Satish and Pramod Practise Problem | Q: 7 | Page no. 59 Chapter 1: Introduction to Partnership and Partnership Final Accounts

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

 

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.


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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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PROFORMA OF TRADING ACCOUNT: View | PDF Download

PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download

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FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

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