Sun and Moon Practise Problem | Q: 9 | Page no. 61 Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Practise Problem | Q: 9 | Page no. 61

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give the effects of Adjustments with the help of the following information.

Trial Balance as on 31st March 2019

Debit Balance

Amount ₹

Credit Balance

Amount ₹

Land & Building

40,000

Capital A/C


Furniture

18,000

Sun

33,500

Machinery

40,000

Moon

33,500

(Purchased on 1/7/18)


Current A/c: Sun

6,000

Goodwill

2,000

Sundry Creditors

25,000

Wages

2,000

Bank Overdraft

10,000

Current A/c: Moon

4,000

Reserve Fund

5,000

8% Debentures

8,000

Provident Fund

5,000

(Purchased on 1/10/18)




Provident Fund Investment

3,500



Stock of Postal stamps

500




1,18,000


1,18,000


Adjustments:

1) Partners are entitled to get a salary  6,000 p.a. in addition to their profit & loss sharing.

2) Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.

3) Interest on Capital 5% p.a.

4) Closing Stock  60,743.

5) Wages included  1,000 as advance is given to workers.

6) Interest due but not paid  800.

7) Total Net Profit amounted to  38,113.

Solution: 

In the books of Sun and Moon

Partner’s Current Account


Particulars

Sun

Moon

Particulars

Sun

Moon

To Balance b/d


4,000

By Balance b/d

6,000

-




By Profit and Loss A/c (Share in Net Profit)

19,056

19,057

(Amount rounded to nearest rupee)




By Profit and Loss A/c (Partners Salary)

6,000

6,000




By Profit and Loss A/c (Interest on Capital)

1,675

1,675

To Balance c/d

32,731

22,732





32,731

26,732


32,731

26,732


Balance Sheet as on 31st March 2019

Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Accounts:



Land & Building

40,000


Sun

33,500


Less: Depreciation

4,000

36,000

Moon

33,500

67,000

Furniture

18,000


Current A/cs:



Less: Depreciation

900

17,100

Sun

32,731


Machinery

40,000


Moon

22,732

55,463

Less: Depreciation

900

39,100

Sundry Creditors


25,000

Goodwill


2000

Bank Overdraft


10,000

8 % Debentures

8,000


Reserve Fund


5,000

Add: O/s Interest

320

8,320

Provident Fund


5,000

Provident Fund Investments


3,500

O/s Interest


800

Stock & Postal Stamps


500



1,68,263

Closing Stock


60,743




Advance to Workers


1,000



1,68,263



1,68,263



Working Notes:

(1) Depreciation on machinery is calculated for 9 months. (i.e. from 1/7/18 to 31/3/19)

Depreciation = 40000 x (3%) x 9 Months (9/12) =  900.

(2) Interest on 8 % debentures, calculated for 6 months. (i.e. from 1/10/18 to 31/3/19)

Interest = (PNR/100) = 8000 x (8/100) x 6 Months (6/12) =  320

(3) Advance given to workers (by firm)  1,000 is an asset for the firm, so, it is shown on Assets side.


(4) Interest due but not paid is a liability for firm, so, it is shown on the Liabilities side.


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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Practise Problem | Q: 9 | Page no. 61 Click Here for Solution


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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INTRODUCTION TO PARTNERSHIP: View | PDF Download 

 

ACCOUNTANCY PAPER PATTERN

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ADMISSION OF A PARTNER

RETIREMENT OF PARTNER

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ACCOUNTING FOR SHARES

DISSOLUTION OF PARTNERSHIP FIRM

VALUATION OF GOODWILL WITH SOLUTION

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

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