Question

From the following Trial Balance dated 31-3-2017 and adjustments prepare final account of
Dartnership firm of Parekh and Mehta
Trial Balance as on 31-3-2017 of Partnership Firm of Parekh and Mehta
Debit Balances
Amt.(Rs.) Credit Balances Amt(Rs.)
Opening stock
30,000 Capital:
Purchase
4,00,000 Parkh
50,000
Debtors
1,50,000 Mehta
50,000
Cash and Bank
12,000
Rent-taxes
3,000
Insurance premium
9,000
Salary
42.000
Carriage inward
18,000
Carriage outward
21,000
Recoverable claims
5,000
Advertisement su.pense A/C 9,000
Furniture and fittings (CP Rs. 23,000
30,000)
6,000
Office equipments (C.PRS, 10,000 Creditors
50,000
15,000)
Tender deposit (From 1-10 6,000 Sales
6,00.000
16)
Bills receivables
Bad debts
4,000
Electricity expense
2,000
7.50.000
7.50.900
Adjustments:
1) Closing stock was Rs. 1,05,000
2) A purchase bill of Rs. 15,000 is received from creditors, but not recorded
3) Recoverable claim from insurance co-settled for Rs. 2.000
4) From the advertisement suspense account, written oft so as advertisement
of current year
5) Provide deprecation at 5% on furniture and fittings and office equipments as
line method
6) Rs. 1000 paid in advanced for insurance premium
7) 12% interest is receivable on tender deposit
8) A discounted bill of Rs. 2000 was dishonored on 30-3-2017, which was carro
in the bank
9) Provide 2% bad debt reserve on debtors

Answer 1

Explanation:

I hope this will be helpful to you all