37. Amar, Akbar and Anthoni are partners sharing profits and logues in the proportion of 3:1:1
Akbar and Anthoni are to get salaries of 100 per month respectively and interest 6% pin is to
be allowed on capital Trial Balance as on 31st December, 2019 was as follows:
Dr. Balances
Cr. Balances
Amar's Drawings
2,500 Amar's Capital
20.000
Akbar's Drawings
3,000 Akbar's Capital
16.000
Anthoni's Drawings
1,000 Anthoni's Capital
10,000
Purchases
1,51,000 Sales
2,30,000
Returns Inwards
9,000 Bad Debts Reserve
650
Rent
2,200 Sundry Creditors
71.000
Wages
33,000 (4)
Employee's Salary
2.750
Trading Expenses
5.500
Office Expenses
2.200 Intoon loan
Insurance (Paid upto 30th
April, 2020)
500
Stock (1-1-2019)
35,000
Plant and Machinery
10,000
Furniture and Fittings
1,000
Sundry Debtors
85,000
Cash
3,000
3,46,650
3,46,650
- Amountx 6 x 6
100 12
Answers
Answer:
2005
eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,
2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000
3. Purchased goods for Rs. 28,000.
6. Sold goods for Rs. 16,000.
8. Purchased goods from Ish tiaq & Co. Rs. 22,000.
10. Paid telephone rent for the year by cheque Rs. 1,000.
11. Bought one typewriter for Rs. 4,200 from Universe
Typewriter Co. on credit.
15. Sold goods to Khurram for Rs. 24,000.
17. Sold goods to Ajmal for Rs. 4,000 for cash.
19. Amount withdrawn from bank for personal use Rs. 3,000.
20. Withdrew from bank for business use Rs. 7,000.
21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.
22. Paid into bank Rs. 11,600.
25. Goods worth Rs. 2,000 found defective were returned to Ishta
& Co. and the balance of the amount due to them was settle
by issuing a cheque in their favour.
28. Bought goods worth Rs. 4,200 from Aslam and supplied then
to Akram at Rs. 6,000.
30. Akram returned goods worth Rs. 200, which in turn were se
to Aslam at Rs. 140.
30. Issued a cheque for Rs. 2,000 in favour
Explanation:
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