Math, asked by 0012shrutibensvmgirl, 7 months ago

14 Chintan and Clara are partners of a firm sunt profits and losses in the ratio of 12 Following is the trial balance as on 31-3-18 From this and the adjustments prepare final accounts

Trial Balance as on 31-3-18

LT

Am

Chair Balance

6,000 Chintan capital

9,000

Chirag capital

5,000 Ch Current A/e

65000

Creditors

10,000 Bills payable

35.000

20,000

35.000

8.000

7.300

3.050

700

7,500

12.000

6.000

600

2,33,350

8 Ion taken on 1-7-'17

Interest

Commission

Cross profit

Delal Balunen

Cast balance

Bank balance

Bills receivable

Stock of goods om 1-3-'181

Investment in shares Building

Plant machinery

Debtors

China's Current Ae

Chintan's drawings

Chirag drawings

Rent. tax and insurance

Interest

Advertisement expense

Stationery

Salary

Selling expense

Outstanding commission

LT

Amunt

40.000

10.000

12:000

2,000

25,000

2,000

58040

OSE

Total

Total

2.33.350

Adjustments :1) Carry forward half amount of advertisement expense to the next year. Chintan has to be paid a commission of 5% on the distributable profit, and

interest on fixed capital of 10% opening balances of current accounts at 5" has to be calculated. While interest on drawings is to be charged at 12% () 12% dividend on shares is declared. but has not been received still (V) Depreciate building by 10% and plant-machinery by 5%

(v Create a reserve of 5% on debtors, and make a provision of 2% discount debtors​

Answers

Answered by klal8804
3

Step-by-step explanation:

Adjustments :1) Carry forward half amount of advertisement expense to the next year. Chintan has to be paid a commission of 5% on the distributable profit, and

interest on fixed capital of 10% opening balances of current accounts at 5" has to be calculated. While interest on drawings is to be charged at 12% () 12% dividend on shares is declared. but has not been received still (V) Depreciate building by 10% and plant-machinery by 5%

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