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
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 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
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
DISSOLUTION OF PARTNERSHIP FIRM
VALUATION OF GOODWILL WITH SOLUTION
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
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