Practise Problem | Q 4 | Page 57 From the following Trial Balance of M/S Meera and Madhav.

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

Chapter 1 Introduction to Partnership and Partnership Final Accounts Practise Problem [Pages 54 - 61]

Practise Problem | Q 4 | Page 57

 

From the following Trial Balance of M/S Meera and Madhav. 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)

25,000

Bank overdraft

5,000

Debtors

80,500

Bills Payable

12,500

Bills Receivable

10,000

Creditors

68,000

Purchases

2,08,500

Sales

3,25,000

Returns

1,000

Outstanding Rent

2,000

Carriage Inward

3,000

Unpaid Wages

1,500

Carriage Outwards

4,500

Capital :


Motor Vehicle

55,000

Meera

75,000

General Expenses

1,800

Madhav

75,000

Export Duty

900

Purchase Return

1000

Advertisement

4,800



(For 3 years from 1/10/2018)




Printing & Stationery

1,200



Drawings :




Meera

3,500



Madhav

2,000



Leasehold Premises

1,10,000



Cash at Bank

45,000



Furniture

8,300




5,65,000


5,65,000

Adjustments :

1) Closing Stock is valued at  32,000.

2) Provide Provision for Doubtful Debts  2,000.

3) Create reserve for Discount on Debtors @ 3%.

4) Valued of Leasehold Premises on 31st March 2019 1,00,000.

5) Outstanding Expenses Printing & Stationary 500.

 

Solution: 

 

In the books of M/s Meera and Madhav Trading and Profit and Loss Account for the year ended on 31st March 2019

 

 

Particulars

Amount 

Amount 

Particulars

Amount 

Amount 

To Opening Stock


25,000

By Sales

3,25,000


To Purchase

2,08,500


Less: Sales Return

1,000

3,24,000

Less : Purchase Return

1,000

2,07,500

By Closing Stock


32,000

To Carriage Inward


3,000




To Gross Profit c/d


1,20,500






3,56,000



3,56,000

To Carriage Outward


4,500

By Gross Profit b/d


1,20,500

To General Expenses


1,800




To Export Duty


900




To Advertisement

4,800





Less : Prepaid Advt.

4,000

800




To Printing & Stationery

1,200





Add : O/s Printing & Stationery

500

1,700




To Written off Leasehold Premises


10,000




To Provision for Doubtful debts (New)


2,000




To R.D.D. (New)


2,355




o Net Profit (Transferred to Capital A/c)






Meera

48,223





Madhav

48,222

96,445






1,20,500



1,20,500



Balance Sheet as on 31st March 2019

Liabilities

Amount 

Amount 

Assets

Amount 

Amount 

Capital Account: Meera



Motor Vehicle


55,000

Opening Balance

75,000


Prepaid Advt. Expense


4,000

Add: Net Profit

48,223


Leasehold Premises

1,10,000


Less: Drawings

3,500

1,19,723

Less: Written off

10,000

1,00,000

Capital Account: Madhav



Closing Stock


32,000

Opening Balance

75,000


Debtors

80,500


Add: Net Profit

48,222


Less: Provision for Doubtful Debts

2,000


Less: Drawings

2,000

1,21,222


78,500


Bank Overdraft


5,000

Less : R.D.D. (New)

2,355

76,145

Bills Payable


12,500

Bills Receivable


10,000

Creditors


68,000

Cash at Bank


45,000

O/s Rent


2,000

Furniture


8,300

Unpaid Wages


1,500




O/s Stationery & Printing


500






3,30,445



3,30,445

Working Notes: 

(1) Advertisement expenses written off to Profit and Loss account during the year 2018 – 19 for six months i.e from 1/10/18 to 31/03/19 

Advertisement expenses W/off =  4800 x (⅓) x (6/12) =  800

Prepaid advertisement = 4,800 – 800 =   4,000

(2) Reserve for Discount on Debtors = 3% x (Balance in Debtor) = 3% x (80500 - 2000) = 3% x  78500 =  2355

(3) The difference of opening balance ( 1,10,000) and closing balance ( 1,00,000) for leasehold premises to be considered as written off on leasehold premises.


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.


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State whether the following statement is True or False with reasons.


Find an odd one.


Complete the Sentence.


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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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