Chapter 1: Introduction to Partnership and Partnership Final Accounts
Practise Problem | Q: 7 | Page no. 59
Satish and Pramod are Partners. Prepare Trading Account and Profit and Loss Account for the year 31st March 2019. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March 2019
Debit Balance | Amount ₹ | Credit Balance | Amount ₹ |
Stock (1/4/218) | 8,700 | Sales | 68,000 |
Purchases | 18,300 | Dividend | 2,000 |
Wages | 1,000 | Purchases Return | 500 |
Insurance | 800 | Sundry Creditors | 13,000 |
Unproductive Wages | 1,400 | 10% Bank Loan | 8,000 |
Warehouse Rent | 600 | (w.e.f. 1/7/2018) | |
Carriage Outward | 1,200 | Other Receipts | 1,000 |
Sales Return | 600 | ||
Export Duty | 1,400 | ||
Customs Duty | 800 | ||
Sundry Debtors | 40,000 | ||
Investments | 15,700 | ||
Factory Rent | 1,600 | ||
Postage & Telegram | 400 | ||
92,500 | 92,500 |
Adjustments :
1) The Closing Stock is valued at ₹ 15,400.
2) Outstanding Wages ₹ 500.
3) Create provision for Bad debts₹ 800 and maintain R.D.D 3% on Sundry Debtors.
4) Goods of ₹ 1,800 distributed as a free sample.
5) Goods of ₹ 2,000 were sold and delivered on 31st March 2019 but no entry is passed in the Books of Account.
(Ans : G.P. ₹ 56,200, N.P. ₹ 48,964 )
Solution:
In the books of Satish and Pramod Trading and Profit and Loss Account for the year ended on 31st March 2019
Particulars | Amount ₹ | Amount ₹ | Particulars | Amount ₹ | Amount ₹ | |
To Opening Stock | 8700 | By Sales | 68,000 | |||
To Purchases | 18,300 | Less: Sales Return | 600 | |||
Less: Purchase Return | 500 | 17,800 | 67,400 | |||
To Wages | 1,000 | Add: Unrecorded Sales | 2,000 | 69,400 | ||
Add: O/s Wages | 500 | 1,500 | By Closing Stock | 15,400 | ||
To Custom Duty | 800 | By Goods Distributed as Free Samples | 1,800 | |||
To Factory Rent | 1,600 | |||||
To Gross Profit c/d | 56,200 | |||||
86,600 | 86,600 | |||||
To Advertisement Expenses | 1,800 | By Gross Profit b/d | 56,200 | |||
To Insurance | 800 | By Dividend | 2,000 | |||
To Unproductive Wages | 1,400 | By Other Receipts | 1,000 | |||
To Carriage Outward | 1,200 | |||||
To Warehouse Rent | 600 | |||||
To Export Duty | 1,400 | |||||
To Postage & Telegram | 400 | |||||
To O/s Interest on Bank Loan | 600 | |||||
To R.B.D.D A/c | ||||||
Bad debts | ||||||
Add: New Bad debts | 800 | |||||
Add: New Reserve | 1,236 | 2,036 | ||||
To Net Profit (Transferred to Capital A/cs) | ||||||
Satish | 24,482 | |||||
Pramod | 24,482 | 48,964 | ||||
59,200 | 59,200 | |||||
Working Notes:
(1) Here only gross profit and net profit are to find out. Therefore, the Balance Sheet is not prepared.
(2) Interest on 10 % bank loan is calculated for 9 months (From 1/7/2018 to 31/3/2019)
Interest = (PNR/100) = 8000 x 10% x (9/12) = ₹ 600
(3) Goods distributed as free samples is an advertisement expense for business.
(4)
Sundry Debtors | ₹ 40,000 |
Add: Unrecorded Sales | ₹ 2,000 |
₹ 42000 | |
Less: Provision for Bad Debts | ₹ 800 |
₹ 41,200 | |
Less : R.D.D. (New) (3 % of 41,200) | ₹ 1,236 |
₹ 39,964 |
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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