Mohan and sohan are partners sharing profit &loss equally from the following trial balance &adjustments , prepare trading , profit&loss A/c for the year ended 31st march 2019 and balance sheet as on that date
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Mohan and Sohan are partners sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments,
prepare Trading and Profit and Loss account for the year ended 31st March, 2013 and balance sheet as on that date:
Trial Balance as on 31.03.2013
Particulars
Amount
Rs.
Particulars
Amount
Rs.
Opening Stock Purchases
Plant and Machinery Furniture
Carriage
Wages
Bills Receivable Sundry Debtors Conveyance
Salaries
Cash in hand
Land and Building Bad debts
Patents
32,000 64,000 30,000 18,500
1,500 30,000 5,000 32,000 4,000 10,500 14,750 83,500 1,750 25,000
Sales
Sundry Creditors Return Outward Capital Accounts’
Dhiraj
Suraj
1,93,500 16,500 2,500
90,000 50,000
352500
352500
Adjustments :
(1) Closing stock: Cost price RS. 25,000 and market price Rs. 30,000.
(2) An amount of Rs. 3,500 spent for repairs to building is debited to building account.
(3) Depreciate plant and machinery and building at 5% p.a.
(4) Included in wages in advance given to workers Rs. 3,000.
(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.
Solution: In the books of Dhiraj and Suraj
Trading A/c For the year ended 31.3.13
Particulars
Amount
Rs.
Amount
Rs.
Particulars
Amount
Rs.
Amount
Rs.
To Opening Stock
32000
By Sales
193500
To Carriage
1500
To Wages
30000
(-) Prepaid
-3000
27000
To Purchases
64000
(-) Return
2500
61500
By Closing Stock
25000
To Gross Profit C/d
96500
218500
218500
Profit and Loss Account for the year ended 31.3.2013
Particulars
Amount
Rs.
Amount
Rs.
Particulars
Amount
Rs.
Amount
Rs.
To Conveyance
4000
By Gross Profit b/d
96500
To Salaries
10500
To Bad Debts
1750
(+) F.B.D.
1500
3250
To Repairs on Building
3500
To Depreciation on Plant and Machinery
1500
To Depreciation on Buliding
4000
To Net Profit Transfered to Partners capital A/c
Dhiraj Capital Account
46500
Suraj Capital A/c
23250
69750
96500
96500
Partners Capital A/c
Particulars
Dhiraj
Rs.
Suraj
Rs.
Particulars
Dhiraj
Rs.
Suraj
Rs.
By Balance b/d
90000
50000
By Net Profit B/d
46500
23250
To Balance C/d
136500
73250
136500
73250
136500
73250
Balance sheet as on 31.3.2013
Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c
Plant and Machinery
30000
Dhiraj
136500
(-) Depreciation
- 1500
28500
Suraj
73250
209750
Furniture
18500
Sundry Creditors
16500
Bills Receivable
5000
Sundry Debtors
32000
(-) F.B.D.
-1500
30500
Cash in Hand
14750
Patents
25000
Closing Stock
25000
Prepaid Wages
3000
Land & Building
83500
(-) Repairs
-3500
80000
(-) Depreciation
- 4000
76000
226250
226250
Answer:
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