5.
Sucheta & Gayatri are Partners sharing Profit and Losses in the ratio 3:2. From the following Trial Balance and additional information you are required to prepare Trading and Profit and Loss Account for the year year ended 31 March 2019 and Balance Sheet as on that date.
Trial Balance as on 31 March, 2019 Particulars
Purchases & Sales Works Manager Salary Capital - Sucheta
- Gayatri Opening Stock Debtors & Creditors Wages & Salaries Bills Receivable Bills Payable
Discount Motive Power Custom duty Interest Unproductive Wages Audit fees Rent
Conveyance Goodwill
Copyrights Building Partner (Sucheta's) Loan Investments Cash at Bank
Debit Credit
65,000 2,300
1,85,500
75,000
40.000
18.700 4750035000
4.000 22,000
1.350
1,500
3,000 2,500
1,800 2,000
25.000
20,000
88.000
40,000
26,000
27.300 400
1,300
6,150
370650370650
Adjustments :
1)
2)
3)
4)
5)
6)
Stock on 31st March 2019 was valued at ? 19,700.
Goods costing 3,000 distributed as free sample
Motive Power includes 500 paid for deposit of Power Meter.
Depreciate Building @ 5%.
2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
Bill of 4,000.
Write of Bills Receivable included dishonoured of (Ans: G.P. 1,15,850, N.P. 97,365 Balance Sheet Total 2,80,815)
Answers
Answer:
Sucheta & Gayatri are Partners sharing Profit and Losses in the ratio 3:2. From the following Trial Balance and additional information you are required to prepare Trading and Profit and Loss Account for the year year ended 31 March 2019 and Balance Sheet as on that date.
Trial Balance as on 31 March, 2019 Particulars
Purchases & Sales Works Manager Salary Capital - Sucheta
- Gayatri Opening Stock Debtors & Creditors Wages & Salaries Bills Receivable Bills Payable
Discount Motive Power Custom duty Interest Unproductive Wages Audit fees Rent
Conveyance Goodwill
Copyrights Building Partner (Sucheta's) Loan Investments Cash at Bank
Debit Credit
65,000 2,300
1,85,500
75,000
40.000
18.700 4750035000
4.000 22,000
1.350
1,500
3,000 2,500
1,800 2,000
25.000
20,000
88.000
40,000
26,000
27.300 400
1,300
6,150
370650370650
Adjustments :
1)
2)
3)
4)
5)
6)
Stock on 31st March 2019 was valued at ? 19,700.
Goods costing 3,000 distributed as free sample
Motive Power includes 500 paid for deposit of Power Meter.
Depreciate Building @ 5%.
2,000 for Bad debts and maintain R.D.D at 3% on Debtors.
Bill of 4,000.
Write of Bills Receivable included dishonoured of (Ans: G.P. 1,15,850, N.P. 97,365 Balance Sheet Total 2,80,815)