Question

Illustration 3 : Trial balance of partnership form of Yash and Bush as om 31-3-2017 is as follows
Trial Balance of partnership firm of Yash and Jashas on 31-3-17
Debat Balances
Credit Balances
Amt.
Capital A:
8000
400
Stock (1-4-2016)
24.000 Suppliers
29000 Sales
Purchase
1.30.800 Bills payable
8000
Wages
2000
Interest on investment
Bills receivables
6000
200
Bank overdraft
6% Investments (1-4-16)
10.000 Goods returned
3800
Salary
12,000
Rent received
Cash balance
3500
Discount received
400
Discount allowed
Bad debts reserve
3000
30
Goods returned
740
2400 Goods withdrawn for personal use
400 Outstanding wages
Bad debts
500
Stationery expense
800
Office expense
2300
Motor car
52,000
Building
60,200
Prepaid office expense
1200
3,50,000
3,50.000
Adjustments : (1) Interest at 5% on capital and at 10% on drawings for 6 months. (2) Closing
stock 15,000, having market value 12,000. (3) Outstanding stationery expenset 500. (4) Prepaid
wages 400. (5) Rent received in advance 200 and discount is receivable ? 40. (6) From debtors
written off ? 1000 as bad debts, provide 5 % bad debts reserve and 2 % discount on reserve on
delstors. (7) Provide 10% depreciation on motor car. (8) Goods worth 2000 destroyed by fire,
insurance company has admitted claim of 80 % (9) 10 % commission is payable to Jashs from profit
afier deduction of commission from profit
Prepare annual accounts of partnership firm.
51
Final Accounts of Partnership Firm​

Answer 1

Answer:

hi3,50,000

3,50.000

Adjustments : (1) Interest at 5% on capital and at 10% on drawings for 6 months. (2) Closing

stock 15,000, having market value 12,000. (3) Outstanding stationery expenset 500. (4) Prepaid

wages 400. (5) Rent received