Q7. Dhanesh and Ganesh are partners sharing profits and losses in their capital ratio. From the following Trial balance and adjustments given below, you are required to prepare trading and Profit and loss Account for the year ended 31st March,2011 and balance sheet as on that date. (12M)
Trial Balance as on 31st March,2011
Debit Balances
Amount
Credit balances
Amount
Stock on 1st April, 2010
88,000
Sales
6,40,000
Purchases
3,40,000
Sundry Creditors
80,000
Return Inward
20,000
Bills Payable
72,000
carriage
8,000
Capital A/Cs
Motive Power
12,000
Dhanesh
1,92,000
Wages
1,12,000
Ganesh
1,28,000
Sundry Debtors
1,44,000
Salaries
76,000
Insurance
4,800
Postage
7,200
Commission
10,000
Plant 7 Machinery
1,20,000
Furniture
32,000
Advertisement
16,000
Office Rent (paid for 10 months)
20,000
Buildings
48,000
Cash in Hand
6,000
Bills Receivable
48,000
11,12,000
11,12,000
Adjustments:
1. Closing stock was valued at Market price at Rs.1,76,000 which is 10% above the cost.
2. Depreciate Plant & Machinery and Building at 20% and 10% respectively.
3. Goods withdrawn by Dhanesh of Rs.20,000 during the year were not recorded in the books of accounts.
4.Bad debts were Rs.4,000 and provide RDD at 5% on Sundry Debtors.
5. Goods worth Rs.12,000 were purchased and included in closing stock, but not recorded in the books of accounts.
6. Dishonoured Bill payable of Rs.8,000 was wrongly included in Bills receivable, however balances of Debtors and Creditors were taken correctly.
Q7. Dhanesh and Ganesh are partners sharing profits and losses in their capital ratio. From the following Trial balance and adjustments given below, you are required to prepare trading and Profit and loss Account for the year ended 31st March,2011 and balance sheet as on that date. (12M)
Trial Balance as on 31st March,2011
Debit Balances Amount Credit balances Amount
Stock on 1st April, 2010 88,000 Sales 6,40,000
Purchases 3,40,000 Sundry Creditors 80,000
Return Inward 20,000 Bills Payable 72,000
carriage 8,000 Capital A/Cs
Motive Power 12,000 Dhanesh 1,92,000
Wages 1,12,000 Ganesh 1,28,000
Sundry Debtors 1,44,000
Salaries 76,000
Insurance 4,800
Postage 7,200
Commission 10,000
Plant 7 Machinery 1,20,000
Furniture 32,000
Advertisement 16,000
Office Rent (paid for 10 months) 20,000
Buildings 48,000
Cash in Hand 6,000
Bills Receivable 48,000
11,12,000 11,12,000
Adjustments:
1. Closing stock was valued at Market price at Rs.1,76,000 which is 10% above the cost.
2. Depreciate Plant & Machinery and Building at 20% and 10% respectively.
3. Goods withdrawn by Dhanesh of Rs.20,000 during the year were not recorded in the books of accounts.
4.Bad debts were Rs.4,000 and provide RDD at 5% on Sundry Debtors.
5. Goods worth Rs.12,000 were purchased and included in closing stock, but not recorded in the books of accounts.
6. Dishonoured Bill payable of Rs.8,000 was wrongly included in Bills receivable, however balances of Debtors and Creditors were taken correctly.
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Answer:
answer show I did understand adjustment no 6
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