Question

Partnership Einar
Ram and Shyam are partners sharing Profits & Losses in the ratio of 2:3. Their trial balance as on 31e
March, 2003 is given below. You are required to prepare Trading A/c and Profit & Loss A/c for the yer
ending on 31st March, 2003 and a Balance Sheet as on that date after taking into account the give
adjustments
(Modified March, 2006
Trial Balance as on 31st March, 2003.
Debit Balances
Credit Balances
Particular
Ami.
Particulars
58.000 Capitais:
7.000
1.100.000 Sham
15.000 Provident Fund
1.750 Creditors
35.000 Bank Loan
eing & Suation
мен Смитрины
12.000
700 Reserve for Doubtful Debts
3.500 Purchase Relum
8.000
10000
News and Purchased on 30 09 2002)
Fund Contribution
2.95,750
Adjustments
V Closing stock is valued at cost? 15,000 while its market price is 18.000
(2) On 31st March 2003 stock of stationery was 500.
13 Phone How Reserve for Doubtful Debts @ 5% on deblons
14 Depreciate building @ 5% and patents 10%
(5) Interest on capital is to be allowed @ 5%
(6) Goods of T 10,000 were destroyed by fire. The insurance company admitted a claim for 8.000​

Answer 1

Answer:

balance sheet total 177850 and partners capital in balance sheet 37640 Nd 66210 respectively gross profit 61200