Jaya and Maya are partners in a firm sharing profits and losses in the ratio of
2:3 respectively
With the help of the trial balance and adjustments given below. you are
required to prepare their Trading. Profit and Loss Account for the year ended
31st March, 2013 and the Balance Sheet as on that date:
Trial Balance as on 31st March, 2013
Debit Balances
Amount
Amount
Credit Balances
Purchases
1.09.000
45.600
Insurance
Sundry Creditors
Sales
3,700
1.94,000
Rent, Rates and Taxes
14,600
R.D.D.
2,000
7,300
5,500
Offce Expenses
Land and Buildings
Plant and Machinery
3,00,000
Commission
Capital Alcs. :
Jaya
60,000
2.00,000
Furniture
15,000
Maya
Current A/cs. :
2,50.000
Carriage Inwards
Sundry Debtors
3,700
88,000
Jaya
Stock
3,400
32.800
Maya
9,100
(as on 01.04.2012)
Wages and Salaries
Cash in Hand
28,600
4,700
Cash at Bank
40,200
Drawings Alcs
Jaya
Maya
500
1,500
7,09,600
7,09,600
Adjustments :
(1) Closing stock was valued at 22,600.
(2) Purchases include purchase of furniture of 10,000 made on 1st October, 2012,
(3) Depreciate Land and Buildings at 10% p.a., Plant and Machinery at 10% p.a.
and Furniture at 20% p.a.
4) Create R. D. D. at 5% on sundry debtors.
Answers
Trading and Profit and Loss and Appropriation A/c
For the year ending 31.03.2013
Particulars
Amount
Particulars
Amount
To opening stock
32800
By sales
194000
To purchases 109000
By closing stock
22600
Less: furniture 10000
99000
To wages and salaries
28600
To carriage inwards
3700
To gross profit c/d
52500
216600
216600
To new RDD 4400
By gross profit b/d
52500
Less: old RDD 2000
2400
By commission
5500
To insurance
3700
By gross loss c/d
10000
To rent, rates and taxes
14600
To office expenses
7300
To depreciation:
Furniture
4000
Land and buildings
30000
Plant and machinery
6000
68000
68000
To gross loss b/d
10000
By Partner’s current A/c:
Jaya (2/5)
4000
Maya (3/5)
6000
10000
10000
Balance Sheet
As at 31.03.2013
Liabilities
Amount
Assets
Amount
Capita A/c:
Land and buildings 300000
Jaya
200000
Less: depreciation 30000
270000
Maya
250000
Plant and machinery 60000
Current A/c:
Less: depreciation 6000
54000
Maya 9100
Furniture 15000
Less: 6000
3100
Add: purchased 10000
Sundry creditors
45600
Less: depreciation 4000
21000
Sundry debtors 88000
Less: RDD@5% 4400
83600
Cash in hand
4700
Cash at bank
40200
Closing stock
22600
Drawings A/c:
Jaya
500
Maya
1500
Current A/c:
Jaya
600
498700
498700