Question

(1) Nishigandha and Gulab are partners sharing profits and lowes in proportion
to their Capitals which are fixed. From the following Trial Balance prepare
Trading and Profit & Loss Account for the year ending 31st March, 2017
and a Balance Sheet as on that date after taking into consideration the
following adjustments
Trial Balance as on 31st March, 2017
Particulars
Credit
Stack (ist April, 2006)
20.000
Sundry Debtors
Bills Payable
10.101
Purchases
40.000
Returns Outward
2.500
Salanes
2,700
Office Expenses
2.446
Insurance
1,300
Plant & Machinery
30.000
Sundry Creditors
21
Rent
Sales
Reserve for Doubtful Debts
Travelling Expenses
1.400
Retums Inward
3.500
Land and Building
44.800
BJs Receivable
4.000
Bank
6.655
Nishingandha's Capital
60 000
Gulab's Capital
30.000
Nishigandha's Current Account
2.400
Gulab's Current Accounts
3.000
1,97 501 1.97.501
Adjustments:
(i) Closing Stock was valued at ? 26,500. (ii) Provide 10% Depreciation on Plant and
Machinery. (ii) Prepaid Insurance 300. (iv) Maintain Reserve for Doubtful Debts
at 1% of Sundry Debtors. (v) Travelling includes personal Travelling of Nishigandha
for which REDMI NOTE 8 PRO with 2 400.
(Modified March, 1977)
MI DAL CAMEON biondha and Gulab
GP 27000
NP 15174
Bls 136925​

Answer 1

Answer:

Balance sheet total 1,34,455.

Hope this helps you

Please mark as brainliest

Answer 2

Answer:

The Trading account balance will be 93,000 and the Profit and loss account balance will be 27,120.

Explanation:

In the books of Nishigandha and Gulab...

TRADING A/C FOR THE YEAR ENDING 31 MARCH

DEBIT SIDE ITEMS:

Opening Stock                20,000

Purchases                        40,000

Returns                            (2500)

Wages                                8500

Gross Profit                   27000

TOTAL                           93,000

CREDIT SIDE ITEMS:

Sales                              27000

Returns                             (3500)

Closing Stock                26,500

TOTAL                            93,000

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH..

DEBIT SIDE ITEMS:

Salary                          27000

Office Expenses          2446

Insurance Prepaid      1000

Rent                               1800

Travelling                    1000

Depreciation                3000

Net Profit

nisigandha 10,116

gulab           5058

                                    15,174

TOTAL                          27,120

CREDIT SIDE ITEMS:

Gross profit                    27000

Reserve for bad and

doubtful debts               120

TOTAL                              27,120

Hence both sides, debit, and credit matched with each other.

So the profit and loss account shows 27,120 & the Trading account shows 93,000.

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