Question

Practical Questions 1. X and Y are partners sharing profits in the ratio of 2 : 1. The undermentioned trial balance was extracted from their books as at 31st March, 2021 : Particulars Dr. Balances Cr. Balances ₹ 3,20,000 2,40,000 X's Capital Y's Capital X's Drawings Y's Drawings Stock (1st April, 2020 Purchases and Sales Debtors and Creditors Buildings Cash in hand Bank Overdraft Salanes to Staff Rent Advertising Expenditure Travelling Expenses 10,000 32,000 45,200 8,68,000 1,52.000 6,00,000 5,900 12,45,000 48,000 27,500 74,700 26,400 5,000 31,300 salary to Chamon a per the provision o capital but ineludir arising on that acc 2021 amounted to Prepare Profit & (Ans. Share of pro 5. Ajay, Binay and C Deed provided for (i) Salary of 2, (ii) Chetan was (i) Binay was gu The profit of th distributed amo consideration ti above adjustme (Ans. Dr. Ajay' A/c: 8,400.) 6. Shankar and showed a balai On this date, On 1st Janua gave a loan of The clauses o (a) Interest (b) Interest (c) Profits t (d) 10% oft During the f every quart The net pro You are rec () Profit () Partne 18.80,500 18,80,500 You are required to prepare the Profit & Loss Account and Profit & Loss Appropriation Account for the year ended 31st March, 2021 and a Balance Sheet as on that date. The following adjustments are to be made : (i) The value of stock on March 31, 2021 was 64,000. (ü) Charge depreciation on Buildings at 10%. () Provide for outstanding rent 2,400. (iv) Partners are entitled to interest on Capital @ 5% and X is entitled to a salary of 48,000 p.a. [Ans. Gross Profit 3,95,800; Net Profit as per Profit & Loss A/c 1,96,000; Profit transferred to Capital Accounts as per Profit & Loss Appropriation A/c 1,20,000; Capitals *4,24,000 and Y2,60,000; Total of Balance Sheet 7,61,900.] ​

Answer 1

Answer:

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Answer 2

Explanation:

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