Question

Amount
sharing profits and losses equally.
Trial Balance as on 31" March, 2007
Amount
Credit Dalances
Capital Accounts:
Ajay
Vijay
Bills Payable
Outstanding Salaries
Sales
Creditors
Bank Overdraft
40,000
25,000
6,000
1,700
79,800
12,000
3,000
Del Balances
Opening Stock
Purchases
Vages
vestments
arriage Outward P.D
inting and Stationery P.D
surance p.OR
laries
stage and Telegram D
Ichineryd
niture
tors
; Receivable
hat Bank
ertisement PD
debts
age Inwards
15,000
45,700
9,900
3,500
4,600
3,400
750
10,000
700
26,800
6,400
25,000
4,000
6,000
1,000
250
4,500
1,67,500
1,67,500
Adjustments:
Closing Stock was valued at 40,200.
Goods of 7 4,000 were burnt by fire and Insurance Company admitted the claim for 3,200.
Prepaid Insurance was 200.
Carriage Inwards included * 1,000 paid for transport and octroi on new machinery purchased on
1-4-2006.
Depreciate Machinery by 10% and Furniture @ 15% p.a.
Outstanding Wages were 2,100.
are required to prepare Trading Account and Profit & Loss Account for the year ended
March, 2007 and Balance Sheet as on that date.
Profit = * 47,800; Net Profit = * 22,760; Balance Sheet Total = 7 1,12,560
og Balance of Partners' Capital A/c: Ajay = 51,380; Vijay = * 36,380
(Oct 10)​

Answer 1

Explanation:

Amount

sharing profits and losses equally.

Trial Balance as on 31" March, 2007

Amount

Credit Dalances

Capital Accounts:

Ajay

Vijay

Bills Payable

Outstanding Salaries

Sales

Creditors

Bank Overdraft

40,000

25,000

6,000

1,700

79,800

12,000

3,000

Del Balances

Opening Stock

Purchases

Vages

vestments

arriage Outward P.D

inting and Stationery P.D

surance p.OR

laries

stage and Telegram D

Ichineryd

niture

tors

; Receivable

hat Bank

ertisement PD

debts

age Inwards

15,000

45,700

9,900

3,500

4,600

3,400

750

10,000

700

26,800

6,400

25,000

4,000

6,000

1,000

250

4,500

1,67,500

1,67,500

Adjustments:

Closing Stock was valued at 40,200.

Goods of 7 4,000 were burnt by fire and Insurance Company admitted the claim for 3,200.

Prepaid Insurance was 200.

Carriage Inwards included * 1,000 paid for transport and octroi on new machinery purchased on

1-4-2006.

Depreciate Machinery by 10% and Furniture @ 15% p.a.

Outstanding Wages were 2,100.

are required to prepare Trading Account and Profit & Loss Account for the year ended

March, 2007 and Balance Sheet as on that date.

Profit = * 47,800; Net Profit = * 22,760; Balance Sheet Total = 7 1,12,560

og Balance of Partners' Capital A/c: Ajay = 51,380; Vijay = * 36,380

(Oct 10Lo