 w.e.f 1st July 2018)


Nani

50,000

Salaries

5,000

10% Bank loan taken on 1st Oct. 2018

30,000

Export Duty

2,500

Interest

1,500

Interest

1,000

Bills Payable

8,000

Furniture

40,000



Debtors

26,000




1,39,500


1,39,500


Adjustments :

1) Gross profit amounted to  34,500.

2) Insurance Paid for 15 months w.e.f. 1.4.2018.

3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.

4) Write off  1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.

5) Closing Stock is valued at 34,500.


Solution: 


In the books of Nana and Nani Profit and Loss Account for the year ended on 31st March 2019


Particulars

Amount ₹

Amount ₹

Particulars

Amount ₹

Amount ₹

To Insurance

15,000


By Gross Profit b/d


34,500

Less: Prepaid Insurance

3,000

12,000

By Interest


1,500

To Depreciation






Land & Building

4,500





Furniture

2,000

6,500




To Salaries


5,000




To Export Duty


2,500




To Interest


1,000




To O/s Interest on Bank Loan


1,500




To R.B.D.D A/c






New Bad debts

1,000





Add: New Reserve

1,250

2,250




To Net Profit (Transferred to Capital A/c)






Nana

2,625





Nani

2,625

5,250












36,000



36,000


Balance Sheet as on 31st March 2019


Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Account: Nana

50,000

52,625

Land and Building

30,000


Opening Balance

2,625


Add: Purchased on 1/07/18

20,000


Capital Account: Nani




50,000


Opening Balance

50,000


Less: Depreciation

4,500

45,500

Add: Net Profit

2,625

52,625

Furniture

40,000


10 % Bank Loan

30,000


Less: Depreciation

2,000

38,000

Add: O/s Interest on Bank Loan

1,500


Debtors

26,000


Bills Payable



Less: Bad Debts (New)

1,000






25,000





Less : R.D.D. (New) @ 5%

1,250

23,750




Closing Stock


34,500




Prepaid Insurance


3.000









1,44,750



1,44,750



Working Notes:


(1) Here, Profit and Loss Account and Balance Sheet are to be prepared. Therefore, the Trading Account is not prepared. Gross profit (given) is recorded on the Credit side of Profit and Loss Account.


(2) Land and Building:


Opening Balance = ₹ 30000

Addition on 1st July 2018 = ₹ 20000

Depreciation = 30000 x 10% = ₹ 3000

Depreciation = 20000 x 10% x 9 months (9/12) = ₹ 1500

Total Depreciation =  3000 +  1500 =  4500


(3) Interest on a 10% bank loan is calculated for 6 months. (From 1/10/2018 to 31/3/2019)

Interest = (PNR/100) =  30000 x 10% x 6months (6/12) =  1500


(4) Prepaid Insurance = (3/15) x Insurance Amount = (3/15) x  15000 =  3000


(5) RDD = 5% on (Debtors – New Bad debts) = (5/100) x ( 26000 -  1000) = (5/100) x  25000 =  1250.


Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.


Chapter 1: Introduction to Partnership and Partnership Final Accounts

 

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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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